FXCM strengthens; Molycorp adds; Array up; convertibles mostly quiet ahead of Nor’easter

By Rebecca Melvin

New York, Jan. 26 – FXCM Inc. traded in the mid 60s on Monday, remaining a notable feature of trade for the sixth straight day, as overall trading in the convertibles market quieted ahead of a major snowstorm developing in the northeastern United States. Metro areas including New York and Boston were expected to see 20 inches or more of snow and high winds that could snarl transportation and potentially cause heavy power outages.

FXCM was up to as high as 66 from about 64 on Friday, a Connecticut-based trader said.

Molycorp Inc. also traded actively in a continuation of Friday’s action, and those bonds – which are severely distressed – improved about 0.25 point to 8.75, the trader said.

Array BioPharma Inc.’s convertibles continued to trade up in tandem with higher shares of the Boulder, Colo.-based-biopharmaceutical company but on lighter volume compared to Friday. The Array securities pushed higher on news that it is acquiring the late-stage cancer drug encorafenib from Swiss pharmaceutical giant Novartis.

Otherwise there were no notable trends in convertibles as many market players in the northeast eyed storm preparations and many trading desks were shutting down early.

“There was some European outright demand flowing through to us. But the market was a little apathetic because of the weather,” a New York-based trader said. “People are trying to get home before the weather gets bad.”

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