Here is what happening in the stock market today. Toyota Motor (NYSE:TM) is recalling over 2 million vehicles worldwide; the CEO of Delphi Technologies (NYSE:DLPH) stepping down; Macquarie Research downgraded PepsiCo (NASDAQ:PEP); General Electric Co. (NYSE:GE) has reached a compensation agreement the new CEO; Unilever NV (NYSE:UN) scrapped its plan to move its headquarters to the Netherlands; and Tesla (NASDAQ:TSLA) shares fell 4% on Friday after CEO Elon Musk mocked the U.S. Securities and Exchange Commission on Twitter.
In the News
Toyota Motor Corp has decided to recall 2.4 million vehicles worldwide to fix a hybrid system fault. The automaker said that the recall affects some Prius variants produced between October 2008 and November 2014. Shares of the automaker were down 0.06% in the premarket trading session.
Delphi Technologies PLC announced that Liam Butterworth is stepping down as the CEO of the company to pursue other interests. The advanced propulsion company named Hari Nair as interim CEO, effective immediately. The company’s stock, which was closed down 2.74% at 29.86 on Thursday, was inactive the premarket session.
PepsiCo, Inc. shares fell 0.69% in premarket trade after Macquarie Research downgraded the company to neutral from outperform and cut its stock price target to $107 from $122. PEP is trading at around $106.61.
Shares of General Electric Company rose 1.34% in premarket session. The automaker has agreed to pay new CEO Larry Culp an annual salary of $2.50 million per year for four years and a target annual bonus opportunity at 150% of base salary. In addition, Culp, who succeeded John Flannery, will receive annual equity awards valued at $15 million starting next year, according to a document GE filed with the Securities and Exchange Commission.
Unilever NV has decided to scrap its plan to move its headquarters from London to the Netherlands. The plan failed to receive support from a majority of the company’s UK shareholders owning at least 75% of the shares, Reuters reported. In premarket trade, shares of Unilever fell 0.37%.
Shares of Tesla Inc (NASDAQ: TSLA) fell 4% on Friday, after CEO Elon Musk mocked the U.S. Securities and Exchange Commission on Twitter just days after reaching an agreement with the agency over a securities fraud lawsuit. In his tweet, Musk called the SEC the “Shortseller Enrichment Commission” He said: “Just want to [sic] that the Shortseller Enrichment Commission is doing incredible work,” And the name change is so on point!”