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Morning Commentary: Micron Technology weakens again; Acorda convertibles edge up with stock
By Stephanie N. Rotondo
Seattle, July 3 – Micron Technology Inc.’s 3% convertible notes due 2043 remained weak early Monday, following Friday’s sell-off.
A trader called the bonds down 1.5 points around 112.25.
As for the underlying stock (Nasdaq: MU), it was off 55 cents, or 1.84%, to $29.31.
The convertibles – as well as the stock – were pressured on Friday.
Also, Micron released quarterly earnings late Thursday. While the company beat expectations – and raised guidance – concerns about the overall tech space were more in focus.
Micron also said that its share price had triggered a contingent convertible feature on four series of convertible notes, its 2.375% convertible senior notes due 2032, 3.125% convertible senior notes due 2032, 1.625% convertible senior notes due 2033 and 2.125% convertible senior notes due 2033.
Elsewhere, Acorda Therapeutics Inc.’s 1.75% convertible notes due 2021 were “tracking” the stock, a trader reported.
He saw the convertible debt ticking up nearly ˝ point to around 85.875.
As for the company’s common shares (Nasdaq: ACOR), they were up 15 cents at $19.85 at mid-morning.
Last week, it was reported that Acorda had filed a new drug application for its Parkinson’s disease drug. The company had previously announced positive trial results on the treatment, which is being touted as a treatment for off-period symptoms related to the disease.
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