Morning Commentary: Intel, WellPoint dominate thin post-holiday trading; Micron 3% in focus

By Rebecca Melvin

New York, July 7 – Market players said U.S. convertibles were seeing more offers than bids and not much trading action in the early going on Monday, following the long holiday weekend in observance of U.S. Independence Day. Equities slid lower in early trade.

One trader cited thin volume, which was dominated by trades of Intel Corp. and WellPoint Inc., according to Trace data, as the shares of those companies traded in negative territory.

Intel’s 2.95% convertibles due 2035 changed hands at 125.525, which was 0.6 point higher than the previous level, according to Trace. Shares of the Santa Clara, Calif.-based chipmaker traded as high as $31.20 early Monday but were most recently down 0.5%, at $30.97.

Also in the chipmaker space, Micron Technology Inc.’s 3% convertibles due 2043 were seeing a 132 bid versus a share price of $34.05, according to a market player.

Trace data reported that the Micron convertibles traded at 129.375, which was down a couple of points on an outright basis. Shares of the Boise, Idaho-based chipmaker were slipping in the early going and were last seen down 2.7% at $32.81.

© 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.