Cengage Learning, McGraw movers of the day after results; Neiman loses more; Murray drops

By Colin Hanner

Chicago, Feb. 8 – As focus shifted toward the ever-increasing amount of new issues hitting the high-yield market on Wednesday, an education company stole the session’s attention in the distressed market with a multi-point gain, traders said.

“There’s a bunch of new issues, so obviously a lot of focus on those,” a trader said.

Educational content, technology and services company Cengage Learning Inc. exceeded quarterly expectations, a reversal of what happened to fellow education publishing company Pearson plc, which fell dramatically last month after announcing it was cutting its profit forecast going forward.

A set of retailers – L Brands Inc. and Neiman Marcus Group, Inc. – traded mixed on the day in the ever-declining traditional retail landscape. News surrounding the latter may have come into play.

Intelsat Jackson Holdings SA continued to trend lower on the day, traders said, with two series of notes declining within a point from where they started.

A hospital operator and a pharmaceutical company were down on the session, private coal company Murray Energy Corp. lost the gains it had made in Tuesday’s session and California Resources Corp.’s most popular issue was down even though oil future prices were up on the day.

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