Market Updates Regarding Volkswagen (ETR:VOW3), Google (NASDAQ:GOOGL) and other Companies
A lot is happening in the market these days. Given below is an overview of few of the important activities that are taking place today.
Volkswagen (ETR:VOW3) Legal Issues
On Tuesday, it was hinted by Volkswagen (ETR:VOW3) that the company might recall up to around 11 million vehicles. The multinational car manufacturer has been battling a number of crises and this recall also has a link with that. The company has done so in order to address the allegation that it fabricated results for the U.S. diesel emission tests. KBA, the vehicle watchdog of Germany, has given Volkswagen (ETR:VOW3) an ultimatum to put forth an elaborate plan to fix the environment polluting diesel engines. The cars may then be handed over to the owners when all the legal limitations have been addressed. The deadline for this plan is October 7th.
Google (NASDAQ:GOOGL)’s Autonomous Car Ready for Test Drives
Google (NASDAQ:GOOGL) has arranged an event for reporters at its headquarters in Mountain View, California today. During the event, Google (NASDAQ:GOOGL) Inc. is going to reveal the prototype of its autonomous vehicle. Reporters will be allowed to take a test drive on the roof of the Google (NASDAQ:GOOGL) X building. The tech behemoth has been breaking barriers since its inception in 1998 and is doing the same with these driverless cars. The head engineer of the project, Chris Urmson, said that these cars are now being designed to drive in a more humanistic manner.
Tesla (NASDAQ:TSLA)’s New Car Debut
Tesla (NASDAQ:TSLA) is all set to launch its all electric SUV today. This car has generated a lot of hype and discussion in the past few months and now the time has come when the vehicle will be witnessed in all its glory. This car has been given the name Model X and is being expected to break the records of the company’s Model S sedan. Tesla (NASDAQ:TSLA) is to deliver these vehicles from its Fremont factory to customers who had preordered the car. Some orders for this long anticipated car were even placed back in 2012 when it was first announced. Till now, people have only been granted glimpses of this model which is famous for its ‘falcon-wing’ doors.
Costco (NASDAQ:COST)’s Earnings Report
Costco (NASDAQ:COST) Wholesale Corporation is ready to post its fourth quarterly results today. The company became the second largest name in the retailer industry last month on revenue basis. Following closely behind Wal-Mart, the company posted fiscal year sales worth 113.7 billion dollars. The comparable store sales of the company also hiked 7 percent. The company has not yet posted an update on guidance or future sales which has only piqued the investors’ interest in the company.
Economic Update of the US
Updates regarding the economy of America were released today. The first update released was of S&P Case Schiller composite index for the prices of single-unit homes at around 9 a.m. ET. This report depicted that the prices of homes gained 5.1 percent YOY for more than twenty urban areas.