Automaker Ford has ordered a massive recall of its 2010 and 2011 Ford Fusion and Mercury Milan sedans due to a faulty fuel-tank valve which could case leaks and lead to increased fire risk. The recall involves 451,865 vehicles in North America. Some of the vehicles have a purge vale which can cause the pressure to change inside the gas tank. As the pressure changes, a crack can develop in the top of the tank, allowing fuel to leak. To fix the issue, dealers will update the powertrain control model software, inspect the valve, and check the fuel tanks for leaks. All of the affected vehicles were built at Ford’s plant in Hermosillo, Mexico. So far Ford has not received any reports of accidents, injuries, or fires linked to the defect.
Love me some, Pharma…
Activist investor William Ackman and his firm Pershing Square Capital Management disclosed they increased their stake in drug company Valeant Pharmaceuticals International to 9.9%. The move comes after the hedge fund manager said he would take advantage of the beaten-down market for the stock to build up his position in the company. Valeant, based in Canada, went from Wall Street darling to outcast last month when its accounting practices where questioned. Since then, the company has conducted its own internal investigation and found no evidence of impropriety. The company has also formed a board committee to look at its relationship, which it terminated last month, with a specialty pharmacy that distributed its drug.
Asia: Asian markets closed mixed on Tuesday, following a lower finish on Wall Street.
Europe: European equities traded lower Monday as investors reacted to price fluctuations in the oil markets.
U.S: U.S. shares closed lower on Monday after investors took some profits on the table after last week’s rally. DJIA: -31.13 17792.68, S&P: 2.58 2086.59, NASDAQ: -2.44 5102.48
Word of the Day:
An indicator of a company’s short-term liquidity. The quick ratio measures a company’s ability to use its most liquid assets to meet its short-term obligations.
Dinner or Drink:
3 navel oranges, peeled and sectioned
1 red grapefruit, peeled and sectioned
1/2 fresh pineapple, peeled, cored, and cut into cubes
1 1/2 tablespoons orange liqueur or orange juice
1/4 cup turbinado sugar
1 (750-milliliter) bottle sparkling rosé wine
1/2 cup frozen grated coconut, thawed and toasted
8 maraschino cherries
1. Toss together oranges, grapefruit, and pineapple; set aside.
2. Pour orange liqueur into a shallow saucer. Dip rims of 8 glasses in liqueur; dip rims in sugar, and let stand 30 minutes to dry completely.
3. Spoon fruit mixture evenly into glasses. Add rosé wine, filling three-fourths full; top with grated coconut and cherries. Serve immediately.
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