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Midday Commentary: Vipshop, Micron tack on points on outright basis with higher shares
By Rebecca Melvin
New York, March 31 - Convertibles were trading quietly early Monday, the last day of the quarter, with generally more buyers than sellers as equities rallied broadly, market players said.
Vipshop Holdings Ltd.'s 1.5% convertibles gained a few points that looked to be in line with a rally in the underlying shares of the Guangzhou, China-based online discount retailer.
"This could be a name for guys today," a trader said. The bonds traded at 101.375 with the shares at $147.50 early on. That was up about 2.5 points on an outright basis with the underlying shares up about $10.00.
Vipshop shares were seen last up $10.43, or 7.6%, at $148.43.
In economic data, Chinese Manufacturing PMI dropped to 50.2 in February from 50.5 in January. But it was better than the 50.1 that economists polled had forecast.
Elsewhere, Micron Technology Inc.'s 3% convertibles due 2043 traded at 107.8, which was up 2 points on an outright basis, according to Trace data. Shares of the Boise, Idaho-based chip maker surged as technology shares joined the broader market move.
Micron is due to report earnings on Thursday.
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