Morning Commentary: Navistar quoted at 90.25; convertibles gearing up after storm spares New York

By Rebecca Melvin

New York, Jan. 27 – Convertibles trading resumed slowly early Tuesday as the Northeast snowstorm that was feared to create massive disruptions largely spared New York. Disappointing earnings and mixed data pushed equities lower.

“Clients are trickling in and doing small things,” a New York-based convertibles sellsider said.

Among names in trade were Navistar International Corp., which saw its shares slipping again after a move lower in the middle of last week.

The Navistar 4.5% convertibles due 2018 were quoted at 90.25, with the shares down 89 cents, or 2.8%, at $30.61.

Cemex SAB de CV’s convertibles were also noted in trade with the underlying shares of the Monterrey, Mexico-based cement producer down 3 cents at $9.60.

Yahoo! Inc.’ s 0% convertible notes due 2018 were lower with the underlying shares ahead of the internet company’s quarterly earnings report expected after the market close. The Yahoo! convertibles were last at 112.125, which was lower from nearly 114 on Monday. Shares were down about a dollar, or 2%, at $48.40.

Illumina Inc. was also expected to report earnings after the market close. Its convertible bonds were not heard in trade.

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