Category: Stock Market News

Tesla Motors Inc. announced Sunday an upgrade to its Autopilot system that will rely more on radar images than cameras in an effort to improve driver safety. Currently, Tesla’s semi-autonomous Autopilot system relies more on cameras, supplemented by radar. “We’re making much more effective use of radar,” Tesla CEO Elon Musk said in a conference call. “It will be a dramatic improvement in the safety of the system done entirely through software.”

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Crispr Therapeutics AG plans to launch an initial public offering to raise up to $90 million, according to a late Friday filing with the Securities and Exchange Commission. Basel, Switzerland-based Crispr develops therapies based on its eponymous gene-editing technology. For the six months of 2016, the company reported collaboration revenue of $1.3 million and a loss of $4.66 a share. Crispr listed Citigroup, Piper Jaffray, Barclays, and Guggenheim Securities as underwriters. The company plans to list on the Nasdaq Global markets exchange under the ticker symbol “CRSP”.

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The U.S. Consumer Product Safety Commission warned Americans who own Samsung Electronics Co. Ltd.’s latest smartphone to stop using and charging the devices Friday, and said it was working with the Korean tech giant on a formal recall. Samsung admitted last week that the smartphone can explode due to faulty battery cells, with an official estimating that 24 out of every million produced were dangerous. The company, which launched the Note 7 on Aug. 19 and said it had shipped 2.5 million of the devices, launched a global recall program and offered trade-ins and gift cards to U.S. customers who had already received their Note 7, but the CPSC said that program may not be enough. “CPSC is working quickly to determine whether a replacement Galaxy Note7 is an acceptable remedy for Samsung or their phone carriers to provide to consumers,” the regulatory agency said in its statement. Samsung confirmed in a statement that it was working with the CPSC “to expedite a U.S. recall of the product.” “”Samsung continues to ensure that consumer safety remains our top priority,” Tim Baxter, president of Samsung Electronics America, said in a statement. “We are asking users to power down their Galaxy Note 7s and exchange them now.” The CPSC’s move comes after the Federal Aviation Administration warned people not to use or charge the devices on airplanes due to the danger of possible explosion, which has been an issue for lithium ion batteries in other consumer products.

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Lumber Liquidators Holdings Inc. said late Friday it has named Martin Agard its new chief financial officer. Interim CFO Greg Whirley will remain with the Toano, Va., company as senior vice president of finance, the company said in a statement. Lumber Liquidators also said Christopher Thomsen has joined as chief information officer. Lumber Liquidators was under fire last year when 60 Minutes reported the company allegedly sold China-made wood flooring containing dangerous levels of cancer-causing formaldehyde. A federal ruling in June indicated that a full recall of some China-made flooring wasn’t necessary, given none of the tests found formaldehyde levels above the remediation guideline. Lumber Liquidators shares were flat in late trading after ending the regular session down 2.6%.

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Emerging-market equities logged their steepest drop since June 24, the day after Great Britain voted to leave the European Union in a referendum dubbed Brexit. The iShares MSCI Emerging Market ETF , the most widely used benchmark for the region, dropped 3.4% to 36.71 on Friday, its lowest level in more than a week. The move came amid heightened concerns that the Federal Reserve would raise interest rates sooner than later, which can boost the U.S. dollar and make debt denominated in the currency more expensive to emerging markets. The slump in emerging markets followed a rout in the S&P 500 index and the Dow Jones Industrial Average , which also suffered the sharpest slide since the Brexit vote

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U.S. stocks sold off on Friday in its worst trading session since Brexit as hawkish comments from Boston Fed President Eric Rosengren suggested that the Federal Reserve could resume raising interest rates soon, turning off the flow of easy money into the market. The S&P 500 sank to its lowest close in two months, falling 53 points, or 2.5%, to 2,127 for a weekly loss of 2.4%. The Dow Jones Industrial Average shed nearly 400 points, or 2.2%, to end at 18,085, falling 2.2% for the week, while the Nasdaq Composite Index skidded 134 points, or 2.5%, to close at 5,125, bringing its weekly loss to 2.4%.

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Montel Williams, the former host of long-running talk show “The Montel Williams Show,” said on Friday he’s launching a medical cannabis company. The company, Lenitiv Scientific, will deal in innovative, high quality medical cannabis products for patients, through brand name LenitivLabs. line of medical cannabis products, according to a news release. Williams has been an outspoken advocate for medical cannabis and law reform for the last 17 years. He’s also been active with the nonprofit MS Foundation since being diagnosed with Multiple Sclerosis in 1999, the symptoms of which he manages with cannabis products. “My physicians recommended cannabis as part of my treatment 17 years ago and I’ve used it ever since,” Williams said in a statement. “With the issue of full legalization dominating the conversation, it’s critical not to forget patients who have specific needs with respect to cannabis, including strains that might be less profitable in the marketplace.” Lenitiv Scientific also plans to work with regulators and educate the community on proper cannabis dosage and delivery methods as well as fund clinical studies for medical cannabis.

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Oil futures fell Friday, giving up much of what they gained a day earlier. Analysts warned that U.S. supplies are likely to rebound from a surprise drop as the Gulf of Mexico returns to normal operations in the wake of storm that disrupted output and transportation activities in the region last week. Oil prices, however, still gained 3.2% for the week as some traders held out hope that producers will agree to curb production at a meeting later this month. October WTI crude fell $1.74, or 3.7%, to settle at $45.88 a barrel on the New York Mercantile Exchange, after jumping 4.7% on Thursday.

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Gold futures settled Friday at their lowest level in a week, but still managed to score a modest gain from the end of last week. Traders looked to comments from various Federal Reserve officials for clues on the central bank’s plans for interest rates. December gold fell $7.10, or 0.5%, to settle at $1,334.50 an ounce. That was the lowest settlement since last Friday but for the week, prices still gained 0.6%, according to FactSet data.

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Gold futures settled Friday at their lowest level in a week, but still managed to score a modest gain from the end of last week. Traders looked to comments from various Federal Reserve officials for clues on the central bank’s plans for interest rates. December gold fell $7.10, or 0.5%, to settle at $1,334.50 an ounce. That was the lowest settlement since last Friday but for the week, prices still gained 0.6%, according to FactSet data.

Market Pulse Stories are Rapid-fire, short news bursts on stocks and markets as they move. Visit MarketWatch.com for more information on this news.

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