Iconix, Horizon Pharma regain ground after steep losses; Priceline 1% expands on swap

By Rebecca Melvin

New York, Nov. 9 – A couple of beaten down names were trading better in the convertibles market on Monday despite weakness in the broader markets, which were weighed down by expectations of an impending rate hike.

Iconix Brand Group Inc.’s 2.75% convertible bond traded up, recouping some of the losses suffered on Friday after the New York-based brand management company announced restatements of certain financials and lowered forward guidance, a New York-based trader said.

Horizon Pharma plc’s convertibles were up on an outright basis, and expanded on swap, as corporate news continued to move the common shares of the Dublin, Ireland-based pharmaceutical company higher.

Horizon on Monday raised its sales expectations for 2015 and 2016.

Also on earnings news, Impax Laboratories Inc.’s convertibles were better on an outright basis but moved flat, or in line, on a swap basis after better-than-expected quarterly results from the Hayward, Calif.-based specialty pharmaceutical company.

Priceline Group Inc.’s 1% convertibles were down on an outright basis but expanded about 0.5 point on a swap basis after the online travel site reported earnings and revenue that beat estimates but disappointed investors with its current-quarter outlook. The Priceline 0.35% convertibles, which weren’t as actively traded as the 1% bonds, were lower outright but flat on a swap basis amid strong quarterly earnings but disappointing guidance.

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