Midday Commentary: Convertibles quiet as equities stabilize; SanDisk trades between 153.5 and 154

By Rebecca Melvin

New York, April 11 - Convertibles were quiet early Friday as equity markets more or less stabilized following a sharp sell-off on Thursday.

The bias was still negative, and disappointing earnings from JPMorgan Chase didn't help, but things bounced at midmorning sending the recently hard-hit Nasdaq stock market into positive territory, albeit minimally.

That bounce may have contributed to the muted tone in convertibles, a New York-based trader said.

"There's literally nothing going on. People are flying the coop early for Easter," the trader said.

SanDisk Corp.'s 1.5% convertibles due 2017 slipped another point on an outright basis with the underlying shares of the Mipitas, Calif.-based data storage company down 1%. The SanDisk convertibles changed hands at 153.5 to 154 following a 5-point drop on Thursday, according to Trace data.

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