Midday Commentary: Convertibles market quiet, little activity; Goodrich Petroleum flat

By Cristal Cody

Tupelo, Miss., April 15 - The convertibles market opened the session with light activity, according to a trader on Tuesday.

"Total volume is like $45 million," the trader said. "Literally, nothing at all going on today."

Goodrich Petroleum Corp., which saw its stock climb more than 30% on Monday following an operational update, "was up, flat now," a trader said. "Bonds haven't traded today; they don't trade all that often."

The trader pegged the company's 5% convertible notes due 2032 at 110.25 bid, 111 offered versus where the stock closed at $23.96 on Monday. The notes edged up from a Monday morning quote of 110 bid, 111 offered.

Goodrich Petroleum's stock rose 29 cents, or 1.21%, to $24.25 mid-morning on Tuesday.

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