Morning Commentary: Post-holiday session mostly quiet; Tesla in focus with shares down

By Rebecca Melvin

New York, July 5 – The convertibles market was very quiet to start the post-holiday session on Wednesday following Independence Day.

Tesla Inc. was in focus with the stock coming off 5% to 6% on the back of disappointing news regarding second-quarter deliveries, a New York-based trader said.

Tesla’s 1.625% convertible due 2019 stood at 94 in the early going, with Tesla shares were down $18.26, or 5.2% last, at $333.90.

Energy was also in focus as crude oil prices traded down.

Ensco plc’s convertibles were trading a little bit, traders said.

The paper was quoted at 78.25 with the stock down about 5% at $5.21.

That was about in line on a dollar-neutral, or hedged, basis, a 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.