U.S. equities were higher on Monday as crude oil fell 2.1% and materials gained 1.1%. The S&P 500 Index gained 0.4%, the Dow Jones Industrial Average was 0.7% higher by day’s end and the Nasdaq Composite surged 0.3%.
Several companies made headlines for all the wrong reasons late Monday, including Equifax Inc. (NYSE:EFX), General Electric Company (NYSE:GE) and Tesla Inc (NASDAQ:TSLA).
Here’s what went down:
Equifax Inc. (EFX)
Equifax yesterday unveiled that the data of 2.5 million additional consumers was revealed.
The original figure given by the company was of 143 million consumers whose personal information was exposed, including Social Security numbers, full names, dates of birth and more. Now, that figure is 145.5 million.
Additionally, former Equifax CEO Richard Smith said in a testimony to be delivered to Congress on Tuesday. that the company was informed of the software security vulnerability that led to the hack back in Marsh, but took months to patch it.
“It appears that the breach occurred because of both human error and technology failures,” Smith said in written testimony released on Monday by the Energy and Commerce Committee.
EFX shares fell 1.7% after the bell yesterday.
General Electric Company (GE)
General Electric has announced a change in management.
The company said late on Monday that Jeffrey Immel, the company’s former CEO, had stepped down from his role as the company’s director and Chairman of its board of directors, effective immediately.
The move by GE is part of a broader effort to transition to a new leadership under CEO John Flannery, who is now ready to take the role of Chairman of the Board, according to the company.
The board has voted and approved having Flannery as the new Chairman. The departure of Immelt was expected, but it happened sooner than many had predicted.
Additionally, Immelt retired as a director and Chairman of the Board of Directors of Baker Hughes, a GE subsidiary. Lorenzo Simonelli, President, and CEO of BHGE, replaced Immelt in this role.
GE stock grew 0.4% after hours Monday.
Tesla Inc (TSLA)
Tesla announced that its third-quarter production will be below expectations.
The company said it delivered 26,150 vehicles over the course of the three months, including 14,065 Model S vehicles, 11,865 Model X vehicles and 220 Model 3s.
An additional 4,820 Model X and S cars were being transported to their destination at the end of the quarter, but will not technically be delivered until the fourth quarter.
Tesla added that Model 3 production bottlenecks are below estimates on the period, but the electric car maker is confident that the issue will be fixed as production will ramp up.
“We expect to deliver about 100,000 Model S and X vehicles in 2017, which would be a 31% increase over 2016,” the company wrote.
TSLA stock fell 1.6% Monday after the bell.
As of this writing, Karl Utermohlen did not hold a position in any of the aforementioned securities.
