Market Minute: GM Takes Aim at Tesla With Cheaper, Long-Range Electric Car
GM takes on Tesla, and this could be a big day for the struggling video game industry. Those items and more are what's in the Market Minute for Tuesday.
The Dow Industrials (^DJI) extended last week's rally, gaining 118 points yesterday. The S&P 500 (^GSPC) rose 9 but the Nasdaq (^IXIC) slipped 4 points.
General Motors (GM) says it's working on an electric car that can travel up to 200 miles on a charge, rivaling the models produced by luxury automaker Tesla (TSLA). But the GM car will be a lot cheaper, priced at around $30,000. GM did not say when the new car would hit dealer lots. Separately, GM's Chevy Silverado has been named as Consumer Reports' top rated truck.
Game maker Take-Two Interactive (TTWO) releases the fifth version of "Grand Theft Auto" franchise. It's been five years since "Grand Theft IV" came out and set sales records. The research firm NPD reported last week that sales of videogame hardware and software edged up 1 percent in August, after more than a year of declines. "Madden NFL 25", from Electronic Arts (EA), was the top seller.
JPMorgan Chase (JPM) has reportedly agreed to pay about $800 million in fines to settle a series of charges stemming from the derivatives trading debacle centered around the rogue trader now known as the London Whale. In addition, the banking giant is expected admit wrongdoing, which could open it up to private lawsuits.
Another big mining company is pulling the plug on a major project. Anglo American (AAL) is withdrawing from a controversial gold and copper project in Alaska -– taking a $300 million charge to do so.
Outerwall (OUTR) may need a retaining wall to contain the damage from a disappointing earnings forecast. The company, which owns Redbox and was formerly known as Coinstar, slashed its outlook for the current quarter by more than a third.
And finally, shares of Cvent (CVT) are also set to slide after the event planning company missed Wall Street analysts' expectations. The stock has jumped 37 percent since going public last month.
- Produced by Drew Trachtenberg