Tesla’s first day on S&P 500 index a dud
DETROIT — In the middle of last year, Tesla’s losses were piling up, sales weren’t enough to cover expenses and big debt payments loomed. The situation was so bad that one influential Wall Street analyst raised the possibility that Tesla wouldn’t be able to pay its bills and would have to be restructured financially.
Since then, the electric car and solar panel maker’s shares have skyrocketed, rising nearly 700% this year alone. Monday was its first day of being included in the prestigious S&P 500, and it didn’t go well. Shares tumbled 6.5% to $649.86, even though the index as a whole lost only 0.4%. The stock hit a record high on Friday.
Judge blocks nuclear bailout law’s subsidies
COLUMBUS, Ohio — A central Ohio judge on Monday blocked the subsidies from a $1 billion nuclear bailout law at the center of a $60 million bribery probe, as state lawmakers scrambled to decide the fate of a repeal effort and nominees were chosen to succeed a utility regulator who resigned amid the investigation.
Franklin County Judge Chris Brown sided with Republican Attorney General Dave Yost and the cities of Cincinnati and Columbus in granting a preliminary injunction that would block the subsidies that were set to be added to every electric bill in the state starting Jan. 1.
The potential for legislative inaction before the session ends influenced his decision, Brown said. Fees collected under the law, which was passed in July 2019, amount to more than $150 million a year through 2026.
McDonald’s sells Spam sandwich in China
BEIJING — McDonald’s is selling a sandwich made of Spam topped with crushed Oreo cookies Monday in China in an attention-grabbing move that has raised eyebrows.
Global brands from restaurants to automakers sometimes roll out offbeat products to appeal to Chinese tastes in the populous and intensely competitive market.
This is undoubtedly one of them.
“I thought it was delicious,” said a comment signed Feifei Mao Enthusiast on the Sina Weibo microblog service. “Is that because I love McDonald’s too deeply? Or is something wrong with my taste?”
The sandwich is made of two slices of Spam, a product of Hormel Foods LLC, and Mondelez International’s Oreo cookies, topped with mayonnaise.
McDonald’s Corp. said the sandwich was part of a series of “members only” promotions to be released on Mondays in China.