Valeant down on lower session; Petsmart follows; recent First Quantum and AK Steel fall

By Colin Hanner and Paul Harris

Chicago, March 21 – As equity markets tumbled into a freefall on Tuesday, the high-yield secondary space traded mixed on the session, with the most-active issues coming from Valeant Pharmaceuticals International Inc., which continued to leak after several sessions of similar declines.

“Everything was weak today following equity markets,” a trader said of the high-yield arena in general. Stocks had their worst day of the year amid a series of impending policy decisions by a Trump presidency.

Market sentiment, along with the continuing declines of some issues, paired for some steeper gains on the session, a trader said.

“There was a little more activity today,” the trader said. “[Monday] was definitely sleepy.”

Phoenix-based pet retailer Petsmart, Inc. was “active and lower,” a trader said, following declines the company’s debt had on Monday.

Newer issues First Quantum Minerals and AK Steel Holding Corp. were seen lower on the session, in a similar vein to declines seen a day before.

Hospitals were mixed on a day that brought President Trump before Congress to bolster support for the American Health Care Act, which goes to a vote on Thursday in effort to supplant the current healthcare act.

Community Health Systems Inc. and Hospital Corporation of America were mixed on the session.

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