Wirelines firm, Altice battered; CalRes climbs but other oils lag; semiconductor converts lower

By Paul Deckelman

New York, Nov. 30 – Traders in distressed debt and the bonds of otherwise underperforming companies and sectors saw a mixed market on Thursday, with no clear trend standing out.

Domestic wireline telecommunications names like Frontier Communications Corp., Windstream Services and CenturyLink, Inc. were seen better on the day but European telecom operator Altice’s various issues were broadly and deeply lower.

Energy sector bellwether credit California Resources Corp. was solidly higher in active trading, in line with an upturn in world crude oil prices after three sessions on the downside.

But sector peers like Denbury Resources Inc. and MEG Energy Corp. failed to keep pace.

Hospital names like Community Health Systems Inc. and Tenet Healthcare Corp. ended the day on the upside.

In the convertibles market, Lam Research Corp.’s 2.65% convertible notes due 2041 and 1.25% convertible notes due 2018 solidified their nosedive seen on Wednesday with active trading on Thursday that was more than 50 and 30 points lower than trades earlier in the week.

Convertibles from other semiconductor companies were meantime actively traded with slight drops as confidence in the future growth potential of semiconductor companies began to shake.

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