The fuel economy of automotive sold in the US in last month reached a record high, signaling each maker’s effort for a broader client base on the power of lower costs a mile rather than other performance features or looks.
The Transportation Research Institute at the University of Michigan has been examining gas mileage in cars and other automobiles since 2007 and said that the latest record shows the best average of all the five years. Their research data indicate that the average gas mileage of ‘window sticker value’ of new autos sold in the US in last month was 24.1mpg, the highest level and is up 4mpg from Oct 2007, when it began surveying. The report clearly shows 20% improvement in gas mileage in mpg and 17% reduction in gallons per mile or consumption. The research firm operates an Eco-Driving Index, which determines the standard monthly emissions of the greenhouse gas produced by an individual driver in the United States.
The Eco-Driving Index was at 0.81 in August, which is nearly 20% improvement since 2007 Oct. The index takes into account both vehicle distance covered and fuel economy, concluding the report relying on the facts published with 2-months interval. The program Sustainable Worldwide Transportation is directed by Michael Sivak at the university that is examined with concern by energy use researchers across the globe. The increase in oil prices have made most of industrialized nation’s economies struggling to come out from the 2008-09 effects, interest in fuel savings gives a great global appeal. The crude oil costs remained low under USD85 per barrel. The fuel prices were set back after the United States’ Labor Department reported that the nation’s jobless rate rose in last month.
The crude oil price in West Texas delivery added nearly 50 cents to $85.35 points, while the gasoline added 1.61 to $2.5897 per gallon and 1.17 cents gained on home heating oil to $2.9591. Experts believe that the combination of fuel cost consideration and poor employment outlook are likely to continue stressing carmakers in the US and overseas to keep working on fuel economical vehicles, including trucks and cars. The University has been monitoring not only the big carmakers, but also low volume makers of sports cars and luxury brands. The researchers said low sales-volume makers like Rolls-Royce and Ferrari totaled all the models for each of those makers, determining an average unmodified gas mileage rating.
Tesla, Inc. (TSLA), Amazon (NASDAQ:AMZN) Among Most Active Stocks On NASDAQ
Tesla, Inc. (TSLA) closed 5.67% higher to $314.74 after the company’s CEO Elon Musk tips off in a series of tweets that the company will have “news” out tomorrow at 5:00 p.m. eastern time. The announcement will arrive a day ahead of the repayment date for $920M worth of convertible bonds issued by the EV automaker.
Tesla doesn’t have any events scheduled for tomorrow on its investor relations site.
Adding to the intrigue (or confusion), Elon Musk has changed his Twitter handle to Elon Tusk and is rocking an elephant emoji.
Amazon (NASDAQ:AMZN) is scaling back its Seattle expansion by looking to sublet 30 floors of office space it leased, according to GeekWire.
An Amazon spokesperson confirms the plans, but notes that the company has “more than 9,000 open roles in Seattle and will continue to evaluate future growth.”
Last year, Amazon laid off hundreds of area employees and fought against local regulations in its hometown.
The Seattle pullback follows the cancellation of the NYC HQ2 location after local protests.
Latest Developments: Ballard Power Systems Inc. (USA) (NASDAQ:BLDP), EZCORP, Inc. (NASDAQ:EZPW), Fusion-IO, Inc. (NYSE:FIO)
Ballard Power Systems Inc. (USA)(NASDAQ:BLDP)’s shares jumped 16.57% to $4.15. The company on June 3 held the Company’s 2013 Annual General Meeting in Burnaby, British Columbia at which all of the nominees listed in the Management Proxy Circular dated April 11, 2014 were elected as directors of the Company. Each of the Ballard directors was re-elected by a majority of the votes cast by shareholders present or represented by proxy. At the Annual General Meeting Ballard’s leadership team also provided an update on the business, including: 2013 financial results; 2014 outlook; commercial progress; quality and service developments; and the recent acquisition of the intellectual property portfolio from United Technologies Corporation.
EZCORP, Inc. (NASDAQ:EZPW)’s stock fell 2.44% to $11.61. The company on June 18 announced the pricing of its $200 million aggregate principal amount of cash convertible senior notes due 2019 (the “Convertible Notes”). The Convertible Notes were offered in a private offering to qualified institutional buyers pursuant to Rule 144A under the Securities Act of 1933, as amended (the “Securities Act”). The Company granted an option to the initial purchasers for up to an additional $30 million aggregate principal amount of Convertible Notes. The Convertible Notes will pay interest semiannually at an annual rate of 2.125% and will be convertible solely into cash based on the applicable conversion rate at such time.
Fusion-IO, Inc. (NYSE:FIO)’s shares climbed 1.67% to $11.60. SanDisk on June 16 announced a definitive agreement to acquire Fusion-io (FIO), a leading developer of flash-based PCIe hardware and software solutions that enhance application performance in enterprise and hyperscale datacenters. The acquisition will be an all-cash transaction valued at approximately $1.1 billion, net of cash assumed. Under the terms of the agreement, SanDisk will commence a tender offer for all outstanding shares of Fusion-io for $11.25 per share in cash. SanDisk will fund the acquisition with cash available on its balance sheet.
Stocks In Focus: Oi SA (ADR)(NYSE:OIBR), Genco Shipping & Trading Limited(NYSE:GNK), Zale Corporation(NYSE:ZLC), Celldex Therapeutics, Inc.(NASDAQ:CLDX)
Oi SA (ADR)(NYSE:OIBR) stock decreased 9.05% to $1.81. Oi SA, formerly Brasil Telecom SA, is a Brazil-based holding company engaged in the telecommunication sector. The Company is primarily involved in the provision of fixed telephony services in Brazilian states of Acre, Rondonia, Mato Grosso, Mato Grosso do Sul, Tocantins, Goias, Parana, Santa Catarina and Rio Grande do Sul. Additionally, it offers a range of integrated telecommunication services, including mobile telecommunication services, data transmission and Internet service provider (ISP) services, among others.
Genco Shipping & Trading Limited(NYSE:GNK) shares fell 6.60% to $3.54. Genco Shipping & Trading Limited (GS&T) transports iron ore, coal, grain, steel products and other drybulk cargoes along worldwide shipping routes through the ownership and operation of drybulk carrier vessels. As of December 31, 2012, GS&T’s fleet consisted of 53 drybulk carriers, including nine capesize, eight panamax, 17 supramax, six handymax and 13 handysize drybulk carriers, with an aggregate carrying capacity of approximately 3,810,000 deadweight tonnages. The average age of the Company’s fleet was approximately 7.8 years as of December 31, 2012.
Zale Corporation(NYSE:ZLC) shares decreased 8.63% to $14.39. Zale Corporation, through its wholly owned subsidiaries, is a retailer of fine jewelry in North America. The Company operates in three segments: fine jewelry, kiosk jewelry and all other. As of July 31, 2012, the Company operated 1,124 specialty retail jewelry stores and 654 kiosks located mainly in shopping malls throughout the United States, Canada and Puerto Rico. The Company’s fine jewelry segment consists of five brands: Zales Jewelers, Peoples Jewellers, Zales Outlet, Mappins Jewellers, and Gordon’s Jewelers The Company’s kiosk jewelry operates under the brand names Piercing Pagoda, Plumb Gold, and Silver and Gold Connection (collectively, Piercing Pagoda) through mall-based kiosks.
Celldex Therapeutics, Inc.(NASDAQ:CLDX) stock fell 6.27% to $34.41. Celldex Therapeutics, Inc. (Celldex), is a biopharmaceutical company focused on the development and commercialization of several immunotherapy technologies for the treatment of cancer and other difficult-to-treat diseases. The Company’s drug candidates include CDX-110, CDX-011 and CDX-1127. CDX-110, is an immunotherapeutic vaccine that targets the tumor-specific molecule, epidermal growth factor receptor variant III (EGFRvIII). CDX-1127 is a human monoclonal antibody that targets CD27.