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Morning Commentary: Qihoo, YY add early, but shares edging down; Cliffs mandatory unchanged
By Rebecca Melvin
New York, April 9 – Qihoo 360 Technology Co. Ltd. and other Asian internet convertibles remained in focus early Thursday after a busy day in those names on Wednesday.
Qihoo’s older 2.5% convertible due 2018 was closing in on 98 in the early going, after having traded up to about 97.5 on Wednesday and up from 93 to 94 at the end of March, according to Trace data.
Qihoo’s 1.75% convertibles due 2021, or the Bs, traded up to 92.6 on Thursday from 82.25 on Wednesday.
Shares of the Beijing-based internet and mobile security products company were a little higher in the early going but slipped into negative territory most recently.
Ctrip.com International Ltd.’s 1.25% convertibles due 2018 traded up to 109.75, and YY Inc.’s 2.25% convertibles due 2019 changed hands at 97.25, which was up 1.25 points.
Interest was related to higher Asian stock markets, sources said. The Hang Seng extended gains overnight, closing up 2.7%, and is up about 8% this month, near a seven-year high. But the Shanghai Composite slipped 0.9%.
U.S.-based Yahoo! Inc. saw its 0% convertible notes due 2018 trade up nearly a point with early gains in shares to 110.
Elsewhere, Cliffs Natural Resources Inc.’s 7% mandatory convertibles seemed to outperform shares after BMO Capital Markets downgraded the shares to “underperform” from “market perform” and cut its price target to $4.00, citing a glut of iron ore and lower iron ore prices.
The Cliffs mandatory was last unchanged at $5.53, while the stock was down 4 cents, or 0.8%, to $4.75.
Cliffs is a Cleveland-based mining and natural resources company.
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