Morning Commentary: New, upsized CalAmp adds in active trade; LinkedIn notes improve

By Rebecca Melvin

New York, May 1 – CalAmp Corp.’s new 1.625% convertibles traded up on an outright basis on Friday in very active trade after the five-year notes priced toward the rich end of coupon talk and through the rich end of premium talk, market players said.

CalAmp’s 1.625% convertibles due 2020 were seen at 100.75 when shares of the Oxnard, Calif.-based developer and marketer of wireless communications products were up fractionally at about $19.80. Later the notes were quoted at 101 to 101.75.

LinkedIn Corp.’s convertibles edged up a couple of points after slumping more than 10 points outright late Thursday amid a dive in the underlying shares of the Mountain View, Calif.-based social media company.

A bleak outlook that accompanied the just-completed quarter, which was essentially in line with expectations, was behind the steep stock fall.

LinkedIn’s 0.5% convertibles due 2019 were quoted at nearly 102 in early action with shares down 20% at about $200.00. Late Thursday, the LinkedIn convertibles slumped to 99 from about 111 as shares nose-dived 25% in after-hours trade.

Other names that were better on swap following their earnings reports included Blucora Inc. and Web.com Group Inc. as well as Insulet Corp. 2% convertibles, a New York-based trader said.

© 2015 Prospect News.
All content on this website is protected by copyright law in the U.S. and elsewhere. For the use of the person downloading only.
Redistribution and copying are prohibited by law without written permission in advance from Prospect News.
Redistribution or copying includes e-mailing, printing multiple copies or any other form of reproduction.