Morning Commentary: New WPX mandatory slips with lower shares; Jarden expands after equity deal

By Rebecca Melvin

New York, July 17 – WPX Energy Inc.’s newly priced 6.25% mandatory convertibles initially edged up out of the chute but then moved lower on Friday after the Tulsa, Okla.-based energy exploration and production company priced an upsized $350 million of the preferred shares at the midpoint of talk.

The WPX mandatories edged up to $50.5 to $50.75 from their $50 par and then fell to $49.00 when the common stock sold off, a New York-based trader said.

WPX shares were down 41 cents, or 4%, at $9.93 last.

Elsewhere, Jarden Corp.'s 1.5% convertibles expanded by about 0.375 point after the Rye, N.Y.-based consumer products company priced an upsized 16 million shares of common stock, a New York-based trader said.

The new Jarden shares priced at $54.50 each. The stock was $54.61, after closing Thursday at $54.70.

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