Midday Commentary: Central European Media tanks on warning; Teleflex trades after positive earnings

By Rebecca Melvin

New York, Oct. 30 - Convertibles players were watching Central European Media Enterprises Ltd. early Wednesday as shares plunged after the central and eastern European TV broadcaster reported a loss for its latest quarter and cut its 2013 outlook, citing a weak Czech market.

The company's 5% convertibles due 2015 were not heard in trade, sources said. Late Tuesday the bonds changed hands at 90.375 and 90.875. But shares of the broadcaster plunged $3.11, or 51%, to $3.00 in the early going.

Central European Media said that its full-year outlook is for a loss of between $40 million and $30 million and it expects revenue for the year of between $640 million and $650 million. It expects negative free cash flow of about $140 million and forecasts a cash balance of about $60 million for the year.

Convertibles players were also reacting to other earnings reports, with the Teleflex Inc. 3.875% convertibles due 2017 trading after the Limerick, Pa.-based medical device maker beat earnings estimates by 19 cents and reported in-line revenue. The company also guided full-year earnings in line with the company's prior guidance.

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