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Morning Commentary: Ctrip.com pulls back after gains earlier in week; Medicines extends losses
By Rebecca Melvin
New York, Oct. 8 – With the imminent start of earnings season, convertibles players were not expecting much new paper any time soon and instead were sizing up potential vol. plays when reports begin to roll in. Market participants were also watching stock movements, which were mostly lower on Thursday.
The market “seems a little quiet,” a New York-based trader said.
Some names were pulling back along with their underlying shares after moving higher in a broad rally earlier in the week.
Ctrip.com International Ltd., a gainer earlier in the week along with other China names, was trading down with the common shares of the Shanghai-based travel services company. Those shares were off 4% to $67.28 in early trading.
The Ctrip 1% convertibles due 2020, or the C tranche, was down 1.8 points at 94.5, according to Trace data.
Medicines Co.’s 2.5% convertibles due 2022 traded down close to 4 points at 122.6, with shares of the Parsippany, N.J.-based health care company also down about 4%. But Medicines didn’t participate in the latest rally and instead has traded steadily lower since Monday.
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