Add to balance / Manage account | User: | Log out |
Prospect News home > News index > List of issuers C > Headlines for Ctrip.com International Ltd. > News item |
U.S. convertibles slump as equities plunge; China woes weigh on Ctrip.com; Cobalt higher
By Rebecca Melvin
New York, Aug. 24 – U.S. convertibles fell on Monday in tandem with a plummet in equity markets as a worrisome global growth picture and concerns about how severe a correction in the financial markets might be continued to rock investors.
The convertibles market fell about 0.25 point to a point on a dollar-neutral, or hedged, basis on Monday, a New York-based trader said.
The Dow plunged as much as 1,000 points in the first few minutes of trading Monday in an avalanche of selling on the heels of a particularly bad day in international financial markets, especially in China. The Shanghai Composite index tumbled 8.5%, and was in negative territory for the year.
But the Dow clawed back in a day marked by large swings, still ending down however by 588.40 points, or 3.6%, to 15,871.35.
Ctrip.com International Ltd., a casualty in last week’s trade, continued to be dragged through the mud on Monday.
But Cobalt International Energy Inc.’s common shares and convertibles were actually up on the day. The Cobalt 2.625% convertibles due 2017 ended around 67.50, which was up from 64 last, according to Trace data, against the common shares of the Houston-based oil and gas exploration and production company that jumped 74 cents, or 10%, to $7.98.
© 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.