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Morning Commentary: Vipshop tumbles to par after revenue warning; SunEdison issues improve
By Rebecca Melvin
New York, Nov. 13 – Vipshop Holdings Ltd.’s convertibles tumbled nearly 17 points early Friday to 100.5 or 101 after the Guangzhou, China-based online discount retailer cut its third-quarter revenue guidance, citing warmer-than-expected weather in China.
Vipshop’s 1.5% convertibles due 2019 crossed the Trace tape last at 101, which was down from 117.2 on Thursday, according to Trace data.
Vipshop shares plunged $5.26, or 28%, to $13.33, down from a close of $18.62 on Thursday and down from as high as $21.81 last Wednesday.
The company lowered third-quarter revenue guidance to RMB 8.6 billion to RMB 8.7 billion, which still represented growth of 61% to 63% from the year-earlier quarter, according to a news release. But it was down from previous guidance of RMB 9.1 billion to 9.3 billion.
Warmer-than-expected fall weather caused customers to delay purchases of higher-priced cold weather wear, the company said. Final third-quarter results will be reported on Nov. 17.
Elsewhere, convertibles remained “generally weak,” a New York-based trader said. That has been the trend this week, and the broader markets were also weak again, with lower equities and commodity prices.
But SunEdison Inc.’s convertibles, which tumbled this past week, were recouping a point or so of those losses.
SunEdison’s 0.25% convertibles due 2020 traded at 43, which was up from 41.5 on Thursday.
SunEdison’s 2.75% convertibles due 2021 traded at 51.5, which was up a point.
SunEdison’s 3.375% convertibles due 2025 traded at 39.5, which was up about 2 points.
SunEdison’s 2% convertibles due 2018 traded at 54.7, which edged up 0.174 point, according to Trace data.
SunEdison’s stock, which popped briefly by 9% to $4.93, was last up 1.3% at $4.59.
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