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Midday Commentary: Fluidigm mostly in line after earnings; Prospect Capital paper active
By Rebecca Melvin
New York, May 6 - Earnings news was driving a good portion of trading in U.S. convertibles early Tuesday. The shares of many issuers reporting earnings were under pressure.
Fluidigm Corp.'s 2.75% convertibles due 2034 traded down a couple of points in line with underlying shares at 106.254, according to Trace data, with shares of the genomics and DNA research company sliding more than 7% in the early going.
The lower bond price was in line with shares on a 62% delta, a New York-based trader said. But on a 68% delta, the bonds expanded 0.25 point, he said.
Fluidigm's earnings hiccup was related to its recent DVS acquisition and unexpected product placement issue via their platform, the trader said. As a result, the company reduced guidance on that sector of the business by $6 million. For the first quarter, the company beat earnings and revenue estimates.
Prospect Capital Corp.'s 5.75% convertibles due 2018 were trading actively before the New York-based venture capital and private equity firm's earnings report set to be released after the market close.
The Prospect Capital bonds printed at 107.125 in the early going, according to Trace data, with shares off only 3 cents at $10.78.
The newest Prospect Capital convertible, a 4.75% convertible due 2020, which is a $400 million issue, priced in April at a 99 discount to par and was not heard in trade.
Meanwhile, Starwood Property Trust Inc.'s 4% convertible due 2019 traded at 115.4, which was down almost 0.5 point on an outright basis versus a 0.2% drop in the underlying shares of the Greenwich, Conn.-based mortgage loan investors.
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