Morning Commentary: Tesla trading on new sedan orders; Anacor extends gains; Lam Research trading

By Rebecca Melvin

New York, April 4 – Tesla Motors Inc.’s convertibles were in focus early Monday after the Palo Alto, Calif.-based electric car maker said initial orders for its new Model 3 electric sedan, slated to go into production next year, topped 253,000 in the first thirty-six hours.

Tesla’s 1.25% convertibles due 2021 traded up to 91 out of the gate on Monday but were last around 88, which was in line with trading levels on Friday.

Tesla’s 1.5% convertibles due 2018 were quiet early Monday after trading better on Friday. Tesla shares were up $9.50, or nearly 4%, to $246.50.

Anacor Pharmaceuticals Inc.’s 2% convertibles due 2023, which debuted in the convertibles market on Friday, were up more than 3 points to 108 in the early going on Monday. Shares pf the Palo Alto, Calif.-based biopharmaceutical company jumped more than $3.50, or 6%, to $60.70.

Anacor priced $250 million of the seven-year notes late Thursday.

Elsewhere, there was a lot of volume of Lam Research Corp.’s 0.5% convertibles, which mature next month, on the Trace data tape. Those bonds were trading up about 0.2 point to around 134.50. Shares were down 0.5% at $82.54.

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