Midday Commentary: Convertibles thinly traded to start week; GT Advanced jumps outright

By Rebecca Melvin

New York, Feb. 18 - U.S. convertibles were thinly traded early Tuesday, which was the start of the holiday-shortened week following the Presidents Day holiday weekend.

"Nada," a New York-based trader said. There is nothing going on, he said of convertibles market action.

Amid names hitting the Trace tape, however, GT Advanced Technologies Inc.'s convertibles traded a bit, and shares were up after the Merrimack, N.H.-based solar technology company said that it has acquired exclusive rights from Kyma Technologies Inc. for its plasma vapor deposition process technology and expertise, which will add to GT Advanced's expanding LED product base. Shares jumped about 8% in the early going.

GT Advanced's newer 3% convertibles due 2020, which price in December, were up 6 points on an outright basis at 129.271, according to Trace data.

GT Advanced's older 3% convertibles due 2017 traded up 9.6 points to 177.327, according to Trace data.

At 11 a.m. ET, GT Advanced shares were up $1.03, or 8.8%, to $12.70.

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