Midday Commentary: GT Advanced trades higher after earnings; Cepheid continues to trade

By Rebecca Melvin

New York, Feb. 24 - GT Advanced Technologies Inc.'s 3% convertibles due 2020 traded higher early Monday after the Merrimack, N.H.-based solar and LED technology company reported positive fourth-quarter results and updated guidance before the market open, a New York-based trader said.

The newer GT Advanced 2020 notes, which priced Dec. 4, were currently at 135.75 versus an underlying share price of $13.20, the trader said.

That was up about 0.625 point on a dollar-neutral basis from Friday.

GT Advanced's older, 3% convertibles due 2017 were quoted at 186.125 bid, 186.875 offered with the underlying shares also at $13.20.

GT Advanced shares surged 10% in the early going Monday and are up 48% from Dec. 4. The company's results included an earnings beat but a revenue miss for the quarter, with guidance for the current quarter weaker than consensus. But full-year 2014 guidance was in line with prior guidance.

Elsewhere, Cepheid, Inc.'s newer 1.25% convertibles due 2021 were quoted at 107.875 bid, 108.375 offered versus an underlying share price of $53.67.

The Cepheid convertibles, which priced Feb. 4, continue to trade, a Connecticut-based syndicate source said.

Cepheid is a Sunnyvale, Calif.-based molecular diagnostics company. Shares were little changed early Monday but are up about 9% from the convertibles issue date.

© 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.