Citrix down on swap in active trade after earnings; Workday higher; Tesla, Twitter better

By Rebecca Melvin

New York, Oct. 23 – Citrix Systems Inc.’s convertibles traded down amid lots of sellers Thursday after the Fort Lauderdale, Fla.-based cloud computing company reported third-quarter earnings that dropped compared to a year earlier but which beat estimates. Revenue missed estimates, and the company also guided lower for current-quarter revenue.

Elsewhere, many of the convertible market’s larger, liquid issues traded higher and were better by about 0.25 point dollar neutral overall, a New York-based trader said.

“Things were better to buy,” the trader said. Although markets slid in the last hour of trade amid reports of a possible Ebola case in Manhattan, the overwhelming course of trading for the day was higher, he said.

The theme continued to be “reflating from last week,” he said.

Markets sputtered in late afternoon after news that a doctor who had returned to New York from treating Ebola patients in Guinea had been quarantined and taken to Bellevue Hospital Center after he called police to report that he was suffering from a fever.

Workday Inc.’s convertibles were higher in active trade. They expanded on a dollar-neutral basis by about 0.25 point against a 3-point climb outright for both tranches.

Tesla Motors Inc. was seen continuing to move up; and both Twitter Inc.’s convertible tranches were also better, the trader said.

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