Reports » US
US stock market daily report (December 03, 2013, Tuesday)
U.S. Agriculture Department's assistant supervisory wildlife biologist for Guam, Dan Vice, supervised the dropping of 2,000 dead mice pumped full of acetaminophen - active ingredient in Tylenol. The mission is part of an $8 million program from the Interior and Defense departments. The dead mice were each attached to a tiny parachute made of cardboard and tissue paper then dropped in a time sequence from low-flying helicopters. Vice said, "The cardboard is heavier than the tissue paper and opens up in an inverted horseshoe. It then floats down and ultimately hangs up in the forest canopy. Once it's hung in the forest canopy, snakes have an opportunity to consume the bait." The drop, over a United States Air Force base in Guam, was an effort to poison brown tree snakes. The poisonous brown tree snakes are invasive to the area and cause harm to exotic native birds as well as Guam's power grid. The Ag Department is hoping the poisonous snakes will be drawn to the toxic rodents, eat them and then croak. Some of the dead mice will transmit data via radios.
Detroit is ruled eligible to continue its bankruptcy case, per ruling by Michigan Judge Steven Rhodes on Tuesday. On grounds that Detroit did not negotiate in good faith over proposed cuts to retiree pension plans, unions and retiree groups objected to the bankruptcy. Judge Rhodes declared it was not practicable for Detroit to negotiate because the city did fulfill threshold eligibility for bankruptcy. The Judge said that pensions are contractual obligations that can be impaired in bankruptcy, despite state protections in place under the Michigan constitution. Creditors may object to the ruling. Bankruptcy eligibility decision is necessary for Detroit to proceed with a proposed restructuring plan.
Tesla Cleared in Car Fires
German investigation into fires involving Tesla Motors, Inc. (TSLA-NASDAQ) electric cars, was cleared of fault. The electric car manufacturer came under heavy pressure after three car fires raised safety concerns of Tesla Model S electric sports sedan. A separate probe of the fires continues by U.S. investigators.
Tyco Former CEO Parole
In 2005, Dennis Kozlowski was CEO of Tyco and was found guilty of conspiracy, falsifying records, grand larceny, unauthorized large pay packages and violating business law. After serving more than eight years in prison for corporate fraud, the former Tyco CEO will be released on parole on January 17, 2014, by a New York board. After joining Tyco in 1975, Kozlowski became CEO in 1992 and was well known for his extravagant lifestyle which famously included a $6,000 shower curtain.
OmniVision Shares Tank
OmniVision Technologies, Inc. (OVTI-NASDAQ) shares were hammered during aftermarket hours Tuesday, down 14% in heavy trading volume. The mobile camera sensor maker projected this quarter's results well below consensus, sending shares tumbling. CEO Shaw Hong said the company increased its revenue despite a "slowing smartphone market and intensifying competition." Hong said that while the "end-market remains volatile, our scale, technology and product portfolio should position us well to weather such volatility over the coming years."
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