LinkedIn improves; SINA unchanged after disappointing outlook; convertibles quiet

By Rebecca Melvin

New York, Nov. 14 – LinkedIn Corp.’s 0.5% convertibles improved in fairly active trade on Friday as shares of the Mountain View, Calif.-based business-oriented social networking service added 1.8%.

The LinkedIn bonds were seen at 105.125 bid, 105.625 offered with the underlying shares at $233.00, according to a New York-based trader.

That compares to 102.25 bid, 102.75 offered with a share price of $225.00 last week, when the bond debuted in the secondary market.

Home Inns & Hotels Management Inc.’s 2% convertibles remained firm after strengthening in active trade earlier in the week. The Shanghai-based hotel chain disclosed in a regulatory filing that it bought back $10 million of convertibles last quarter at an average price of 98, a trader said.

SINA Corp.'s 1% convertibles due 2018 were unchanged, sources said, despite a drop in shares on the back of a disappointing earnings outlook from the Shanghai-based social media company.

Otherwise, U.S. convertibles were quiet on Friday as equities traded narrowly mixed, and the Dow Jones industrial average snapped a string of record highs.

The Dow ended down 18 points after closing at record highs for six of the last seven sessions. It closed at 17,634.74.

“It’s dead,” a New York-based trader said of Friday’s convertibles session.

A second New York-based trader said his desk was light on personnel and hadn’t traded many names actively.

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