Morning Commentary: Priceline little changed in active trade; Ctrip, Tesla Motors slip outright

By Rebecca Melvin

New York, Nov. 3 – U.S. convertibles were mostly bouncing around in quiet trade early Tuesday. Priceline Group Inc.’s convertibles were active with the Priceline 0.9% convertibles bobbing around the 107 mark with the underlying shares of the Norwalk, Conn.-based internet travel services company flat to slightly lower. Shares were last down 0.05% at 1,466.50.

Priceline’s 1% convertibles due 2018 were also trading in line with previous levels and were seen last at 159.8, according to Trace data.

Ctrip.com International Ltd. was trading a little lower in line with the common shares of the Shanghai-based travel services company, which were taking another breather between outsized gains notched following news of its Qunar merger.

The Ctrip 1.25% convertibles due 2018 traded at 134 to 135, which was down from 135 to 136 on Monday.

Meanwhile, Tesla Motors Inc.’s shares were also lagging ahead of the electric car maker’s quarterly earnings report expected after the market close. Analysts expect Tesla to report a loss of 50 cents per share and revenue of $1.26 billion for the third quarter.

The Tesla 0.25% convertibles, or the A tranche, due 2019 changed hands at 90.42, and the Tesla 1.25% convertibles, or the B tranche, due 2021 traded at 88.15. Both prices were at the low end of their previous ranges, according to Trace data.

The Tesla 1.5% convertibles due 2018 were not seen in trade but were last at 177.47, according to Trace data.

Tesla shares slipped $2.01, or 0.9%, to $211.78.

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