The Dow Jones Industrial Average, Standard & Poor’s 500 index and Russell 2000 all saw early losses this morning, down just over 0.1% in the week’s first session.
Danish drug maker Novo Nordisk‘s (NVO) shares are plunging, down more than 13% after the Food and Drug Administration declined to approve its new drug applications for the long-lasting insulin Tresiba and a related product, Ryzodeg. As a result, Sanofi (SNY), the maker of a rival diabetes medication Lantus, rose 3.3%.
Tesla Motors (TSLA) stock is falling, down 3.4%, in what may be a reaction to this less-than-flattering review in the New York Times, in which John Broder found himself dealing with a dying car battery:
As I crossed into New Jersey some 15 miles later, I noticed that the estimated range was falling faster than miles were accumulating. At 68 miles since recharging, the range had dropped by 85 miles, and a little mental math told me that reaching Milford would be a stretch.
I began following Tesla�s range-maximization guidelines, which meant dispensing with such battery-draining amenities as warming the cabin and keeping up with traffic. I turned the climate control to low � the temperature was still in the 30s � and planted myself in the far right lane with the cruise control set at 54 miles per hour (the speed limit is 65)…
After a short break in Manhattan, the range readout said 79 miles; the Milford charging station was 73 miles away. About 20 miles from Milford, less than 10 miles of range remained. I called Tesla again, and Ted Merendino, a product planner, told me that even when the display reached zero there would still be a few miles of cushion.
At that point, the car informed me it was shutting off the heater, and it ordered me, in vivid red letters, to �Recharge Now.�
I drove into the service plaza, hooked up the Supercharger and warmed my hands on a cup of Dunkin� Donuts coffee.
Broder has nice things to say about the look and feel of the car, but that kind of experience won’t be helping to shift many electric cars. (See update, below)
Shares of Tesoro (TSO) are up about 2%; the oil company was upgraded to Buy at Bank of America Merrill Lynch. Also gaining are shares of Hospira (HSP) and Moody’s (MCO), up 2.2% and 3.2%, respectively. Moody’s, of course, lost about 20% last week in the wake of US enforcement actions against fellow ratings agency S&P.
Update: Tesla’s Elon Musk has responded strongly to the NY Times article, Tweeting:
Update 2: CNBC�s �Closing Bell� reported this evening that The New York Times responded to them, saying that �the story was completely factual, and any implication that the review was faked is flatly untrue.� The Times asserts that contrary to Musk�s contention, Broder was not told to do things such as plug the car in over night in cold weather, �despite repeated contact [by Broder] with the company.�
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