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Musk says he will stay at Tesla as long as he is useful

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© Reuters. FILE PHOTO: Founder and CEO of Tesla Motors Elon Musk speaks during a media tour of the Tesla Gigafactory, which will produce batteries for the electric carmaker, in Sparks, Nevada, U.S. July 26, 2016. REUTERS/James Glover II

(Reuters) – Tesla (NASDAQ:TSLA) Chief executive Elon Musk said on Tuesday that he will stay at the electric car company as long as he is useful amid concerns that his planned buy of Twitter (NYSE:TWTR) would distract him from his job at Tesla.

When asked about how long he expects to stay at Tesla, he said: “As long as I can be useful.”

He was speaking at the FT Future of the Car 2022 conference.

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U.S. agency opens probe into fatal Tesla vehicle crash that killed three

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© Reuters. FILE PHOTO: A Tesla logo on a Model S is photographed inside of a Tesla dealership in New York, U.S., April 29, 2016. REUTERS/Lucas Jackson

By David Shepardson

WASHINGTON (Reuters) -A U.S. auto safety agency said Wednesday it has opened an investigation into a fatal crash involving a Tesla (NASDAQ:TSLA) vehicle in California this month that resulted in three deaths and could have been caused by its advanced driver assistance system.

The crash, involving a 2022 model Tesla Model S that slammed into construction equipment in Newport Beach last week, is one of 35 under investigation by the U.S. National Highway Traffic Safety Administration (NHTSA) involving Tesla vehicles in which advanced driver assistance systems like Autopilot were suspected of being used since 2016.

A total of 14 crash deaths have been reported in those Tesla investigations, including the three recent fatalities.

NHTSA confirmed the new probe of a May 12 Tesla Model S crash that killed three in the vehicle and injured three workers, when it struck construction equipment along the Pacific Coast Highway in Newport Beach.

Newport Beach Police declined to say Wednesday if the Tesla vehicle was in Autopilot mode at the time of the crash, saying it remains under investigation.

Tesla’s Autopilot and other driver assistance systems that handle some tasks for drivers have come under increased scrutiny.

Tesla says on its website that Autopilot provides drivers assistance by enabling vehicles to steer, accelerate and brake automatically but “require active driver supervision and do not make the vehicle autonomous.” NHTSA notes there are no autonomous vehicles for sale that would allow drivers to not pay attention.

NHTSA sends special crash teams to conduct over 100 extensive special crash investigations annually https://www.nhtsa.gov/research-data/special-crash-investigations-sci of “unique real-world crashes” to “perform in-depth clinical investigations in a timely manner that can be used by the automotive safety community to improve the performance of its advanced safety systems.”

Of the 35 special crash investigations by NHTSA into Tesla since 2016 involving advanced driver assistance systems, Autopilot use has been ruled out in three.

NHTSA separately said on Wednesday that in April it had opened another special crash investigation involving a 2016 Tesla Model X in a Florida collision that caused a minor injury, which may have also involved the use of an advanced driver assistance system.

In August, NHTSA said it opened a formal preliminary defect evaluation into Autopilot and has identified at least a dozen crashes involving Tesla models and emergency vehicles. That investigation is still pending.

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Kohl’s loses two senior executives as it looks for a buyer

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© Reuters. FILE PHOTO: The sign outside a Kohl’s store is seen in Broomfield, Colorado February 27, 2014. REUTERS/Rick Wilking

(Reuters) – Kohl’s Corp (NYSE:KSS) said on Wednesday two of its senior executives are stepping down from their roles, as the U.S. department store chain hunts for a buyer amid pressure from activist investors to sell itself.

Shares of the company fell 3.6% to $41.4 in extended trading.

Kohl’s said that Chief Marketing Officer Greg Revelle would be departing from the company in June, while Chief Merchandising Officer Doug Howe would leave effective immediately.

The U.S. department store chain said in an emailed statement that Revelle and Howe are leaving the company to pursue other opportunities and that a search for their replacements is already underway.

Over the past few months, activist investors Macellum Advisors GP LLC and Engine Capital LP have called on Kohl’s to sell itself.

Last week, the company’s investors rejected Macellum Advisors’ efforts to replace 10 of its board directors.

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Dow Futures Tick Lower After Wall Street Sell-off Intensifies

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© Reuters.

By Oliver Gray 

Investing.com – U.S. stock futures were trading lower during Wednesday’s evening deals, after major benchmark averages finished the regular session sharply lower, with the Dow Jones Industrial Average posting its biggest loss since 2020 after retail earnings indicated rising inflation pressures weighing on corporate profits.

By 6:42pm ET (10:42pm GMT) Dow Jones Futures and S&P 500 Futures were each trading 0.1% lower while Nasdaq 100 Futures fell 0.2%.

In extended deals, Cisco Systems Inc (NASDAQ:CSCO) dipped 12.9% after results as the as the company forecasted a surprising decline in revenue for the current quarter. Q3 EPS came in at 87 cents versus 86 cents expected while revenue came in at $12.8 billion versus estimates of $13.34 billion.

Bath & Body Works Inc. (NYSE:BBWI) fell 6% after reporting, as the company forecasted lower-than-expected second-quarter earnings. Q1 EPS of 64 cents versus 53 cents expected on revenues of $1.45 billion versus $1.44 billion expected.

Synopsys Inc (NASDAQ:SNPS) gained 3.5% as the company reported Q2 EPS of $2.50 versus $2.37 expected on revenues of $1.28 billion versus estimates of $1.26 billion.

During Wednesday’s regular trade, the Dow Jones Industrial Average shed 1,164.52 points, or 3.57%, to close at 14-month lows of 31,490.07 and posting its largest daily losses since June 2020. The S&P 500 traded 4.04% lower to 3,923.68 while the NASDAQ Composite dropped 4.73% to 11,418.15.

Among stocks, Target Corporation (NYSE:TGT) shares tumbled 24.9% Wednesday after the retailer reported first-quarter earnings that were much lower than Wall Street estimated due to rising costs for fuel and compensation.

Major tech companies were also hit amid the sell-off with Block Inc (NYSE:SQ) down 3.2%, Amazon.com Inc (NASDAQ:AMZN) falling 7.2%, Microsoft Corporation (NASDAQ:MSFT) dipping 4.8% and Apple Inc (NASDAQ:AAPL) down 5.6%.

On the bond markets, United States 10-Year rates were at 2.884%.

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