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Morning Commentary: Western Digital, Okta convertibles reach new heights; Micron remains in focus
By Abigail W. Adams
Portland, Me., March 6 – Western Digital Corp.’s 1.5% convertible notes due 2024 and Okta Inc.’s recently priced 0.25% convertible notes due 2023 reached new heights on an outright basis in early trading on Tuesday.
Western Digital’s 1.5% notes traded as high as 107 on an outright basis in scattered trading activity early in Tuesday’s session. Western Digital stock was up to $92.83, an increase of 3.23%. The notes move on a 50% delta.
Tuesday’s trades were the highest for the notes since they priced on Jan. 31.
Craig-Hallum recently raised its price target for Western Digital stock to $120 from $110. UBS recently assumed coverage of Western Digital and set a price target of $90 for the San Jose, Calif.-based computer data storage company’s stock.
Okta’s recently priced 0.25% convertible notes due 2023 also traded to their highest point outright early in Tuesday’s session. The notes traded up to 106 in scattered trading activity early in the session with the San Francisco-based enterprise identity provider’s stock up slightly.
The trades were the highest for the 0.25% notes since they priced on Feb. 22. Trading activity surrounding the notes tempered as Okta’s stock declined.
Micron Technology Inc.’s 3% convertible notes due 2043 continued to see trading action early Tuesday. The equity-sensitive convertible notes climbed about 8 points outright as the semiconductor company’s stock continued to improve.
The 3% notes traded up to 188 early in Tuesday’s session. Micron’s stock traded up to $53.93, an increase of 3.65%, early Tuesday. Micron’s stock broke out on Monday setting a new 52-week high. The stock traded above $50.00 for the first time since September 2000 on Monday.
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