Earnings help Citrix, VeriSign; Spectranetics drives higher; Nortel improves on settlement

By Stephanie N. Rotondo

Phoenix, July 25 – Earnings were in focus on Friday, driving some convertible bonds higher.

Citrix Systems Inc. posted earnings on Wednesday, but investors waited until Friday to push the company’s convertible debt upward.

The results beat estimates.

VeriSign Inc. meantime put out earnings late Thursday. Those figures also beat analysts’ expectations, and the convertible notes were inching higher come Friday.

Away from earnings news, the Sprectranetics Corp. announced Thursday that two of its medical devices had won the approval of the Food and Drug Administration. The news caused a 10.7% jump in the underlying shares on Thursday, though on Friday the stock was giving back a little.

Nortel Networks Corp. was also making headlines. After the market closed Thursday, the defunct Canadian company said its U.S. unit had reached a deal with bondholders, capping the interest payouts. In after-market dealings, the convertibles ran higher and ticked up slightly more in Friday trading.

Better-than-expected earnings were cited as the cause for gains in Citrix Systems’ convertible bonds Friday – even though the numbers came out late Wednesday.

A market source pegged the 0.5% convertible notes due 2019 at 108.5 versus a share price of $67.53. As for the bonds, that was up half a point from previous trades.

The stock ended the day at $67.37, up 55 cents.

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