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Midday Commentary: WellPoint's long bonds rise in early trade; Tesla flat on weaker shares
By Cristal Cody
Tupelo, Miss., March 24 - WellPoint Inc.'s 2.75% convertible bonds due 2042 rose in early trading and are among the most active convertible issues, according to a market source on Monday.
The bonds were quoted late morning at 148.25, up from 147.10 on Friday and 143.75 a week ago, the source said.
WellPoint sold $1.5 billion of the bonds in October 2012 at par.
The company's underlying shares also were higher in early trading. The shares were up 89 cents, or 0.87%, to $100.64.
The health benefits company is based in Indianapolis.
In other trading, Tesla Motors, Inc.'s 1.5% convertibles due 2018 were unchanged over the morning at 193.78 with the company's underlying shares weaker, a source said.
Tesla's shares traded down $12.03, or 5.26%, to $216.74 in early trading.
The electric vehicle manufacturer is based in Palo Alto, Calif.
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