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Morning Commentary: Snap edges up amid volatile shares; Workday up outright in trading
By Rebecca Melvin
New York, Oct. 22 – Snap Inc.’s convertibles were higher on strong volume on Tuesday as the underlying shares moved lower ahead of the social media company’s third-quarter earnings report expected to be released after the session close.
Snap shares had jumped on Monday and were shedding some of that gain.
The Snap 0.75% convertibles due 2026 changed hands at 99.9, which was up from trade with a 97 handle on Monday, according to Trace data. Shares of the social media company have mostly sold off since late September, but they are still more than double where they started the year, trading down 2% last at $14.28.
Workday Inc.’s 0.25% convertibles due 2022, or the series C convertible notes, traded up to more than 125 on Tuesday morning and were last at 124.70 with the underlying shares up as high as $157.84 at the open. That level was higher outright but looked about unchanged on a dollar-neutral basis, a New York-based trader said.
Workday shares have since tracked lower, but they were still positive at late morning and were last at $154.59. That compares to Monday when the Workday bonds were 123.75 bid, 124.124 offered with shares up about 50 cents at $155.00.
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