Here's a look at the stocks we're watching for you this morning.
Federal prosecutors from New York reportedly are investigating whether General Motors (GM) is criminally responsible for not properly disclosing a problem with an ignition switch that has been linked to 12 deaths. According to Reuters, the government is looking into how GM handled reports of ignition switches that suddenly turned off and cut power to systems, including airbags. GM recalled 1.6 million cars last month over the issue, though the problems first came to light ten years ago. Committees in both the House and Senate are looking into the issue as well.
Tesla (TSLA) will no longer be selling its cars in New Jersey as of April 1st. That's after New Jersey’s Motor Vehicle Commission yesterday said the company needs to sell its cars through franchised auto dealers, rather than directly to customers as it does now. Arizona and Texas also have blocked Tesla from selling its cars directly, according to Tesla. The company's stock has been on quite a tear, up 500% in the last year.
S&P announced that it will include both classes of Google (GOOG) stock in its indexes when the company launches new Class C shares next month. The move is a shift from S&P's previous announcement that it would drop one class of shares on June 20th. The decision marks a change in S&P policy and means there will be more than 500 stocks in the S&P 500, although there will still be just 500 companies listed in the index.
And finally, Plug Power (PLUG). An analyst at Citron Research said the company's shares would be fairly valued at $0.50. Citron believes government incentives that have encouraged big companies like Wal-Mart (WMT) to sign contracts with Plug Power are likely to dry up. Those contracts have sent shares of Plug Power up more than 3,000% in the last year.
- Automotive Industry
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- General Motors