Morning Commentary: Convertibles mostly in line with shares; SanDisk flat to higher; Yahoo! slips

By Rebecca Melvin

New York, May 18 – U.S. convertibles traded quietly and little changed early Monday with the broader markets also trading little changed.

There were active Street markets in SanDisk Corp., a New York-based trader said. Those were mostly in line, although there may have been a little strength as shares edged higher.

“It’s really very, very quiet. There is nothing going on,” the trader said.

With SanDisk shares up 44 cents, or 0.7%, at $67.63, the SanDisk 0.5% convertibles due 2020 traded in line to a little better at 102.5 to 103, according to Trace data.

The Milpitas, Calif.-based data storage company’s older 1.5% convertibles due 2017 traded at 142.87, which was up about 0.4 to 0.5 point.

Yahoo! Inc.’s 0% convertibles were also moving in line with shares of the Sunnyvale, Calif.-based internet company. The bonds were last at 108.425, down about 0.9 point, according to Trace data, with shares lower by about 1% at $44.25.

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