Labor Fight Slows GM Production in Korea, Google’s Marketing Spend for Moto X, and 3 More Hot Stocks
General Motors (NYSE:GM): Labor unrest in South Korea is beginning to take its toll on GM, now in its seventh day. Partial walk-outs have resulted in lost production of around 1,000 vehicles, while the union and management continue to battle over a solution. The South Korean operations export 80 percent of GM’s output, and build about 40 percent of all Chevrolets sold globally.
Google (NASDAQ:GOOG): The company’s Motorola subsidiary is apparently willing to spend up to $500 million on marketing for its Moto X phone, according to the Wall Street Journal. All four major U.S. carriers are expected to carry the device when it launches this fall. Additionally, Motorola has managed to limit the amount of “bloatware” that carriers will pre-install.
British Petroleum (NYSE:BP): BP has filed to register its U.S. division as a swap dealer with U.S. authorities, joining the ranks of some 80 or so investment firms and the first oil company to contend with new oversight regulations over its derivatives business. The CFTC has required companies to register as dealers if they trade more than $8 billion per year in swaps, starting this year.
Tesla Motors (NASDAQ:TSLA): CEO Elon Musk has stated that Tesla’s current production of the Model S is over 400 units per week, and exuded confidence that it would reach a level of 800 by late 2014. In a near direct response to critics who still see the Model S as a niche vehicle, Musk stated, “We going to have every kind of car you could possibly imagine.”
Melco Crown Entertainment (NASDAQ:MPEL): Melco International Development, a sister company to Melco Crown, has filed a statement with Hong Kong regulators that details its intention to develop two casino hotels in Russia, near the Chinese border. The news has caused Melco shares to surge over 3 percent.