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Morning Commentary: Wayfair convertibles active; Slack down outright, up dollar-neutral
By Abigail W. Adams
Portland, Me., Sept. 9 – The convertibles secondary space saw an uptick in trading volume early in Wednesday’s session as equity indexes recovered from Tuesday’s sell-off.
There was $127 million in reported volume about one hour into the session, although few names saw concentrated trading activity.
Wayfair Inc.’s recently priced 0.625% convertible notes due 2025 continued to see heavy volume as stock recovered.
The 0.625% convertible notes were up about 0.5 point outright and were moving largely in line dollar-neutral, a source said.
They were changing hands around 97.875 early in the session.
There were some large trades in the name with more buyers than sellers, a source said.
Wayfair stock was changing hands at $260.54, an increase of 3.36%, shortly before 11 a.m. ET.
The 0.625% convertible notes traded below par for the first time on Sept. 3 as stock sold off amid the rout in equities.
Slack Technologies Inc.’s 0.5% convertible notes due 2025 were active early in the session with the notes down outright but up dollar-neutral following its second-quarter earnings report.
The 0.5% notes dropped 8 points outright with stock off more than 14% early in the session.
However, they were improved on a dollar-neutral basis.
The 0.5% notes were changing hands at 112.
They were up about 0.5 point dollar-neutral, a source said.
Slack stock was down to $25.10, a decrease of 14.41%, shortly before 11 a.m. ET.
The software company beat on both the top and bottom lines in its second-quarter earnings report.
Slack reported zero earnings per share versus analyst expectations for a loss per share of 3 cents.
Revenue was $215.9 million versus analyst expectations for revenue of $209 million.
However, stock slid with the software company not achieving the same Covid-19 bump others in the sector have due to the transition to a remote workforce, CNBC reported.
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