Add to balance / Manage account | User: | Log out |
Prospect News home > News index > List of issuers Review > Headlines for 2021 > News item |
Morning Commentary: Snap, Twitter convertible notes in focus early on earnings news
By Abigail W. Adams
Portland, Me., July 23 – The convertible notes of social media companies dominated the tape on Friday.
Twitter Inc.’s and Snap Inc.’s convertible notes were in focus following Snap’s blow-out earnings report.
Twitter’s 1% convertible notes due 2021 were trading down on an outright basis as stock gained.
The notes were down about 1 point outright with stock up about 3%.
The notes were changing hands at 100.5 versus a stock price of $70.44 early in the session.
There was more than $8 million in reported volume.
Twitter’s stock was changing hands at $71.93, an increase of 3.39%, shortly before 11 a.m. ET.
Snap’s 0% convertible notes skyrocketed on an outright basis.
The notes were up 11 points as stock surged more than 20% as the social media company once again trounced expectations.
The 0% convertible notes were changing hands at 116.125 versus a stock price of $77.27 early in the session.
Snap’s stock was changing hands at $75.63, an increase of 20.10%, shortly before 11 a.m. ET.
Both Twitter and Snap beat expectations on the top and bottom lines, reported a surge in user growth, and gave upbeat guidance, laying to rest fears that social media companies would lag as life normalized post-Covid.
© 2015 Prospect News.
All content on this website is protected by copyright law in the U.S. and elsewhere.
For the use of the person downloading only.
Redistribution and copying are prohibited by law without written permission in advance from Prospect News.
Redistribution or copying includes e-mailing, printing multiple copies or any other form of reproduction.