Freeport McMoRan, Avaya tick higher on news; Ocwen ‘volatile’; Community Health gains

By Colin Hanner

Chicago, April 25 – A handful of distressed notables were driven by some company-specific news on Tuesday, including Freeport McMoRan Inc. after it posted its first quarter results, as well as Avaya Inc., which was active after headlines about the company’s capital structure drove bonds higher.

Still volatile after a lawsuit brought forward by the Consumer Financial Protection Bureau, Ocwen Financial Corp. trickled lower on the session, a trader said. The Atlanta-based residential and commercial mortgage provider has been swinging in the mid- to high-80 range for the past four sessions.

Franklin, Tenn.-based hospital operator Community Health Systems, Inc. stayed as one of the distressed arena’s most active, gaining fractionally on the session.

Aside from a mixed bag of energy-related names – EP Energy Corp., GenOn Energy, Inc. and Transocean Inc., to name a few – trading started to get to the “bottom feeders,” a trader said.

iHeartMedia, Inc. subsidiary, iHeartCommunications, Inc., was down marginally, as was upscale retailer Neiman Marcus Group Inc.

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