| Add to balance / Manage account | User: | Log out |
| Prospect News home > News index > List of issuers S > Headlines for SunEdison, Inc. > News item |
Morning Commentary: SunEdison free fall continues; oil prices lower again, weigh on energy names
By Rebecca Melvin
New York, Aug. 21 – U.S. convertibles remained heavy early Friday with many of the names that have seen the greatest magnitude of losses continuing to move lower as their common shares lagged even a down equities market.
Heaviness continued in convertibles “as global risk-off sentiment pervades,” a New York-based trader said.
Trading volumes were light however as market players eye the upcoming Labor Day holiday as a signal for normal trading action to resume following the summer slowdown, the trader said.
Convertibles in the SunEdison Inc. complex moved lower, however. The SunEdison 2.75% convertibles printed at 100.99, which was down from 106 on Thursday and 114 on Wednesday, according to Trace data.
The SunEdison 2% convertibles due 2021 were down to 102 from 109.
Shares of the St. Peters, Mo.-based solar technology company fell another 91 cents, or 7%, to $11.20 by late morning. The move was on top of a 10% drop on Thursday and a 7% fall on Wednesday.
Selling seemed to reignite in some energy names after a bit of a reprieve on Thursday. Emerald Oil Inc. common shares were down 12% in the early going Friday. The energy company’s 2% convertibles were not yet heard in trade after a 4-point drop indicated Thursday to 31.50 bid, 32 offered.
Shares of Energy XXI Ltd. were down nearly 5% at $1.48, and shares of Goodrich Petroleum Corp. were down 3% at $0.61. Goodrich Petroleum’s 5% convertibles traded at 20 on Thursday.
The price of West Texas intermediate crude oil for October delivery was down $1.18, or 3%, to $40.14 per barrel at late morning.
© 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.