Midday Commentary: Chart steady dollar neutral as shares slide; EnPro, Bottomline in focus

By Rebecca Melvin

New York, Nov. 1 - Chart Industries Inc.'s convertibles were holding on to their hedged gain in early action Friday as shares of the Garfield, Ohio-based engineering, procurement and construction company continued to slide.

Chart's 2% convertibles due 2018 were quoted at 159.125 bid, 159.875 offered versus an underlying share price of $100.50. That was flat, or "in line" on a dollar-neutral, or hedged, basis compared to Thursday, when the bonds expanded 0.375 point to 0.5 point.

Chart shares fell more than $5.50, or 5%, to about $102.00. The stock move was on top of an 11% slide Thursday after the company reported quarterly results that missed estimates and guided its outlook lower.

Earnings reports were the driver of action elsewhere as well.

EnPro Industries Inc.'s 3.938% convertibles due 2015 were said to be trading after the Charlotte, N.C.-based diversified company that makes sealing products, metal polymer bearings and compressor systems reported an earnings miss that sent shares down 4%.

But Bottomline Technologies Inc. reported positive fiscal first-quarter earnings that beat estimates on both the bottom and top lines. Bottomline's 1.5% convertibles due 2017 changed hands at 133.335 in the early going, which was up more than 10 points on an outright basis from Thursday's levels, according to Trace data. Shares of the Portsmouth, N.H.-based business-to-business software company jumped $3.96, or 12.6%, to $35.38.

© 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.