Morning Commentary: Brocade Communications down with lower shares after earnings; Microchip in line

By Rebecca Melvin

New York, Feb. 20 – Brocade Communications Systems Inc. shed some weight early Friday after the San Jose, Calif.-based storage area networking company reported earnings that sent its shares lower by 5%.

The Brocade 1.375% convertibles due 2020, which priced last month, traded down 1.857 points to 104.92, according to Trace data. Shares fell 5% to $11.97.

The selling came despite earnings that beat estimates.

Microchip Technology Inc.’s 1.625% convertibles due 2025, of which $1.5 billion priced earlier this month, traded at 104, which was off about 0.15 point, according to Trace data. Shares of the Chandler, Ariz., chip maker were off a couple of cents.

Shares of Health Care REIT Inc. were up 2% after the Toledo, Ohio-based real estate investment trust posted earnings. Health Care REIT’s 3% convertibles were last seen at around 150.

© 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.