Xilinx slides as outlook disappoints; energy names continue to outperform; Chesapeake up

By Rebecca Melvin

New York, April 28 – Xilinx Inc.’s 2.625% convertibles dropped sharply in active trade on Thursday after the San Jose, Calif.-based chipmaker beat quarterly earnings estimates but disappointed investors with its revenue outlook.

The Xilinx convertibles fell 16 points on an outright basis to 146, according to Trace data. Shares fell $4.12, or 9%, to $43.23.

United Therapeutics Corp.’s shares fell $12.84, or 11%, to $104.84 after its earnings report, but the convertible bonds of the Silver Spring, Md.-based biotechnology company were not heard to have traded. The 1% convertibles, which mature in September, stand above double par and rarely trade, a New York-based sellsider said.

In addition to earnings reports, the energy sector remained a focus as those names mostly continued to gain ground despite lower stock markets.

Chesapeake Energy Corp.’s 2.25% convertibles due 2038 were definitely higher, trading at 66 in afternoon trading, compared to 54 to 62 on Wednesday. But shares of the Oklahoma City-based oil and gas company fell 5% to close at $6.78.

Whiting Petroleum Corp.’s convertibles were higher, showing resilience despite lower shares on the day for the Denver-based oil and gas company.

Stone Energy Corp.’s 1.75% convertibles due 2017 traded at 32 and later at 30, with both prices within the 6-point range in which those bonds have been bouncing around in recent days.

© 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.