NQ Mobile convertibles down; Goodrich rallies; Jakks benefits from 'Frozen' licensing

By Cristal Cody and Stephanie N. Rotondo

Phoenix, April 14 - The convertible bond market stayed "very slow" on Monday, according to a trader.

"Volume's down," the trader said.

Still, there was news that was moving a few names around.

NQ Mobile Inc.'s 4% convertible notes due 2018 were down "pretty significantly" by more than 2 points late Monday at 69.75 bid, 72.75 offered, a trader said.

The Beijing-based mobile software company's stock dropped 13%, or $1.65, to close at $11.05 following a slide on Friday on the company's weak fourth-quarter and fiscal 2013 report.

Earlier in the day, Goodrich Petroleum Corp. put out an operational update, which led to a massive rise in the equity.

The stock closed up $5.56, or 30.22%, at $23.96. A trader pegged the 5% convertible notes due 2032 at 110 bid, 111 offered.

Also in terms of equity moves, Jakks Pacific Inc., which owns the licensing rights to the movie "Frozen," saw its stock rise yet again, closing up 15 cents, or 1.81%, to $8.43.

"The equity keeps continuing higher," a trader said, noting that it was up 19% in the last five days. "But it's a phenomenon; it's not something that's repeatable."

He said the company's 4.25% convertible notes due 2018 were trading at 112 bid, 113 offered versus a share price of $8.28.

And, Titan Machinery Inc. was also popping following the company's earnings release on Friday.

"The bonds lit up" after the numbers came out, a trader said. But with 120% soft call protection, "they don't move up as aggressively."

He placed the 3.75% convertible notes due 2019 at 88.5 bid, 89 offered versus a share price of $20.00.

The trader noted that the stock traded at $14.88 a week ago. On Monday, Titan's stock headed out at $19.93, up 3 cents, or 0.15%, on the day.

Mentioned in this article:

Goodrich Petroleum Corp. NYSE: GDP

Jakks Pacific Inc. Nasdaq: JAKK

NQ Mobile Inc. NYSE: NQ

Titan Machinery Inc. Nasdaq: TITN

© 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.