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Morning Commentary: Verint lower after earnings; Medallion Financial launches $25 million deal
By Rebecca Melvin
New York, March 30 – Verint Systems Inc.’s convertibles traded down in early trade on Wednesday as shares slumped following poor earnings.
The Verint 1.5% convertibles due 2021 traded at 86.125, a New York-based trader said, and shares of the Melville, N.Y.-based security software and hardware analytics company were down $4.22, or 12%, at $30.97.
Verint posted earnings of $17.5 million, or 28 cents a share, on revenue of $280.8 million for its fiscal fourth quarter, reported late Tuesday.
Excluding one-time items, earnings were 90 cents a share, which was short of estimates for more than $1.00 of earnings. Revenue was also short of forecasts.
Verint priced $400 million of the 1.5% convertibles in 2014.
The convertible primary market remains quiet, with the expectation that opportunistic financing deals will emerge sporadically.
Medallion Financial Corp. launched a $25 million offering of convertible senior notes early Wednesday for pricing after the market close on Thursday.
The registered deal was being sold via joint bookrunners Keefe, Bruyette & Woods Inc. and Sandler O’Neill & Partners LP. Price talk was not immediately available.
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