Midday Commentary: Goodrich rises on update; Jakks benefitting from 'Frozen' licensing

By Stephanie N. Rotondo

Phoenix, April 14 - A convertible bond trader said the market was subdued as the week got underway.

Still, there was news that was moving a few names around.

Goodrich Petroleum Corp. put out an operational update early in the session, which was leading to a massive rise in the equity.

The stock was up $5.27, or 28.53%, as of mid-morning at $23.66. A trader pegged the 5% convertible notes due 2032 at 110 bid, 111 offered.

Also in terms of equity moves, Jakks Pacific Inc., the company that owns the licensing rights to the movie "Frozen," was seeing its stock rising yet again.

"The equity keeps continuing higher," a trader said, noting that it was up 19% in the last five days. "But it's a phenomenon; it's not something that's repeatable."

He said the company's 4.25% convertible notes due 2018 were trading at 112 bid, 113 offered versus a share price of $8.28.

And, Titan Machinery Inc. was also popping following the company's earnings release on Friday.

"The bonds lit up" after the numbers came out, a trader said. But with 120% soft call protection, "they don't move up as aggressively."

He placed the 3.75% convertible notes due 2019 at 88.5 bid, 89 offered versus a share price of $20.00.

He noted that the stock was trading at $14.88 last Monday.

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