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Morning Commentary: Gilead Sciences in focus after earnings; Brocade convertibles up with shares
By Rebecca Melvin
New York, Feb. 4 – Gilead Sciences Inc. was a focus among convertibles traders in the early going Wednesday after the Foster City, Calif.-based biopharmaceutical giant posted earnings that sent its shares lower by about 9%.
Gilead’s 1.625% convertibles due 2016 fell about 30 points on an outright basis – but were still well above quadruple par – at about 430. Gilead shares were down $9.58 at $97.60.
“Gilead is the stock story of the day, post earnings,” a New York-based trader said.
Investors seemed rattled by Gilead’s mixed outlook for its hepatitis C drug as that market has become increasingly competitive.
Brocade Communications Systems Inc. saw some demand for its newer 1.375% convertible due 2020, which priced last month. The Brocade convertibles were up a bit at 104.875 bid, 105.125 offered, with the underlying shares at $11.78, a New York-based sellsider said.
Elsewhere, convertibles secondary market trading was anemic, a trader said, and the primary market remained untapped for a fifth consecutive day, contributing to flagging dynamics.
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