With the VIX falling to a 24-year low and stocks reaching record highs, Tesla (TSLA) shares may be headed for a downturn.

At the National Governors Association Summer Meeting in Rhode Island on Saturday, Tesla CEO Elon Musk pointed out that shares of Tesla are trading "higher than we have any right to deserve."

Tesla shares fell 3.2% to $317.21 early Monday afternoon.

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Procter & Gamble under siege: Peltz's Trian Fund Management plans to launch a fight for a board seat at Procter & Gamble (PG) , making it the largest company to face a proxy battle, The Wall Street Journal reported Monday.

Trian, which owns about $3.3 billion of P&G stock, is said to be seeking a single board seat for Peltz at the company's annual meeting that could take place in October. P&G have reportedly been in talks for five months, but the company is said to have rejected to name Peltz as a director last week.

Sales at P&G -- and its stock price -- have stalled due to pricing pressure and competition.

As TheStreet's Ron Orol reported in June, look for the consumer packaged goods company to announce plans for spin-offs, sales or even a swap out of business units. If major M&A doesn't come soon, a Trian director-battle or white paper chock full of activist demands could be next.

And Trian likely will demand significant M&A activity. Spinoffs and other major deals often follow when the activist investor acquires a large stake. Trian and other activist fund managers often push to have large companies break themselves up with the goal of extracting value by focusing the market on various parts of a business that might be hiding inside confusing conglomerate structures.
 
Here is what Orol is currently reporting.
 
Behind the scenes: TheStreet's Tracy Byrnes has a great talk with Carly Fiorina for our new web series "Alpha Rising." Fiorina was the first first woman to head a Fortune 500 company when she became CEO and president of Hewlett-Packard ( HPQ) and she was the first female officer at AT&T ( T) . Must watch stuff.

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