Morning Commentary: Yahoo! convertibles edge up; Whiting Petroleum lower after holiday weekend

By Rebecca Melvin

New York, March 28 – U.S. convertibles started the week focused primarily on the same names that were trading at the conclusion of last week ahead of the long weekend in observance of Easter. Financial markets were closed on Friday.

Yahoo! Inc.’s 0% convertible notes due 2018 were active and higher by 0.375 point to 0.5 point at about 97.5 early Monday with shares trading slightly in the green after falling last week amid pressure from an activist investor.

Shares of the Sunnyvale, Calif.-based internet company were up a dime at $34.96.

Whiting Petroleum Corp.’s 1.25% convertibles due 2020 were down about 0.5 point to a point at 57 bid, 58 offered, a New York-based trader said. Shares of the energy company were down 50 cents, or 6.7%, at $7.04. Worries resumed over the company’s ability to financially weather depressed oil prices.

Overall, the convertibles space was quiet, a trader said, as vacations overlapped the work week and thinned convertibles trading desks and as Europe’s financial markets remained closed for Easter Monday.

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