Tesla to offer cheaper Model X; Sequoia Fund sells Valeant position; Pandora upgrade

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Tesla (TSLA) – The electric carmaker has added a cheaper version of its Model X crossover. The new Tesla Model X 60D will start at $74,000, which is $9,000 cheaper than the other model.

Valeant (VRX) – Sequoia Fund, once the largest shareholder in Valeant, has exited that position. In a letter the shareholders, the fund noted that it was no longer holding a position in the drug maker as of mid-June.

Pandora (P) – Piper Jaffray upgraded the music-streaming service to overweight and raised its price target to $18. Piper Jaffray noted that the upcoming release of its new on-demand product could attract more than 9 million subscribers.

McDonald’s (MCD) – The Financial Times is reporting that McDonald’s is struggling to attract bidders for the sales of its China and Hong Kong franchises.

Fiat Chrysler (FCAU) – The automaker is giving up to $1,500 in rewards to hackers that can detect bugs in its vehicle software. The offer comes about a year after cyber security researchers used a wireless connection to take control of a Jeep Cherokee’s engine.

American Airlines (AA) – The airline reported its revenue passenger miles rose 2.2% in June while its capacity climbed 2.8%. The company also announced it expects Q2 passenger revenue per available seat mile to drop about 6% to 7%.