Musk Quells Tesla Firestorm, Blackstone’s China Chairman to Step Down, and 3 More Hot Stocks
Tesla Motors (NASDAQ:TSLA): Shares are recovering from Monday’s slide, as CEO Elon Musk announces that the National Highway Traffic Administration will be launching a probe into the three fires that resulted from accidents over the past several weeks. Musk maintains that drivers are 4.5 times more likely to experience a fire in a gasoline car than in Tesla’s Model S and says that the risk of being struck by lightning is more of a concern.
Blackstone Group (NYSE:BX): Blackstone’s Greater China chairman, Antony Leung, will be stepping down after seven years to pursue a position as Nan Fung Group Holdings’s chief executive officer. According to the release, Leung will become a senior adviser to Blackstone and a member of its International Advisory Board; he will take on the position as Nan Fung’s CEO in February.
Sony Corp. (NYSE:SNE): Sony is looking to shed $100 million worth of expenses from its entertainment unit and has hired Bain & Co. to take a critical look at its strategic options for the branch. The entertainment division has been under close scrutiny since Sony stakeholder Daniel Loeb suggested spinning off the unit, which was met with ripples of support throughout Sony’s shareholder base.
Wal-Mart Stores Inc. (NYSE:WMT): Shares of Wal-Mart are trading around flat after a dip, as margin pressures at Best Buy Co. (NYSE:BBY) put some strain on the big box retailer. Bloomberg points out that Wal-Mart is selling 32-inch flatscreen TVs for $98 in what is being called “the weakest holiday shopping season since 2009.”
Halcon Resources (NYSE:HK): Halcon is struggling with the ability to find enough oil and gas to finance its aggressive drilling and production plans, but CEO Floyd Wilson thinks the worries are misplaced. ”Our job is to build a large inventory of good oil wells and that’s what we’re doing,” he told The Wall Street Journal, adding, “We’re not the flavor of the day right now.”