An investigation into 63,000 Tesla (TSLA) Model S cars has been opened by the U.S. National Highway Traffic Safety Administration (NHTSA) following complaints about failures of the media-control unit that cause loss of touchscreen features.Shares dropped 3.8% to $963.34 in early afternoon trading on Wednesday.The NHTSA said that it has received 11 complaints alleging failures of the touchscreen media control unit (MCU) due to memory wear-out in 2013 through 2015 Tesla Model S vehicles. The complaints have been filed over the past 13 months in vehicles that have been in use from 3.9 years to 6.3 years.Total failure of the MCU unit results in the loss of audible and visual touchscreen features, such as infotainment, navigation, and web browsing, according to the NHTSA. This includes loss of rear camera image display when in reverse gear, which leads to reduced rear visibility when backing.The display control unit uses an Nvidia (NVDA) Tegra...
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(Bloomberg) -- American Airlines Group Inc. increased its junk bond offering to at least $2 billion from $1.5 billion and canceled a leveraged loan sale, according to people familiar with the matter.The secured five-year junk bond is being marketed with a coupon of 11.5% to 11.75% and a discounted price of 99 cents on the dollar, which comes to an all-in yield of 11.76% to 12.01%, according to the people, who asked not to be identified because the deal is private. Early pricing discussions on the deal had been in the 12% area.The sales process closes at 2:15 p.m. in New York.The nixed $500 million loan had been marketed at 950 basis points over the London interbank offered rate benchmark and a discounted price of 95 to 96 cents on the dollar. That translated to an all-in yield of around 11%, according to Bloomberg calculations.Representatives for American and Citigroup Inc., which...
(Bloomberg) -- America’s obsession with the internet is paying dividends to the companies that power websites for everything from shopping to social media.One of the biggest winners has been Fastly Inc., which has added nearly $6 billion in market value in less than two months, outpacing hot e-commerce stocks like Overstock.com Inc., Wayfair Inc. and Etsy Inc. since the end of April. The stock has gained nearly 250% in that time, making it the best performer among 43 companies in the S&P Internet Select Industry Index.The content delivery network has become something of a software darling since it posted an outsize earnings beat in early May and boosted its 2020 sales guidance on increased internet traffic as a result of stay-at-home measures. The shares tripling since then suggests the demand has been even greater than expected, according to D.A. Davidson analyst Rishi Jaluria.“Consider who Fastly’s customers are and how well they...
