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Morning Commentary: Exelixis expands on swap on marketing pact; Workday in line as shares pop
By Rebecca Melvin
New York, March 1 – Exelixis Inc.’s convertibles popped on an outright basis and improved a couple of points on swap early Tuesday after the South San Francisco, Calif.-based biotechnology company signed an exclusive licensing agreement to commercialize and develop cancer therapy Cabozantinib in regions outside the United States, Canada and Japan, a New York-based trader said.
Exelixis’ 4.25% convertibles due 2019 traded up to 98.75 last from about 92.75 previously. The jump equated to an expansion of a couple of points on swap, the trader said.
Exelixis’ underlying shares were up 26 cents, or 7%, at $3.90.
The Exelixis convertibles were trading actively on the news.
In lighter action, Workday Inc.’s convertibles were higher after the Pleasanton, Calif.-based cloud-based computing company reported a quarterly loss that beat estimates on higher revenue that came in higher than expected. Workday also guided expectations for current quarter revenue downward and annual revenue at the top end of expectations.
Workday’s 0.75% convertibles due 2018 changed hands at 105.4, which was up from 103 last on Friday, according to Trace data.
Workday’s 1.5% convertibles due 2020 hadn’t traded on Tuesday and were last at 106.5 on Monday, which was up from 105.125 on Friday.
Workday shares were up $5.18, or 8.5%, to $65.55.
The 0.5% convertibles of fellow cloud enterprise software maker LinkedIn Corp. were little changed at 89.625 bid, 89.875 offered.
In early February, the overall technology software sector took a hit after LinkedIn notched weak earnings and suggested there may be lower corporate IT spending this year due to macro concerns.
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