Morning Commentary: Twitter moving lower as shares drop; Pacira quiet after expanding

By Rebecca Melvin

New York, July 27 – Twitter Inc.’s convertibles began to move lower in active trade early Friday as investors punished the common shares of the social media company for warning on declining users.

The company said that monthly users fell by a million in the second quarter and that the decline is likely to continue to drop as the platform cleans out fake accounts. Twitter is working on “improving the health of public conversation,” the company said.

Twitter’s 1% convertibles due 2021 printed with a 93 handle at late morning, but most of the trades had been in the high 96 to 97 range, which was off from 98 on Thursday, according to Trace data.

Twitter’s 0.25% convertibles due 2019 were holding in better at 96.75 compared to 97 to 98 previously.

Twitter also has a newer 0.25% convertible due 2024, but the trades in that issue weren’t immediately known. Twitter shares fell $8.185, or 19%, at $34.755.

Pacira Pharmaceuticals Inc.’s convertibles were quiet with the underlying shares continuing to move higher on Friday.

The Pacira 2.375% notes due 2022 expanded about 0.5 point on Thursday following the latest proposed Medicaid billing rules.

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