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Report
Samsung recalls 1.1 million stoves over faulty knobs
The Street
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8/8/2024
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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Sports
Transcript
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00:00
I'm Conway Gittins reporting from the New York Stock Exchange.
00:02
Here's what we're watching on the street today.
00:04
The stock market rally continued on Thursday with stocks finishing in the green.
00:09
Recession fears are on the decline after the biggest drop in weekly jobless claims in 11
00:14
months.
00:15
Earnings season is also adding to an air of confidence.
00:18
Eli Lilly is riding high on the strength of his diabetes and weight loss drugs.
00:22
And a surprise quarterly profit at Under Armour was taken as a positive sign on the health
00:27
of the consumer.
00:29
According to other news, Samsung has issued a recall for knobs for some of its stoves
00:35
because the knobs are so sensitive that even a pet can turn on a flame.
00:40
Samsung said in a press release, quote, this announcement follows reports that front-mounted
00:45
range knobs can be activated through accidental contact by people or pets, posing a fire hazard
00:52
if flammable objects are left on top of the range.
00:55
There are several viral videos on the internet which show pets turning on stoves with their
01:00
paws by jumping up on the unit.
01:02
In one incident, home security footage caught a dog accidentally starting a house fire in
01:07
Colorado by setting ablaze some boxes that were sitting on top of the stove.
01:12
The Consumer Product Safety Commission says the fire threat impacts about 1.1 million
01:16
units, both gas and electric, sold between 2013 and 2024.
01:21
More than 300 complaints about the knobs have been made to Samsung since 2013.
01:26
Two hundred and fifty fires were reported.
01:28
Eighteen of those caused, quote, extensive property damage.
01:32
And seven fires resulted in the deaths of family pets.
01:37
That will do it for your daily briefing from the New York Stock Exchange.
01:40
I'm Conway Gittins with the Street.
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