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Morning Commentary: Ctrip little changed in active trade after earnings; Chesapeake extends gains as oil rises
By Rebecca Melvin
New York, March 17 – Ctrip.com International Ltd. convertibles were bouncing around but mostly unchanged early Thursday as the company’s shares traded in negative territory after the China-based online travel company reported unaudited fourth quarter and full year 2015 financial results.
The company reported big gains in revenue and earnings for the quarter ended Dec. 31, with revenue at RMB 2.9 billion, or $444 million, which was higher by 50% from the year-earlier period, while net income was RMB 76 million, or $12 million, which compared to a loss of RMB 224 million, or $36 million, in the same period a year earlier.
Ctrip’s shorter-dated 1.25% convertible, or the B tranche, was bouncing around but mostly within its previous range, wrapped about 123. Ctrip’s stock was lower by $1.12, or 2.6%, at $41.49.
Some energy convertibles extended their string of gains this week as the price of oil continued to climb.
April delivery West Texas intermediate crude was trading up above $41.00 per barrel. Two weeks ago, the price for April WTI was below $35.00 per barrel.
Chesapeake Energy Corp.’s 2.5% convertibles due 2037 jumped again, trading at 72.25 early Thursday, which was up from 68 to 71 on Wednesday. Shares of the Oklahoma City-based natural gas company gained another 35 cents, or 7.6%, to $4.72.
Two weeks ago the price of the Chesapeake $2.5% convertibles was 53.75.
But Cobalt International Energy Inc.’s 3.125% convertibles due 2024 didn’t join in the rally. They remained untraded at 43.75, according to Trace data early Thursday. Shares of the Houston-based energy exploration and production company gained 17 cents, or 5.3% to $3.38.
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