Morning Commentary: Ctrip.com stumbles outright after quarterly results; Ciena lower with shares

By Rebecca Melvin

New York, Aug. 31 – Ctrip.com International Ltd.’s convertibles were trading lower on an outright basis early Thursday after the Shanghai-based travel-services company reported second-quarter results.

The Ctrip 1% convertibles due 2020 traded down to 111 from 114.4 on Wednesday and from 113.7 on Tuesday, according to Trace data.

The American Depositary Shares traded down $2.30, or 4.4%, to $50.39 in the early going.

The earnings were OK with per-share results that beat expectations, but there were questions about the reconciliation of GAAP and non-GAAP accounting standards.

Otherwise the early trading session in convertibles saw low trading volumes.

Ciena Corp.’s convertibles and shares dropped in tandem after the company reported disappointing results that sent shares down 10%.

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