Morning Commentary: SunEdison in focus as players weigh investor call; energy names active

By Rebecca Melvin

New York, Oct. 7 – Many U.S. convertibles players were listening in on the SunEdison Inc. investor call early Wednesday, and those bonds were a bit better and active as varying opinions on the company were playing out, a New York-based trader said.

Volume wise, the SunEdison 3.375% convertibles stood out, and those bonds traded up a bit with SunEdison shares, which were up 65 cents, or 7.5%, at $9.34.

“It’s decently active. The SUNE news is something that a lot of people were listening in on as it’s one of the market’s most volatile names. The call clarified things in terms of general guidance and what direction management is looking to go,” the trader said.

There was also some indecision among stocks, which started out strong overall but pared gains after a weekly inventory report showed that U.S. stockpiles of crude oil and petroleum products are at a new high.

Crude-oil stockpiles increased by 3.1 million barrels to 461 million barrels, the U.S. Energy Information Administration said. Total supplies of crude oil and petroleum products rose by 2.3 million barrels to 1.3 billion barrels, the EIA reported.

Whiting Petroleum Corp. traded mostly in line with the underlying shares, which were higher to start but moved lower into negative territory. The shares were last down 47 cents, or 2.2%, at $20.47.

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