Morning Commentary: CNX Resources convertible notes actively traded post-earnings

By Abigail W. Adams

Portland, Me., Jan. 27 – The convertibles secondary space stood poised for a quiet session as equities continued to wobble in response to the latest macro data.

Equity indexes opened in the red, shot into positive territory then gave back much of their gains and were mixed shortly after 11 a.m. ET as investors digested the December Consumer Price Expenditure report.

The Dow Jones industrial average was down 71 points, or 0.21%, the S&P 500 index was down 0.14%, the Nasdaq Composite index was up 0.13% and the Russell 2000 index was up 0.18%.

There was $71 million on the tape a little more than one hour into the session with few names seeing concentrated trading activity.

CNX Resources Corp.’s 2.25% convertible notes due 2026 were active early in the session although with little movement in price following earnings.

The 2.25% notes were changing hands at 145 versus a stock price of $16.66, according to a market source.

There was $5 million in reported volume.

CNX’s stock was trading at $16.26, an increase of 0.18%, shortly before 11 a.m. ET.

Much like its peers in the energy sector, the natural gas company blew past earnings expectations.

CNX reported earnings per share of $1.64 versus analyst expectations for earnings per share of 61 cents.

Revenue was $1.64 billion versus analyst expectations for revenue of $510.19 million.

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