Morning Commentary: Beyond Meat eyed on quiet morning

By Abigail W. Adams

Portland, Me., Nov. 11 – The convertible secondary space stood poised for a quiet session with U.S. bond markets closed for the Veterans Day holiday.

While the secondary space was subdued with little expected from the session, equities were mixed following Thursday’s meteoric rally with value stocks underperforming while small cap and tech stocks continued to make strong gains.

The Dow Jones industrial average was down 149 points, or 0.46%, the S&P 500 index was up 0.43%, the Nasdaq Composite index was up 1.27% and the Russell 2000 index was up 1.37% shortly before 11 a.m. ET.

Few names were on the tape early in the session and even fewer had concentrated trading activity.

Beyond Meat Inc.’s 0% convertible notes due 2027, an issue that rarely trades in volume, was the most actively traded issue of Friday’s session.

The 0% notes were unchanged at 21.5 with the yield 38%, a source said.

While the notes continued to wallow in distressed territory, they have potential, a source said.

The premium on the notes is about 200%.

If stock rallies “these things would rip,” a source said.

Beyond Meat stock continued to add to the strong gains made during Thursday’s session.

Stock was changing hands at $14.57, an increase of 3.48%, shortly before 11 a.m. ET.

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