Morning Commentary: Square Inc. dominates early trades, Micron continues upwards climb

By Abigail W. Adams

Portland, Me., Nov. 13 – Square Inc. dominated early trades in the convertibles market with the mobile payment company’s convertible and stock decreasing slightly after a strong upward climb last week.

Square’s 0.375% convertible due 2022 was trading at 175.826 on an outright basis, a 2 point decrease from the closing trade of 177.97 Friday.

The shift downward was in line with Square’s stock, which fell 1.3% in early trades.

Square’s stock and convertible notes jumped last week after the company raised its forward guidance and released third-quarter earnings which beat expectations on Nov. 8.

The 0.375% convertible note traded in the 177 to 178 range on Friday, a 10 point climb from Thursday. Square stock hit an all-time high on Friday, closing the session at $39.21.

Micron Technology, Inc. continued its upward climb with early trades up 2 points from Friday, according to market sources.

The Boise, Idaho-based semiconductor company’s 3% convertible due 2043 was trading at 156.55, as its stock traded about flat with Friday’s close at $44.74.

Teva Pharmaceutical Finance Co. LLC’s 0.25% convertible due 2026 traded at 83.5 early in the session, a slight decrease from Friday’s closing trade of 83.75. The Israel-based pharmaceutical company’s American Depository Shares were also down 0.31% in early trades.

J.P. Morgan downgraded parent company Teva Pharmaceutical Industries Ltd. to underweight Monday and Fitch Ratings cut Teva’s credit rating to junk status last week.

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