Report of fire cools Tesla stock
Shares of Wall Street darling Tesla Motors fell more than 6 percent Wednesday after the high-flying stock was downgraded by an investment house and pictures and video of a mysterious Tesla Model S fire circulated on the Internet.
The shares dropped $12.05 to close at $180.95.
On Wednesday, auto enthusiast website Jalopnik posted a reader-submitted video that showed the front of a Tesla engulfed in flames on a rainy street in the Seattle area. Tesla confirmed that one of its cars caught fire after the driver struck unidentified metal debris on the roadway.
Normally, car fires are not significant events that influence investors. But safety officials have been tracking fires in electric cars out of concern that the lithium-ion battery systems might be fire-prone.
-- Los Angeles Times
Monsanto to buy S.F. software firm
Agricultural business giant Monsanto on Wednesday revealed plans to buy San Francisco farming software and data firm The Climate Corp., while also releasing an earnings report that disappointed Wall Street.
Monsanto said it would pay $930 million in cash for Climate Corp., which was founded in 1996 by engineers from Google and other Silicon Valley companies.
The company's technology uses weather forecasting and data analysis to help farmers plan their growing seasons. Company executives said the purchase is part of a broader strategy to combine its biotechnology with the emerging field of agriculture-focused information technology.
-- Associated Press
Cerberus weighing bid for BlackBerry
Private equity firm Cerberus is interested in taking a look at Toronto-based BlackBerry's books as a prelude to a possible bid for the troubled smartphone company.
Cerberus is looking to sign a confidentiality agreement with BlackBerry that would allow it to access the company's private information.
BlackBerry announced last month that Fairfax Financial signed a letter of intent that "contemplates" buying BlackBerry for $9 a share, or $4.7 billion. It's unclear whether Cerberus is seeking to join Fairfax's deal or bid for Blackberry on its own.
BlackBerry shares were down 4 percent Wednesday before The Wall Street Journal first reported news of interest from Cerberus. The shares finished up 4 cents, or half a percent, closing at $7.96.
-- Associated Press