Morning Commentary: Citrix trades weaker, but bond seen stabilizing; overall market weak

By Rebecca Melvin

New York, June 16 – Citrix Systems Inc. remained weak in trade early Tuesday but showed signs of stabilization following last week’s news that Standard & Poor’s is removing its unsolicited rating on the Fort Lauderdale, Fla.-based cloud computing company.

The Citrix bonds were 105 versus a share price of $70.02, which was Monday’s market close, a New York-based trader said.

That was down 0.25 point to 0.375 point on swap on the day, with a total contraction since the news of about 3 points total, the trader said.

“They have come in a lot. But in the last day, they are slowly, slowly stabilizing,” he said.

The bonds were being pulled lower by long-only sellers. It was thought that by the end of the week, these sellers would be wrung out and the bonds would start to rally.

Elsewhere the market was described as weak but quiet.

Microchip Technology Inc.’s convertibles were quoted at 101 versus an underling share price of $47.60, which was also Monday’s closing mark.

© 2015 Prospect News.
All content on this website is protected by copyright law in the U.S. and elsewhere. For the use of the person downloading only.
Redistribution and copying are prohibited by law without written permission in advance from Prospect News.
Redistribution or copying includes e-mailing, printing multiple copies or any other form of reproduction.