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Morning Commentary: Coupa Software lower; Bill.com convertibles down post-earnings
By Abigail W. Adams
Portland, Me., May 6 – The convertibles secondary space was active early Friday as equity markets extended losses from Thursday’s carnage although they pared their losses as the session progressed.
The Dow Jones industrial average was down 110 points, or 0.33%, the S&P 500 index was down 0.37%, the Nasdaq Composite index was down 0.59% and the Russell 2000 index was down 1.09% shortly before 11 a.m. ET.
While the macro environment continued to drag down the secondary space, earnings remained the focus of trading activity.
Coupa Software Inc.’s 0.125% convertible notes due 2025 and Bill.com Holdings Inc.’s 0% convertible notes due 2027 were in focus in early trading.
Coupa’s 0.125% convertible notes were down almost 2 points outright with stock off more than 6%.
The 0.125% notes were changing hands at 88.75 versus a stock price of $78.24 early in the session.
There was $7 million in reported volume.
Coupa’s stock was trading at $78.49, a decrease of 6.71%, shortly before 11 a.m. ET.
Coupa announced it would report first-quarter earnings on June 6.
Bill.com’s 0% convertible notes were down 2.75 points outright with stock off 13%.
The 0% convertible notes were changing hands just shy of 107 versus a stock price of $118 early in the session, according to a market source.
Bill.com’s stock was trading at $132.47, a decrease of 12.99%, shortly before 11 a.m. ET.
Bill.com was under pressure despite an earnings report that beat analyst expectations.
The company reported losses per share of 8 cents versus analyst expectations for losses of 16 cents.
Revenue was $166.9 million versus analyst expectations for revenue of $157.87 million.
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