Morning Commentary: Technology convertibles active; Micron in focus on earnings results

By Abigail W. Adams

Portland, Me., Dec. 19 – Technology names topped the trading volume chart early in Wednesday’s session, with Micron Technology Inc.’s 3% convertible notes due 2043 leading the charge.

While markets opened strong ahead of the pending decision from the Federal Reserve on an interest rate increase, Micron stock was trading off after a disappointing earnings report with its projections for decreased demand for memory chips dragging down other names in the sector.

Micron’s 3% convertible notes due 2043 dropped about 5 points outright with stock off early in the session.

The notes were changing hands just north of 114, a market source said. Micron stock was $32.92, a decrease of 3.5%, shortly before 11 a.m. ET.

More than $10 million of the bonds were on the tape early in the session.

Intel Corp.’s 3.25% convertible notes due 2039 saw a large seller in the market with one print of $5 million.

The notes changed hands at 231, a market source said. Intel stock was off slightly early Wednesday to trade at $47.40, a decrease of 0.71%, shortly before 11 a.m. ET.

Western Digital Corp.’s 1.5% convertible notes due 2024 also continued to see activity with the notes changing hands at 82.75, a market source said.

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