Morning Commentary: LinkedIn slips with weaker shares; Priceline little changed in active trade

By Rebecca Melvin

New York, May 5 – LinkedIn Corp.’s 0.5% convertibles due 2019 were trading actively in the U.S. convertibles market early Tuesday as players were looking mainly to trim their holdings amid broader market weakness, trading sources said.

LinkedIn’s convertibles traded at 100.75, which was down nearly 1 point on the day, according to Trace data, with shares of the social media company down a little more than 1% at about $200.00.

Priceline Group Inc.’s convertibles were also in trade amid “good two-way flow,” a sellsider said. All three of the Priceline convertibles were trading actively among different subsets of buyers and sellers.

The Priceline bonds were mostly unchanged with shares of the Norwalk, Conn.-based internet travel services company down less than 1%, he said.

Priceline’s 0.9% convertibles due 2021 changed hands at 99.68, which was down 0.3 point. The Priceline 0.35% convertibles due 2020 traded at 118.39, which was off 0.7 point, and the Priceline 1% convertibles due 2018 traded at 142.25, which was off 1.18 points, according to Trace data.

Priceline shares traded down $9.46, or 0.8%, to $1,258.00.

“There is some market weakness, with some of the small cap being hurt related to earnings,” a sellsider said.

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