Morning Commentary: Priceline convertibles trade in line; Magnum Hunter Resources gets a glance

By Rebecca Melvin

New York, Jan. 23 – Priceline Group Inc.’s 0.9% convertibles moved in line with their underlying shares in fairly active trade early Friday, market sources said.

The Priceline paper traded at about 93.5, which was down from 94, as the shares were lower by nearly $10.00, or 1%, at $1,039.77, a New York-based sellsider said.

There was chatter about consolidation in the online travel space and news that Expedia has bought Travelocity for $280 million in cash from Sabre Corp.

Magnum Hunter Resources Inc. was in the scopes of at least one market source, as the natural gas-focused company with eastern U.S. shale play assets hosted a conference call to discuss macro events affecting the energy sector and company-specific plans.

Otherwise the session, which saw no new issuance, was lackluster in terms of secondary market action, sources said.

“The markets are not moving that much, and there is not a lot on the calendar,” a New York-based trader said regarding the slow market.

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