U.S. Steel notes gain after analyst upgrade; Nordstrom better as earnings anticipated

By James McCandless

San Antonio, Nov. 24 – During the Tuesday session, the distressed debt market was focused on the manufacturing and retail sectors.

United States Steel Corp.’s notes gained ground during the day after the company’s stock received an analyst upgrade.

The 6 7/8% senior notes due 2025 moved up 1 point to close at 92½ bid. The 12% senior secured notes due 2025 added ¼ point to close at 114¼ bid.

The Pittsburgh-based steel manufacturer’s structure saw a spike through the Tuesday session after receiving an analyst upgrade.

In the retail space, Nordstrom, Inc.’s paper ended at better levels as the market anticipated a third-quarter earnings release.

The 5% senior notes due 2044 rose 2¼ points to close at 87½ bid. The 4 3/8% senior notes due 2030 jumped up 3¼ points to close at 92½ bid.

During Tuesday’s activity, the market focused on the Seattle-based department store chain’s paper as its third-quarter earnings numbers were anticipated for after-market release.

Just after the close, the company showed a profit of 22 cents per share, outpacing the 1 cent per share profit that analysts were expecting.

Revenues came in at $3.09 billion, just below predictions.

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