Morning Commentary: Upstart Holdings convertible notes active in early trading

By Abigail W. Adams

Portland, Me., Aug. 30 – It was a quiet start to the week in the convertibles secondary space as the S&P 500 index and Nasdaq Composite continued to broach fresh heights.

The Dow Jones industrial average was up 29 points, or 0.08%, the S&P 500 was up 0.54% and the Nasdaq Composite was up 0.86%. However, the Russell 2000 index was down 0.16% shortly before 11 a.m. ET.

While there was decent volume on the tape, few names saw concentrated trading activity.

However, Upstart Holdings Inc.’s recently priced 0.25% convertible notes due 2026 were active early in the session.

The notes were changing hands just shy of 110.25 with stock off slightly early in the session.

After hitting a new 52-week high of $228 shortly after the open, Upstart Holdings’ stock turned negative shortly into Monday’s session.

Stock was $219.45, a decrease of 1.67%, shortly before 11 a.m. ET.

© 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.