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Morning Commentary: Citrix down on swap in active trade after earnings; Shutterfly adds
By Rebecca Melvin
New York, Oct. 23 – Citrix Systems Inc.’s convertibles traded down amid lots of sellers early Thursday after the Fort Lauderdale, Fla.-based cloud computing company reported third-quarter earnings that dropped compared to a year earlier but which beat estimates. Revenue missed estimates, and the company guided lower for current quarter revenue.
The Citrix 0.5% convertibles due 2019 were quoted at 102.5 bid, 102.75 offered versus an underlying share price of about $61.50.
That was down 0.625 point on swap, a New York-based trader said.
Citrix shares dropped $3.47, or 5.4%, to $61.29 in the early going.
Citrix said earnings were $48 million, or 29 cents a share, compared to $77 million, or 41 cents per share, in the year-earlier period. But adjusted earnings, which fell to $125 million, or 75 cents per share, from $132 million, or 70 cents per share a year ago, were better than the estimate of 73 cents per share.
Revenue rose 6% to $759 million but missed estimates.
Otherwise, sundry convertibles were in trade. Shutterfly Inc.’s 0.25% convertibles due 2018 traded up a point to 97.4, according to Trace data. Shares of the Redwood City, Calif.-based online photography company were up 78 cents, or 1.8%, at $42.47.
Convertibles players are watching as earnings reports pour in – even if the reports aren’t from convertibles issuers. Later Thursday, Amazon.com Inc. and Microsoft Inc. will report earnings. Neither company is a current convert issuer, but convertibles players will watch those reports for clues about sector trends and where markets are going.
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