Morning Commentary: Tesla active, Workday makes early gains

By Abigail W. Adams

Portland, Me., Nov. 21 – Tesla Inc.’s 1.25% convertible notes due 2021 were active Tuesday morning as analysts predict a roller coaster in the coming year for the company’s stock.

The convertible notes were trading on an outright basis in the 107.625 to 108.495 range, according to Trace data.

In contrast, Tesla’s 2.375% convertible notes due 2022 were dormant. Tesla stock was up 1.9% to $314.61 in early trades after dipping to $308 at Monday’s close.

Analysts are predicting a volatile year ahead for the electric-car maker that just unveiled an electric big rig and sports car after pushing back planned high-volume production of its Model 3 sedans.

Workday Inc.’s 0.25% and 0.75% convertible notes both gained about 1 point on an outright basis in early morning trades, after both notes made gains during high volume trading Monday.

The 0.75% convertible notes due 2018 gained 1 point to trade at 139.252 Tuesday morning, after climbing about 5 points on Monday.

The 0.25% convertible notes due 2022 traded at 102.71 Tuesday morning, after gaining about 1 point Monday, according to Trace data. The financial management and human resources software vendor’s stock also increased 1.63% to $115.66 in early trades.

Analysts have given the company’s stock both a buy and a hold rating.

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