Fluidigm ‘comes in’ on the back of disappointing earnings; Iconix drops; Post expands slightly

By Rebecca Melvin

New York, Aug. 7 – U.S. convertibles ended the week notably soft on Friday after the July jobs report came in largely as expected, resulting in higher short-term Treasury bond rates and lower equities.

The employment statistics were deemed solid enough to keep the Federal Reserve on target for a rate rise as soon as next month.

Sellers were seen in the biotechnology sector. Fluidigm Corp.’s convertibles fell on an outright basis and contracted on a dollar-neutral, or swap, basis, a trader said, after the South San Francisco-based genomics and DNA research company reported disappointing earnings.

The Fluidigm bonds fell more than 9 points into the mid 70s as Fluidigm common shares fell 36% to $12.70.

“Fluidigm came in a lot. It’s trading all over the place and everyone is on a different delta, but it definitely came in,” the trader said.

Iconix Brand Group Inc.’s convertibles tanked about 9 points as well along with sharply lower common shares of the New York-based brand management company after the company announced that its chief executive officer, Neil Cole, is stepping down.

Elsewhere, the common shares of Post Holdings Inc. popped early Friday after the St. Louis-based cereal maker reported third-quarter profit that exceeded estimates.

The Post 5.25% mandatory convertibles were said to have expanded about 0.25 point on a dollar-neutral basis.

Post shares were last up more than $7.00, or 14%, at $58.90.

© 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.