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Liquidity muted as bank earnings in focus; Tesla, Micron active; Becton mandatories firm
By Stephanie N. Rotondo
Seattle, July 14 – Trading in the convertible market was limited on Friday, as investors eyed bank earnings.
For their part, reporting banks – including J.P. Morgan Chase & Co., Wells Fargo & Co. and Citigroup Inc. – released quarterly results that beat expectations – mostly, anyway.
One New York-based sellside source noted that a lot of desks were empty, given that it’s right in the middle of summer.
“This place is less than half full,” he lamented.
As for the day’s dealings, Tesla Inc.’s paper remained in focus, though there was no specific news to keep investors’ eyes trained there.
A trader said the 0.25% convertible notes due 2019 were trading in a 108.75 to 108.8125 context against a stock price of $323.41.
Another market source saw the 1.25% convertible notes due 2021 trade either side of 109.5, which was called a gain of about a half-point.
The underlying equity had a good day, gaining $4.37, or 1.35%, to $327.78.
Micron Technology Inc.’s 3% convertible notes due 2043 were also somewhat busy, not to mention better.
A market source saw the issue straddling 118. Earlier in the week, the paper had been straddling 117.
The underlying stock firmed 66 cents, or 2.12%, to $31.79.
Like Tesla, there was no fresh news to cause the movement in either security class.
Action in mandatory convertible preferreds was a little lighter as well, though Becton Dickinson & Co.’s 6.125% series A mandatory convertible preferreds (NYSE: BDXA) remained rather busy.
The convertible preferreds added 62 cents, or 1.13%, to close at $55.26.
Nearly 690,000 of the shares traded during the session.
Mentioned in this article:
Becton Dickinson & Co. NYSE: BDX
Micron Technology Inc. NYSE: MU
Tesla Inc. Nasdaq: TSLA
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