Morning Commentary: Convertibles trade quietly to start week; PetroQuest in focus; Qihoo up

By Rebecca Melvin

New York, June 8 – Convertibles got off to a quiet start on Monday as equities traded weakly, market sources said.

PetroQuest Energy Inc., which has a small, $74.75 million convertible preferred, saw its shares surge Monday after the Lafayette, La.-based oil and natural gas company announced that it has sold off assets and received analysts’ upgrades, a Connecticut-based sellsider noted.

PetroQuest shares surged 28%, but the PetroQuest 6.875% preferred was not heard to have traded.

“The PetroQuest preferred really doesn’t trade,” a Connecticut-based trader said.

PetroQuest sold the majority of its oil and gas assets in the Woodford Shale and Mississippian Lime for gross proceeds of approximately $280 million to WSGP Gas Producing LLC.

Elsewhere, it was noted that the convertibles of Qihoo 360 Technology Co. Ltd. were up, but shares of the Chinese internet company slipped into negative territory from early gains.

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