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Morning Commentary: Twitter gains continue as Musk joins board
By Abigail W. Adams
Portland, Me., April 5 – There was an uptick of activity in the convertibles secondary space as selling resumed in equity markets with the tech sector and small-cap stocks leading declines.
The Dow Jones industrial average was down 62 points or 0.18% one hour into the session but clawed back to positive territory and was up 13 points or 0.04% shortly before 11 a.m. ET.
However, the S&P 500 index was down 0.33%, the Nasdaq Composite was down 1.27% and the Russell 2000 index was down 1.27% shortly before 11 a.m. ET.
There was $107 million on the tape a little more than one hour into the session.
While a weak open for broader markets, Twitter Inc.’s convertible notes continued to gain alongside stock after a strong move the previous session.
Twitter’s 0.25% convertible notes due 2024 rose 3 points outright as stock jumped another 5%.
The 0.25% notes were changing hands at 114.5 versus a stock price of $52.87 in the early afternoon.
The notes remained among the most actively traded in the secondary space with $8 million in reported volume.
Twitter’s 0% convertible notes due 2026 rose another 0.375 point outright to trade at 88.375 versus a stock price of $53.18.
Twitter’s stock continued to gain and was changing hands at $52.55, an increase of 5.16%, shortly before 11 a.m. ET.
Twitter has been on a tear since Monday with the social media company’s capital structure lifted following news Tesla Inc. chief executive officer Elon Musk had taken a 9.2% stake in the company.
Twitter announced on Tuesday that Musk would be offered a seat on its board of directors.
On Monday, Twitter’s stock jumped 27% and its 0.25% convertible notes rose more than 9 points outright and expanded a few points dollar-neutral while the 0% convertible notes gained more than 3 points outright and expanded 1 point dollar-neutral.
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