Tech names active in trade; Quantum cracks; Altas Air trades at 97.9; WPX Energy on tap

By Rebecca Melvin

New York, July 16 – Several tech names were active in the U.S. convertibles market on Thursday after Intel Corp. posted better-than-expected earnings and as LinkedIn Corp. continued to trade better following upgrade news on Wednesday.

Intel’s 2.95% convertibles bumped around in tandem with the underlying shares of the Santa Clara. Calif.-based chipmaker but traded late at 118.55 with shares up 0.7% to $29.90.

Intel’s earnings and revenue were better than expected.

LinkedIn’s 0.5% convertibles due 2019 traded at 103.58 early Thursday, according to Trace data, which was up from 103 bid, 103.125 offered at the end of Wednesday. Shares were up about 0.5%.

Quantum Corp.’s 4.5% convertibles due 2017 tanked in tandem with a 23% plunge in the underlying shares of the San Jose, Calif.-based data storage provider on an earnings warning. The company said its results were hurt by weakness in the general-purpose storage market.

Quantum’s convertibles fell to about 104.35 from about 121.5 as shares slid 23% to $1.31, according to a market source.

Another issue trading Thursday was Atlas Air Worldwide Holdings Inc.’s 2.25% convertibles, which added more than half a point on an outright basis versus lower shares. The bonds changed hands late in the session at 97.9, which was up 0.625 point on the day.

WPX Energy Inc. was set to price its mandatory convertibles after the market close on Thursday, and the deal looked cheap for investors, according to a market source.

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