Takata Corporation (OTCPK:TKTDY), one of the world's largest auto parts manufacturers, announced Tuesday many of the vehicles already repaired from a massive recall will have to have a second airbag replacement, Kevin Kennedy, an executive vice president of Takata's North American unit, said in prepared testimony during a congressional hearing Tuesday.
"We are working with our automaker partners to transition to newer versions of driver inflators in our replacement kits or inflators made by other suppliers that do not contain ammonium nitrate," Kennedy said.
The Japanese supplier is at the center of a global recall of 34 million vehicles, the largest auto recall in history, or nearly one out of every seven cars on U.S. roads today. Takata’s inflators have so far been linked to six deaths.
Takata's U.S. listed shares have lost 12 percent so far this year.
Apple Inc. (NASDAQ:AAPL) will announce a new music service at its Worldwide Developers Conference next week, June 8-12, the Wall Street Journal reported. However, the iPhone maker will not announce a widely anticipated subscription TV service at the event, according to Re/code.
Shares of the iPhone maker edged down 0.5 percent to $129.32.
Fiat Chrysler Automobiles
Fiat Chrysler Automobiles NV (NYSE:FCAU) has delayed redesigns or the release of at least a dozen current or new vehicles in North America, Reuters reported. The delays could allow the automaker to defer billions in investments while searching for a partner, according to the report.
The news comes as Fiat Chrysler reported U.S. auto sales rose 4 percent to 202,227 vehicles in May, which was the first time the company topped 200,000 in monthly sales since March 2007.
Shares of Fiat Chrysler fell 1 percent to $16.10.
Shares of Dollar General Corp. (NYSE:DG) jumped 3 percent after the U.S. discount retailer’s profit leaped 14 percent in the first quarter, boosted by higher traffic. The stock rose 3 percent to $76.50.
Shares of Medtronic PLC (NYSE:MDT) edged higher after the medical products maker turned in quarterly earnings that topped Wall Street forecasts, following its $49.9 billion acquisition of healthcare products company Covidien PLC.
However, Medtronic’s earnings outlook for the year came in just shy of Wall Street estimates due to the effects of a stronger U.S. dollar.
Medtronic shares rose 0.5 percent to $77.44.
Youku Tudou Inc. (ADR) (NYSE:YOKU) leaped 11 percent to $31.15 in morning trading after the Internet video sharing company announced it will be the exclusive online movie marketing platform for Disney’s Marvel collection of movies and TV series in China.