Morning Commentary: AMD trades down with lower shares; Nvidia around triple par; Pandora in focus

By Rebecca Melvin

New York, Sept. 13 – Advanced Micro Devices Inc.’s 2.125% convertibles were lower as they remained in trade for a third straight day on Tuesday after the $700 million issue debuted in the market on Friday. The AMD bonds slipped 1.5 points to 2 points to a 98 handle as the price of the common stock of the Sunnyvale, Calif.-based chip maker that underlies the bond fell more than 3%.

Elsewhere, Nvidia Corp.’s convertible was trading actively. The Nvidia 1% convertibles due 2018 were trading around triple par, changing hands at 301.5 and also at 300.75 in the early going, which was down a point or so, according to Trace data. Nvidia’s common stock was down 78 cents, or 1.3%, to $59.96.

Pandora Media Inc.’s convertibles were in focus as shares of the Oakland, Calif.-based internet radio service moved lower by about 2% to close to $14.00 each.

Pandora was in the news having signed direct licensing agreements with major record labels including Sony Corp., Vivendi SA Universal Music Group and Merlin Network. The agreements may move the radio platform closer to offering an on-demand music streaming service. Pandora shares were initially higher at the market open but dropped in early trading.

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