Morning Commentary: Axon convertible notes active on otherwise quiet start to trading

By Abigail W. Adams

Portland, Me., Dec. 19 – It was a slow start to what is expected to be an uneventful week in the convertibles secondary space on Monday as accounts prepare to close the books on the worst year for the market since 2008.

Equity indexes were mixed early in the session with markets continuing to digest the Federal Open Market Committee’s final meeting of 2022.

The Dow Jones industrial average was up 14 points, or 0.04%, the S&P 500 index was down 0.33%, the Nasdaq Composite index was down 0.87% and the Russell 2000 index was down 0.42% shortly before 11 a.m. ET.

There was $44 million in reported volume about one hour into the session with only one name logging more than $5 million.

Axon Enterprise Inc.’s 0.5% convertible notes due 2027 were active although with little movement in price.

The 0.5% convertible notes were changing hands at 100.875 versus a stock price of $167.85 early in the session, according to a market source.

There was $7 million in reported volume.

After launching the day in the red, Axon’s stock turned positive and was trading at $169.94, an increase of 0.35%, shortly before 11 a.m. ET.

© 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.