Morning Commentary: Iconix convertibles steady after earnings; Whiting Petroleum trades with oil

By Stephanie N. Rotondo

Seattle, March 29 – Iconix Brand Group Inc.’s 1.5% convertible notes due 2018 were “active on the back of earnings,” a trader said early Tuesday.

However, he deemed the notes “pretty much unchanged” in a 64.25 to 65 context. The equity (Nasdaq: ICON) was meantime off 78 cents, or 9.52%, at $7.36.

On Monday, the New York City-based apparel company reported a $263 million loss for the fourth quarter. On a per-share basis, that came to a loss of $5.44. On an adjusted basis, the loss was 25 cents per share.

Analysts polled by Zacks Investment Research were looking for a profit of 27 cents per share.

Iconix also lowered its earnings guidance for the year to $1.15 to $1.30 per share on revenue between $370 million and $390 million.

Meanwhile, Whiting Petroleum Corp.’s 1.25% convertible notes due 2020 were seen trading at 56.5.

“They are just following oil up and down, that’s all,” a trader said.

For its part, domestic crude oil was off more than 3% in early Tuesday trades.

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