New CalAmp up in active trade; LinkedIn expands; Blucora, Insulet, Web.com better on swap

By Rebecca Melvin

New York, May 1 – CalAmp Corp.’s new 1.625% convertibles traded up on an outright basis Friday in active trade after the five-year notes priced toward the rich end of and through the rich end of price talk, market players said.

CalAmp’s 1.625% convertibles due 2020 were seen at 100.75 when shares of the Oxnard, Calif.-based developer and marketer of wireless communications products were up fractionally at about $19.80. Later the notes were quoted at 101 to 101.75 when shares were higher.

LinkedIn Corp.’s convertibles expanded about 2 points amid a dive in the underlying shares of the Mountain View, Calif.-based social media company. A bleak outlook that accompanied the just-completed quarter – which was essentially in line with expectations – was behind LinkedIn’s steep stock fall.

Other names that were better on swap following their earnings reports included Blucora Inc. and Web.com Group Inc. as well as the Insulet Corp. 2% convertibles, a New York-based trader said.

In the broader markets, equities moved higher, with the major indices virtually erasing Thursday’s losses. The Nasdaq Composite index added 63.97 points, or 1.3%, to 5,005.39; the S&P 500 stock index gained 22.78 points, or 1.1%, to 2,108.29, and the Dow Jones industrial average recouped 183.54 points, or 1%, to 18.024.06. The Dow dropped 195.01 points, or 1.1%, on Thursday.

© 2015 Prospect News.
All content on this website is protected by copyright law in the U.S. and elsewhere. For the use of the person downloading only.
Redistribution and copying are prohibited by law without written permission in advance from Prospect News.
Redistribution or copying includes e-mailing, printing multiple copies or any other form of reproduction.