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Ruckus Wireless (RKUS) sold 8.4 million shares priced at $15 each in its IPO. The company makes equipment that allows wireless Internet providers and other businesses to strengthen their Wi-Fi service. The stock listed today, open for trading at $15 and thereafter slipped by 5%.
In the continuing run of bad news from the solar industry, Yingli’s (NYSE:YGE) announcement of preliminary financial results for the third quarter added to the gloom. Module shipments in the third quarter are likely to fall 17%, and the company expects to recognise non-cash charges of an inventory provision and a depreciation expense. It may also have to reverse provisions for countervailing and anti-dumping duties. All taken, gross margin in the third quarter could turn negative from 22% to 24%.
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General Motors (NYSE:GM) is likely to announce a deal on Monday with Ally Financial to acquire international assets for about $4 billion, according to a tweet by Kayla Tausche of CNBC. Expanding its auto financing business is set to be one of GM’s key initiatives to improve business prospects in Europe.
According to a report in the Reuters, Malaysian state oil company Petronas has submitted a modified bid for Canada’s Progress Energy Resources (PRQNF.PK). Reuters’ source in Petronas revealed that the oil company’s chief negotiator has returned to Kuala Lumpur after submitting the new bid in Canada. Though the source did not disclose the changes made, the Financial Times had quoted the Petronas chief executive as saying that more independent directors could be added to the board of Progress Energy Resources.
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