General Motors Company (NYSE:GM) said the auto maker and its joint ventures in China had their second-best month of 2014 in September, posting a 15% jump in China sales on an annual basis to 319,936 units, an all-time high for the month. During September, General Motors Company (NYSE:GM) and its joint ventures also surpassed 20 million cumulative sales in China, the company said. Buick's September sales in China increased 18% on an annual basis to 83,638 units, while Chevrolet sales in China came in at 68,347 units in September, an increase of 19% year on year. Cadillac sales in China soared 51% from September 2013 to 6,807 units. GM noted its strong performance in September took its sales in China for the first nine months of the year to nearly 2.6 million units, an increase of 12% on an annual basis and a record for the period. Despite the sales gains, GM's stock is trading near the low end of its 52-week range of $30.79 to $41.85.Procera Networks Inc (NASDAQ:PKT) shares dropped to a record low in New York after the company forecast worse-than-expected Q3 results late Thursday. Procera Networks Inc (NASDAQ:PKT) warned Thursday night it expects Q3 revenue of about $16 million, well below the analyst consensus of $22.6 million on Capital IQ. The company expects the gross margin rate target range in low- to mid-60%s for the third quarter of 2014. It also anticipates a non-GAAP loss for Q3, which would be below the current Street view of a profit of $0.06 per share. For the full year, the company sees revenue in the range of $70 million to $75 million, vs. expectations of $85 million. Shares plunged 30% to $5.95 in New York on Friday, and earlier reached $5.82, the lowest-ever for the stock, which had reached as high as $15.45 in the past year.Anacor Pharmaceuticals Inc (NASDAQ:ANAC) said Thursday it privately placed $75.0 million of 2.00% convertible senior notes, due 2021. ANAC also granted the initial buyers of the convertibles a 30-day option on an additional $7.5 million in notes. Anacor Pharmaceuticals Inc (NASDAQ:ANAC) also said that Venrock Associates, an affiliate, has agreed to buy another $8.0 million of convertibles, in a concurrent private placement. Both offering are expected to close Oct. 16.ANAC said it will use proceeds to repay $30 million in other debts, and for general corporate purposes. The ANAC notes are convertible at the option of holders into cash, ANAC shares or a combination thereof. The conversion rate will initially be 32.2061 shares of ANAC common per $1,000 of convertibles. The initial conversion price represents a 35% premium to the $23.00 per share ANAC closing price on Oct. 9.
Discover Hidden Gems
Don't miss the next big opportunity. Subscribe for timely alerts on potential market movers.
