| Add to balance / Manage account | User: | Log out |
| Prospect News home > News index > List of issuers S > Headlines for SanDisk Corp. > News item |
Morning Commentary: Convertibles mostly flat; SanDisk, Illumina in line with underlying stock
By Rebecca Melvin
New York, Oct. 19 – U.S. convertibles were trading mildly and mostly in line with the companies’ common shares underlying the bonds, or flat, early Monday, a New York-based trader said.
SanDisk Corp.’s convertibles continued to trade higher on an outright basis and were about unchanged on a dollar-neutral, or swap, basis as takeout chatter continued to swirl around the Milpitas, Calif.-based storage chipmaker. Korea’s Samsung is among the list of potential acquirers for SanDisk in recent press reports. The other suspects include Micron Technology Inc., Western Digital Corp. and China’s Tsinghua Unigroup.
SanDisk’s 0.5% convertibles due 2020 were quoted at 106.92 bid, 107.22 offered with the underlying shares around $72.60, which was up $2.59, or 3.7%.
The SanDisk 1.5% convertibles due 2017 were seen at 155.15 bid, 155.45 offered, that was up about 6.5 points on an outright basis.
Other liquid convertibles were also seen trading in line with their underlying shares.
Illumina Inc.’s 0.5% convertibles due 2021 were seen changing hands at 108.25 with the underlying common shares at $150.00. That compared to 107.6 to 108 against shares of $139.00 two weeks ago.
The Illumina 0% convertibles due 2019, or the A tranche, were at 102.6, which was essentially unchanged on the day and only about a point or so higher from levels to which they dropped after the sales warning earlier this month.
Illumina shares were trending little changed at about $150.00.
The shares dropped more than 10% after the San Diego-based developer of genetic research tools issued a sales warning. Illumina is slated to report earnings on Tuesday.
© 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.