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Morning Commentary: MongoDB convertible notes in focus post-earnings; secondary active
By Abigail W. Adams
Portland, Me., Sept. 3 – The convertibles secondary space saw decent volume early in Friday’s session with earnings-related volatility sparking activity in some off-the-run names.
Equities were mixed following the highly anticipated nonfarm payrolls report, which was expected to give an indication of future Federal Reserve policy.
The payroll report showed slower job growth than expected with the future of the Federal Reserve’s timeline for tapering being called into question.
While the Dow Jones industrial average and S&P 500 index were in the red following the release of the report, the Nasdaq Composite wavered between gains and losses.
The Dow was down 80 points, or 0.22%, the S&P 500 was down 0.18% and the Nasdaq Composite was up 0.03% shortly before 11 a.m. ET.
There was $107 million in reported volume about one hour into the session.
MongoDB Inc.’s 0.25% convertible notes due 2026 topped the volume charts early in the session with the deep-in-the-money notes shooting higher above double par as stock surged following earnings.
The 0.25% convertible notes climbed more than 15 points outright with stock up over 20%.
The notes were changing hands at 234.625 versus a stock price of $487.84 early in the session.
There was more than $21 million in reported volume.
The software company’s stock was changing hands at $193.70, an increase of 22.92%, shortly before 11 a.m. ET.
MongoDB reported a loss per share of 24 cents versus analyst expectations for a loss per share of 41 cents.
Revenue was $198.7 million versus analyst expectations for revenue of $202 million.
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