Morning Commentary: NuVasive sinks after results disappoint; Intel in line after positive earnings

By Rebecca Melvin

New York, July 28 – NuVasive Inc.’s convertibles were trading down in the U.S. market on an outright basis early Friday as shares fell after the life sciences company reported disappointing quarterly results, a New York-based sellsider said.

The NuVasive bonds were quoted at 127.63, which was off a couple of points. The stock was down $9.39, or 12%, at $67.51.

Also seeing some action were Intel Corp.’s convertibles, and those looked to be about in line with the underlying shares after the chip giant reported better-than-expected second-quarter earnings and boosted its full-year forecast.

Intel’s 3.496% convertible due 2035 were trading at 135.3 early Friday after closing out Thursday at 133 to 134. Intel shares were up 25 cents, or 0.75% at $35.22.

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