MARKET PULSE- Tesla Motors, Herbalife, Angie's List, Ceva, Omeros

Thu Oct 3, 2013 12:10pm EDT
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(For more market insights, including options activity, click on ; for the Day Ahead newsletter; for the Morning News Call newsletter, U.S. stocks fell on Thursday amid lingering market uncertainty as a partial U.S. government shutdown continued for a third day and leaders in Congress showed no sign of progress towards resolving the stalemate. The Dow Jones industrial average was down 1.20 percent, the Standard & Poor's 500 Index was down 1.37 percent and the Nasdaq Composite Index was down 1.62 percent.

** TESLA MOTORS INC, $176.80, down 6 pct (10:31 a.m. ET)

The electric carmaker's stock price took another hit on Thursday and its sales were likely to suffer following a battery fire in its flagship Model S sedan in Washington state this week, analysts said. Shares fell 6.4 in early trading, following a more than 6 percent decline on Wednesday after images and a video of the burning car were posted online.

** ELI LILLY AND CO, $49.95, down 3.5 pct (10:32 a.m. ET)

The U.S. drugmaker, which is trying to rebound from painful patent expirations on its medicines, said it would have to cut costs to achieve its financial goals through 2014, but would buy back $5 billion of its stock over time.

** HERBALIFE LTD, $71.38, down 5 pct (10:33 a.m. ET)

Hedge fund manager William Ackman has restructured his $1 billion short bet against Herbalife in order to cut the risk of further mark-to-market losses, he told investors in a quarterly letter.

"In recent weeks we have restructured the position by reducing our short equity position by more than 40 percent and replacing it with long-term derivatives, principally over-the-counter put options," Ackman wrote in a letter seen by Reuters.   Continued...