Midday Commentary: Priceline remains active, slips outright; Qihoo in focus after earnings

By Rebecca Melvin

New York, March 10 - U.S. convertibles saw continued action in Priceline.com Inc.'s older 1% convertibles due 2018, which changed hands down 2 points on an outright basis to 153.85, according to Trace data.

The Priceline 1% paper has been a feature of trade recently. On Friday it was a top-volume name and shed a point, and on Wednesday it lost 0.5 point and changed hands at 156.29.

Priceline also has a newer issue of 0.35% convertibles that priced last May.

Also changing hands was Qihoo 360 Technology Co. Ltd.'s 2.5% convertibles due 2018. Those bonds traded at 129.9 with the underlying shares down fractionally around $120.00, according to Trace data. In late January, the Qihoo bonds traded at 111.25 bid 112.25 offered with the underlying shares at $92.30.

Qihoo reported fourth-quarter earnings that missed estimates, but revenue surged 115% from the year-earlier quarter to $221.6 million. Reported revenues were also above the company's guidance of $206 million to $208 million amid gains in both online advertising and user traffic growth.

Looking ahead, Qihoo expects first-quarter revenue between $117.8 million and $228 million, which is more than 100% better than the year-earlier quarter.

© 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.