| Add to balance / Manage account | User: | Log out |
| Prospect News home > News index > List of issuers G > Headlines for Granite Construction Inc. > News item |
Morning Commentary: Granite Construction convertible notes active early; Halozyme rises
By Abigail W. Adams
Portland, Me., July 25 – The convertibles secondary space was off to another slow start as market players await earnings and the Fed rate hike decision to spark further market movement.
Equity indexes wavered between gains and losses at the open with the strong upward momentum of previous weeks waning.
However, they again squeaked out gains as the session progressed with the Dow Jones industrial average up 18 points, or 0.05%, the S&P 500 index up 0.12%, the Nasdaq Composite index up 0.34% and the Russell 2000 index up 0.35% shortly before 11 a.m. ET.
There was $45 million on the tape about one hour into the session with few names seeing concentrated trading activity.
Granite Construction Inc.’s 3.75% convertible notes due 2028 were active early in the session with the company staring down earnings later in the week although with little movement in price.
The 3.75% notes were changing hands at 113 versus a stock price of $42.99, according to a market source.
There was $3 million in reported volume.
Granite Construction’s stock was seen at $42.96, a decrease of 0.07%, shortly before 11 a.m. ET.
The company is scheduled to report earnings on Thursday.
Halozyme Therapeutics Inc.’s 1% convertible notes due 2028 also saw a round of activity after the company announced its earnings date.
The 1% notes gained about 1 point outright with stock up about 1%.
The notes were trading just north of par early in the session, a source said.
Halozyme’s stock was changing hands at $42.94, an increase of 0.43%, shortly before 11 a.m. ET.
The biotech announced on Tuesday it would report earnings on Aug. 8.
Halozyme’s 1% convertible notes plunged as low as 86 after reporting earnings in March.
They have hovered around 90 for the majority of the second-quarter but have been on a strong upward trajectory over the past two weeks.
© 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.