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TheStreet Open House

Tesla Recalls Model S Vehicles: Ahead of the Ticker

Stocks in this article: TSLADISHSCLWRSNEMSFT

NEW YORK ( TheStreet) -- Electric car manufacturer Tesla Motors (TSLA) announced a recall of 1,228 2013 Model S vehicles made between May 10 and June 8.

The recall pertains to a defect in the mounting bracket of the rear seat. In a statement on the company's Web site, Tesla CEO Elon Musk said the defect reduces the company's confidence "that the left hand seat back will be properly retained in the event of a crash."

According to Musk, no injuries or complaints have been reported. The problem was not brought to the company's attention by a regulator. Tesla said a plant worker noticed the defect and reported it to managers.

Tesla will contact the owners of the affected vehicles and arrange to pick up the cars to be taken to be fixed, which should take a few hours.






Satellite TV provider Dish Network (DISH) missed the deadline for improving its takeover bid for Sprint Nextel (S).

Dish had until 11:59 p.m. on Tuesday to submit a new bid to compete with Japanese mobile operator SoftBank's offer of $21.6 million. Dish said it could not meet the deadline after Sprint made changes to its agreement with SoftBank.

Dish said on Tuesday that it would not enter a new offer and instead would focus on its efforts to buy a stake in Clearwire (CLWR). Sprint itself has attempted a takeover bid for Clearwire. Just last week, Clearwire's board recommended voting against Sprint's offer at an upcoming meeting and encouraged shareholders to accept Dish's instead. Dish has offered $4.40 for each Clearwire share, trumping Sprint's offer of $3.40 a share.

Sprint has filed a lawsuit against Dish and Clearwire as a result.






Sony (SNE) has pulled an upgrade to its PlayStation 3 after reports that the update caused the gaming console to stop working once it was installed.

Software update 4.45, which was just released on Tuesday, is said to make the console freeze and its on-screen navigation disappear. The update was intended to allow users to turn trophy notification on and off.

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