Samsung recalls 1.1 million stoves over faulty knobs
TheStreet’s Conway Gittens brings you the biggest news of the day, including what investors are watching and why Samsung is recalling over one million stoves.
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00:00I'm Conway Gittins reporting from the New York Stock Exchange.
00:02Here's what we're watching on the street today.
00:04The stock market rally continued on Thursday with stocks finishing in the green.
00:09Recession fears are on the decline after the biggest drop in weekly jobless claims in 11
00:14months.
00:15Earnings season is also adding to an air of confidence.
00:18Eli Lilly is riding high on the strength of his diabetes and weight loss drugs.
00:22And a surprise quarterly profit at Under Armour was taken as a positive sign on the health
00:27of the consumer.
00:29According to other news, Samsung has issued a recall for knobs for some of its stoves
00:35because the knobs are so sensitive that even a pet can turn on a flame.
00:40Samsung said in a press release, quote, this announcement follows reports that front-mounted
00:45range knobs can be activated through accidental contact by people or pets, posing a fire hazard
00:52if flammable objects are left on top of the range.
00:55There are several viral videos on the internet which show pets turning on stoves with their
01:00paws by jumping up on the unit.
01:02In one incident, home security footage caught a dog accidentally starting a house fire in
01:07Colorado by setting ablaze some boxes that were sitting on top of the stove.
01:12The Consumer Product Safety Commission says the fire threat impacts about 1.1 million
01:16units, both gas and electric, sold between 2013 and 2024.
01:21More than 300 complaints about the knobs have been made to Samsung since 2013.
01:26Two hundred and fifty fires were reported.
01:28Eighteen of those caused, quote, extensive property damage.
01:32And seven fires resulted in the deaths of family pets.
01:37That will do it for your daily briefing from the New York Stock Exchange.
01:40I'm Conway Gittins with the Street.