Tesla (TSLA) is tanking on a YouTube video that shows one of its Model S sedans on fire. It has been down more than 3% in premarket trading. That's on top of a 6% loss during yesterday's regular session. Nevertheless, the stock remains up more than 400% so far this year, giving the company a market cap of $22-billion. Tesla has issued a statement on this fire. A company rep says it was caused when that metal debris directly hit one of 16 modules within the car's battery pack. The company also says the flames were isolated by fire barriers within the car and were therefore contained to a small section in the front of the vehicle
Beverage company Constellation Brands (STZ) has just served-up earnings this morning. The company posted adjusted earnings of 96-cents a share, beating estimates which were for 88-cents. Revenues missed just slightly at $1.52 billion. The company says it was helped by the acquisition of Grupo Modelo's U.S. beer business from Anheuser Busch. Lots to toast for owners of Constellation stock. It's up 55% year-to-date, and hit a new all-time high just a few weeks ago.
Online referral service Angie's List (ANGI) is currently down 10% in early trading. The Wall Street Journal reports that Angie's List has cut its subscription price to $10 in a number of key cities like New York, Chicago, and San Francisco. That's a 75% discount on the regular price of $40. It has been a wild week so far for the stock. It dropped 10% on Tuesday after the announcement that the company's Chief Technology Officer was out the door. There was a however, a bounceback of 3.5% yesterday. The stock is up 102% over the past year, and about 29% since it went public at the end of 2011.
Finally, three stocks which all began trading yesterday after holding IPOs. Empire State Realty Trust (ESRT) which includes the Empire State Building rose just less than .4%, but is up fractionally again this morning. Then there's real estate agency Re/Max (RMAX). It gained nearly 3%. And finally, Burlington Stores (BURL), the parent of Burlington Coat Factory. It climbed 8.5% and is up again at this hour. At one point during yesterday's session, Burlington shares had been up 50% as they rapidly changed hands. By the way, the company was bought by Bain Capital back in 2006. Bain plans to retain a 74% stake in Burlington for now.
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