Priceline convertible better ahead of earnings; Whiting rises as investors digest earnings

By Stephanie N. Rotondo

Seattle, July 29 – Convertible bond market players were focused on month-end activities, a trader reported Friday.

As such, it was “all the same names that trade every day.”

Priceline Group Inc.’s paper was trading actively and better as the market prepares for the company’s earnings release next week.

The 1% convertible notes due 2018 started the day at 146.5, which was about a point better from Thursday’s closing level. By the bell, the issue had ticked up to trade with a 147 handle.

The 0.35% convertible notes due 2020 were also on the rise, adding about a point to close in the 121 area, according to a market source.

The stock meantime saw a sizable rise, gaining $24.71, or 1.86%, to close at $1,350.81.

Whiting Petroleum Corp. was another active name, a trader said, as the market continued to digest the company’s earnings release late Wednesday.

The 1.25% convertible notes due 2020 pushed up to 85.5 from 83.75, a source said.

The equity was also better, rising 53 cents, or 7.75%, to $7.37.

For the quarter, Whiting reported a net loss of $301 million, or $1.33 per share. That compared to a loss of $149.3 million, or 73 cents per share, the year before.

On an adjusted basis, the company posted a loss of 70 cents per share. Analysts polled by Thomson Reuters had predicted a loss of 46 cents per share.

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