Midday Commentary: United Therapeutics jumps outright with shares; Navistar 3% tracks with shares

By Rebecca Melvin

New York, Dec. 23 - United Therapeutics Corp.'s bonds jumped with the company's common stock early Monday after the company said late Friday that the Food and Drug Administration cleared its pulmonary arterial hypertension drug Orenitram.

United Therapeutics' 1% convertible notes due 2016 changed hands at 225.793 and represented a good chunk of Monday's total trading volume, according to Trace data.

Shares of the Silver Spring, Md.-based biotechnology company surged nearly $20.00, or 22%, to $107.50.

Elsewhere, Navistar International Corp.'s 3% convertibles due 2014 were seen at 102 bid, 102.375 offered versus an underlying share price of $37.16, according to a New York-based trader.

Navistar shares dropped Friday and were weak on Monday after the Lisle, Ill.-based truck, bus, military vehicle and engine maker reported a wider quarterly loss.

The Navistar 3% convertibles "tracked fairly" with the shares, the trader said.

Overall, convertibles were quiet on Monday as market players were mostly tidying their books ahead of the upcoming Christmas holiday and year-end.

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