Midday Commentary: Convertibles mostly quiet as month ends; Arris Enterprises active

By Rebecca Melvin

New York, Oct. 31 - The convertible bond market was mostly quiet early Thursday with action seemingly limited for the most part to month-end window dressing by long accounts doing marginal trimming and adding to positions.

Arris Enterprises Inc. was trading some after the Suwanee, Ga.-based communications technology company beat earnings estimates and reported revenue in line with expectations, while guiding fourth-quarter revenue above estimates. Shares were up 4%.

Arris' 2% convertibles due 2026, which are callable and putable Nov. 15, traded up a couple of points to 105.25 bid, 105.875 offered from a 103 ish level on Wednesday.

Arris shares rose 70 cents, or 4.3%, to $17.18.

Archer-Daniels-Midland Co.'s 0.875% convertibles due in February and EMC Corp.'s 1.5% convertibles due in December were the top volume names on the Trace tape, a New York-based trader said, adding that nothing was really moving in the convertibles space.

© 2015 Prospect News.
All content on this website is protected by copyright law in the U.S. and elsewhere. For the use of the person downloading only.
Redistribution and copying are prohibited by law without written permission in advance from Prospect News.
Redistribution or copying includes e-mailing, printing multiple copies or any other form of reproduction.