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Midday Commentary: DFC Global drops sharply on earnings disappointment; Take-Two edges higher
By Rebecca Melvin
New York, Jan. 31 - Convertibles players were focused on several specific issues moving early Friday in tandem with their underlying shares as the broader stock markets sold off sharply amid disappointing earnings and growing concerns about emerging markets.
DFC Global Corp.'s 3.25% convertibles due 2017 traded at 78, which was down 10 points or 12 points amid a 21% plunge in the underlying shares. The Berwyn, Pa.-based provider of financial services released disappointing earnings and lowered guidance for fiscal 2014 earnings.
DFC shares were down $2.23, or 21%, to $8.34.
Take-Two Interactive Software Inc.'s newer 1% convertibles of 2018 were also in trade and seen 112.15 bid, 112.55 offered versus an underlying share price of $19.05, which was up about 0.25 point on the day, a Connecticut-based trader said.
Shares of the New York-based video game maker were also up slightly.
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