Morning Commentary: Lumentum convertibles continue to strengthen; DISH Network active

By Abigail W. Adams

Portland, Me., Feb. 7 – Lumentum Holdings Inc.’s 0.25% convertible notes due 2024 continued to rise alongside its stock early in Wednesday’s session.

The 0.25% notes were trading up to 116 early Wednesday, a 4-point gain from Tuesday when the notes climbed 7 points, according to Trace data.

Lumentum stock was up 5.52% early Wednesday to $54.50 after climbing more than 21% on Tuesday.

The Milpitas, Calif.-based optical components maker’s convertible notes and stock have climbed since the company reported its second-quarter earnings and a $200 million delivery of its 3D sensing lasers on Tuesday.

DISH Network Corp.’s 3.375% convertible notes due 2026 continued to attract attention early Wednesday after an active day on Tuesday. The notes were trading in the 102 to 103 range after spending much of Tuesday wrapped around 101.

DISH’s 2.375% convertible notes due 2024 traded in the 90 to 91 range in scattered trading Tuesday and saw no trading action early in Wednesday’s session. Dish stock was up 4.22% to $45.15 early Wednesday.

DISH stock was up after a Citigroup upgrade to buy with analyst Jason Bazinet foreseeing a future buyout of the company for $95.00 a share. Citigroup maintained its price target for DISH at $54.00.

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