Ed’s Daily Notes for October 3rd   4 comments

Associated Press (via Yahoo): Tesla stock tumbles after Model S catches fire

Shares of electric car company Tesla sank more than 6 percent Wednesday after an Internet video showed flames spewing from one of the company’s vehicles near Seattle.

Shares of Tesla Motors Inc. fell $12.05 to $180.95 — the stock’s biggest one-day decline since July 16.

The incident happened Tuesday after 8 a.m. as the driver was traveling southbound on state Route 167 through Kent, said Trooper Chris Webb of the Washington State Patrol. The driver stated that he believed he had struck some metal debris on the freeway, so he exited the highway and the vehicle became disabled.

The driver told authorities he began to smell something burning and then the vehicle caught fire. Firefighters needed several attempts to extinguish the flames because the blaze kept reigniting, Webb said. A trooper who responded to the scene was unable to locate any objects on the roadway, but Department of Transportation workers did observe some debris near the scene.

…Tesla said the flames were contained to the front of the $70,000 vehicle due to its design and construction. Company spokeswoman Liz Jarvis-Shean said there were no indications that the fire was caused by anything other than the crash.

“This was not a spontaneous event,” she said. “Every indication we have at this point is that the fire was a result of the collision and the damage sustained through that.”

At this point, it is hard to say whether this is a design flaw or a freak accident. On the bright side, the fact the flames were contained to the front of the car says a lot about the car’s safety.

As for Tesla’s stock, it’s still overpriced, even after this drop (A PEG ratio of 16 screams “overpriced”). Until it gets to $100/share, I am not even looking at it.

Fox News: Help kids with cancer? Reid asks: ‘Why would we want to do that?’

I love it when politicians let their masks slip, and we get to see what uncaring jerks they truly are:

Senate Majority Leader Harry Reid is blaming Republicans for the National Institutes of Health turning away cancer patients. But when asked why the Senate wouldn’t try to help “one child who has cancer” by approving a mini-spending bill, he shot back: “Why would we want to do that?”

In case you hadn’t figured it out, the Democrats assume all they have to do is blame the Republicans for the shutdown, and they will have a guaranteed win in the 2014 midterm elections. If they keep this up, the American people might actually see the Democrats as the problem here.

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Posted October 3, 2013 by edmcgon in News, Politics, Stocks

4 responses to “Ed’s Daily Notes for October 3rd

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  1. Like the sequester, obama has issued orders to ensure maximum hardship to the public during the partial shutdown. Veterans groups were initially turned away from entering the the WW II War Memorial before a Republican congressman went outside to remove the barriers.

    Meanwhle the Waffen IRS has decided to furlough only the IRS staff who help the taxpayer defend themselves while the tax collectors who pursue individuals and businesses that are delinquent are working thru the shutdown.

    “The IRS can levy, but we can’t get the help to stop the levy,” said Diana Leyden, a tax lawyer and director of the low-income taxpayer clinic at the University of Connecticut. “This is a real problem.”

    http://money.msn.com/business-news/article.aspx?feed=OBR&date=20131002&id=16962328

    This reminds me a former 6 day shutdown several years ago when the trash piled up and traffic lights weren’t repaired in Washington DC, but the parking enforcement department was kept intact and wrote a record number of tickets during this time.

  2. so ed, you are in favor of federally legislating help for young cancer patient, one citizen at a time?

    • Jeff,
      Not the way you described it. 😛

      Seriously though, I would have no issues with universal catastrophic healthcare insurance, even if it was federally funded. Something like that would certainly cover young cancer patients.

  3. Most, if not all insurance carriers, do not cover clinical trials; the cancer patients treated at the NIH are part of clinical trials.

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