Morning Commentary: Titan Machinery unchanged despite lower shares; Web.com flat at 92

By Rebecca Melvin

New York, Aug. 27 – Titan Machinery Inc.’s 3.75% convertibles due 2019 traded unchanged early Wednesday despite sharply lower shares for the West Fargo, N.D.-based agriculture and construction equipment stores company.

The Titan convertibles were trading at 79.75 to 80 for the most part, while the underlying shares slid more than 6% to about $12.60.

A New York-based trader said that his firm didn’t yet know what was causing to stock to move lower. “We are looking into it,” he said.

Web.com Group Inc.’s 1% convertible due 2018 crossed the tape at 92 and a little under, which is in the range of where it has been trading since Aug. 1 when bonds and shares of the Jacksonville, Fla.-based global domain name register plunged on a quarterly revenue miss.

Meanwhile, convertible market activity overall was described as very light as many market players look past the remainder of this week to the long holiday weekend in observance of Labor Day.

There’s no pulse,” a trader said of Wednesday’s session.

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