Morning Commentary: LinkedIn improves with shares; Twitter flat; Tesla Motors slips

By Rebecca Melvin

New York, May 17 – U.S. convertibles continued to trade quietly amid a lack of new issuance early Tuesday. In the broader markets, equities slipped after a strong rally on Monday.

Social media has been a steady focus among convertibles investors, and several issues were trading again on Tuesday after strength seen on Monday.

LinkedIn Corp.’s 0.5% convertibles due 2019 traded up in the early going to 94 from 93.5 last on Monday, according to Trace data. LinkedIn shares were also up about 0.5% at $129.68.

But Twitter Inc.’s 0.25% convertibles due 2019 traded slightly lower at 88.132 compared to 88.25 to 88.50 last on Monday. The Twitter 1% convertibles due 2021 remained untraded at 84, after a 0.875-point gain on Monday. LinkedIn shares were little changed at $14.28 early Tuesday.

Meanwhile, Tesla Motors Inc.’s 1.25% convertibles due 2021, which jumped 2.5 points on Monday, slipped back to about 86 from 87.8 last on Monday. Shares of the Palo Alto, Calif.-based electric car maker declined $1.90, or 0.9%, to $206.39 in early action.

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