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Morning Commentary: Micron Technology, Microchip remain in focus; FireEye active on earnings
By Abigail W. Adams
Portland, Me., Feb. 9 – Microchip Technology Inc.’s 1.625% convertible notes due 2027 and Micron Technology Inc.’s 3% convertible notes due 2043 remained active early Friday with equity-sensitive tech sector names in focus as equity markets continue their seesaw.
Microchip’s 1.625% notes due 2027 gained about a point on an outright basis to trade in the 107 range after a two-day, 11-point slide brought the notes to 106.
Microchip’s convertible notes have been active since the company released its third-quarter earnings report after the market close on Tuesday. The notes declined alongside the semiconductor company’s stock since earnings were released.
However, Microchip stock showed signs of a rebound and was up about 1.25% early in Friday’s session.
Micron’s 3% convertible notes also continued to see some high volume by dollar amount trades early in Friday’s session. After closing Thursday at 139, the notes were trading in the 140 to 143 range early in the session, according to Trace data.
Micron stock was down early Friday to $39.72, a decrease of 0.71%.
FireEye Inc.’s struggling 1% convertible notes due 2035 reentered the 94 range after dipping to 92 on Thursday. The Milpitas, Calif.-based cybersecurity company’s stock has been on the rise since releasing its fourth-quarter and year-end earnings report after the market close Thursday.
Stock was up to $15.04, or 6.54%, early in the session. FireEye beat its fourth-quarter guidance for revenue and non-GAAP earnings per share with fourth-quarter revenue of $202.3 million and earnings per share of 1 cent.
Revenue was $751.1 million and non-GAAP earnings per share was a net loss of 16 cents in 2017, according to a company news release. FireEye expects revenue of $192 million to $197 million and a non-GAAP net loss per share of 3 cents to 6 cents in the first-quarter of 2018.
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