Bulls look to rebound; Icahn's latest warning; Tesla's Model X is finally here

The bulls are trying to regain control after yet another nasty selloff yesterday which sent the Dow (^DJI) down more than 300 points and the S&P 500 (^GSPC) and the Nasdaq (^IXIC) lower for a 5th-consecutive day.

Yahoo Finance Senior Columnist Michael Santoli says Wall Street is in a state of confusion right now.

"Investors' heads are at trying to figure out where other investors' heads are at," he laughs. "We're in one of these circular firing squad situations where you kind of know that you don't know everything. A lot of very popular trades went bad."

Google event today

Here are some of the stocks the Yahoo Finance team will be watching for you today.

Google (GOOGL) The company is holding an event in San Francisco today where it's expected a new lineup of Nexus phones will be unveiled.  The Nexus has had trouble gaining traction against the iPhone and other smartphones since its launch in 2010.

Advanced Micro Devices (AMD) Bloomberg is reporting the chipmaker was in talks this summer to sell a quarter of the company to private equity firm Silver Lake Partners...but no deal was reached.  Bloomberg says the discussions were put on hold after the two sides couldn't agree on price and strategy.

Reynolds American (RAI) Some of the tobacco company's Natural American Spirit cigarettes are leaving America...and going to Japan. Reynolds is selling the international assets of Natural American Spirit to Japan Tobacco for $5 billion.  Last month, the brand was among those that came under fire from the Food and Drug Administration, which said calling cigarettes "natural" or "additive-free" was misleading to consumers.

Volkswagen (VLKAY) The carmakers' emissions cheating is having repercussions on Wall Street.  S&P Dow Jones is yanking the stock from its sustainability indexes next week because of the scandal.  In addition, VW will no longer be identified as an Industry Group Leader in the “Automobiles & Components” industry group.

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Icahn warning

Billionaire investor Carl Icahn is back at it again. Speaking to Yahoo Finance’s Andy Serwer on a range of topics, Icahn warned of danger ahead in a specific asset class--a bubble in high yield, or junk, bonds.  You can see that interview on the Yahoo Finance home page.

Yahoo Finance’s corporate parent, Yahoo (YHOO), is rolling the dice and will proceed with the planned tax-free spinoff of its $22 billion stake in Alibaba.  The decision comes even though the IRS won't guarantee it will be tax-free.

it’s a big day for another resident of Silicon Valley. Tesla Motors (TSLA) will begin shipping its Model X SUV today, after nearly two years of delays in getting the car on the road, and into drivers' hands.

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