Tesla Recalls Model S Vehicles: Ahead of the Ticker

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.

Sony said it is investigating the issue.

The incident comes on top of the company's recent strong showing at the Electronic Entertainment Expo, or E3, where it debuted a price tag of its upcoming PlayStation 4 that is $100 cheaper than the new Microsoft ( MSFT) XBox One.


The chatter on Main Street (a.k.a. Google, Yahoo! and other search sites) is always of interest to investors on Wall Street. Thus, each day, TheStreet compiles the stories that are trending on the Web, and highlights the news that could make stocks move.

-- Written by Brittany Umar.
Brittany joined TheStreet.com TV in November 2006 after completing a degree in Journalism and Media Studies at Rutgers College. Previously, Brittany interned at the local ABC affiliate in New York City WABC-TV 7 where she helped research and produce On Your Side, a popular consumer advocacy segment.

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