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Morning Commentary: Convertibles quiet ahead of weekend; Iconix quoted higher but volume light
By Rebecca Melvin
New York, Feb. 19 – U.S. convertibles were quieter in trading Friday than they had been on Thursday as equities traded fractionally lower, market sources said.
Iconix Brand Group Inc.’s 2.5% convertible bonds were higher but not much was trading compared to very active trade on Thursday. The Iconix’s 2.5% convertibles due in June were up to 96.85 from 91 to 93.25 on Thursday.
“ICON should be better. They’re quoted higher, but there have been only a handful [of trades],” a New York-based trader said.
Iconix shares popped in the early going to as high as $8.80, but pared those gains to trade up only 2.3% to $7.95 most recently.
News pushing the Iconix securities upward was that the company confirmed it will restate historical financial statements following the receipt of a letter from regulators. The Securities and Exchange Commission’s letter was related to technical accounting standards and the company has responded to all the questions raised, Iconix said in a release.
The restatement won’t impact free cash flow, the company said.
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