Schaeffer's Trading Floor Blog
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The major market indexes are in the red this morning, ahead of Fed Chair Janet Yellen's testimony before the Senate Banking Committee at 10 a.m. ET. In company news, here are some stocks to watch today:

  • Tesla Motors Inc (NASDAQ:TSLA) has named Arizona, Nevada, New Mexico, and Texas its four finalists for a 6,500-worker Gigafactory plant the electric car maker intends to build in order to increase battery production. The choice of Texas is especially intriguing, since the state currently bans TSLA's strategy of direct manufacturer-to-consumer auto sales. (CNBC)

  • American Airlines Group Inc (NASDAQ:AAL) is eliminating bereavement fares in order "to have a single, consistent program for American and US Airways," following a merger between the two carriers. While American Airlines did not previously offer a specific discount for emergency travelers, it did have a special fare class, which could yield a lower price than might otherwise be available. (AP, via

  • The Blackstone Group L.P. (NYSE:BX) has agreed to purchase a 20% stake of Gianni Versace SpA for $287 million. The high-end designer intends to use the capital to develop its brands and open stores -- though CEO Gian Giacomo Ferraris all but ruled out a near-term initial public offering. (Bloomberg)

  • Berkshire Hathaway Inc. (NYSE:BRK.A) bought an additional 1.13 million shares of DaVita HealthCare Partners Inc (NYSE:DVA) earlier this week, bringing its total holdings to 37.62 million shares, or 17.7% of the dialysis company. BRK.A previously pledged not to raise its stake beyond 25%, lobby for board seats, or stage a proxy fight. (CNBC)

  • Also, Baidu Inc (ADR) (NASDAQ:BIDU), Best Buy Co., Inc. (NYSE:BBY), J.C. Penney Company, Inc. (NYSE:JCP), and Sears Holdings Corp (NASDAQ:SHLD) reported quarterly earnings. (The New York Times; Reuters; Bloomberg Businessweek)

  • Finally, The Boeing Company (NYSE:BA) submitted plans to the Federal Communications Commission to create a self-destructing smartphone. "Any attempt to break open the casing of the device would trigger functions that would delete the data and software contained within the device, and make the device inoperable," the filing said. (Mashable)

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