| Add to balance / Manage account | User: | Log out |
| Prospect News home > News index > List of issuers Review > Headlines for 2022 > News item |
Morning Commentary: Twitter convertibles hold onto gains; Box higher; DocuSign flat
Chicago, Oct. 5 – In the morning session on Wednesday, investors were still reacting to the nearly surprising news that the Twitter Inc. takeover deal by Elon Musk seemed to be less contentiously back on track.
Twitter’s 0.25% convertibles due 2024 were again in play on Wednesday morning and holding onto gains from the previous session when the bonds shot up 9 points.
The bonds were still moving in a range of 108.5 to over 109 in an active morning for the issue.
The convertibles had been hovering around par since mid-May when the deal became problematic.
The company’s stock jumped on Tuesday afternoon to come close to the takeout price of $54.20 per share, closing at $52.
However, on Wednesday morning the stock retreated a bit, dropping to $50.62 in the early going, a seeming reflection of remaining questions about the deal and how the story will continue to unfold.
File-sharing company Box Inc.’s stock is up 9.5% in the past five days and was beating a market retreat on Wednesday morning – only down by negative 0.24% versus a negative 1.61% for the S&P 500 index.
The company’s zero-coupon convertibles due 2026 were active and higher on Tuesday, trading above 119, a push up from the 111 zone a week ago.
Industry peer DocuSign Inc. was struggling, though, in the early going.
The company received a price target of $47 per share from Morgan Stanley earlier in the week.
DocuSign’s stock was stumbling, down 6.6% on Wednesday morning and marked at $52.18
The company is also cutting its workforce by 9%, announced a week ago.
The company’s zero-coupon convertibles due 2024 trade in a pretty tight range between 91 and 96.
They were on the board in modest action on Wednesday morning, generally unchanged at 93.75.
© 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.