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Midday Commentary: Medidata expands as trading on earnings continues; Illumina adds after positive report
By Rebecca Melvin
New York, April 23 - Medidata Solutions Inc.'s 1% convertibles expanded on a hedged basis early Wednesday even as the underlying shares of the New York-based clinical development software specialist bounced a little, after tanking on disappointing earnings on Tuesday, market players said.
Medidata's 1% convertibles due 2018 were quoted at 107.625 bid, 108.125 offered in the early going, with the underlying shares at $41.50, a Connecticut-based trader said.
He said that was up a point on hedge,
On Tuesday, the Medidata bonds were also said to have expanded and were seen at the end of the session at 107 bid, 108 offered with the underlying shares at $40.75.
Medidata's shares were up $2.28, or 5.6%, at $42.99 early Wednesday. On Tuesday, they skidded $11.98, or 22.7%, to $40.71.
Prior to the earnings news, the Medidata Solutions convertibles had been closer to 120 with the stock at $52.69.
Other earnings news also prompted moves by convertibles players Wednesday.
Illumina Inc.'s convertibles were higher on an outright and dollar-neutral, or hedged, basis after the San Diego-based gene-sequencing company reported quarterly results that beat estimates and offered higher guidance than consensus estimates for full-year 2014. Illumina shares were up 6% in early action.
Illumina's 0.25% convertibles due 2016 were reported at 189.5625 bid, 190.0625 offered versus an underlying share price of $155.00.
"Illumina reported after the close last night and it has been very active," a New York-based trader said, quoting the bonds up about 0.5 point from Tuesday.
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