Buyers emerge for downtrodden Adelphia, Lucent, energy traders; biotechs fall amid profit taking

By Ronda Fears

Nashville, Tenn., May 20 - While much of the market went south Monday with stocks, players were looking for buying opportunities. Adelphia began moving again, this time northward as buyers emerged for the beaten down paper and even for the highly distressed preferreds.

In primary market activity, Charming Shoppes launched a small deal for midweek and it was quoted higher in the gray market although several retail names were marked lower on a downdraft in stocks.

Lucent also gained ground, despite more negative news for the fiber group as Metromedia Fiber Networks filed bankruptcy as it had warned of a month ago.

El Paso Corp. apparently was winning the media war over reports late Friday that pitted it with the likes of Enron, Dynegy, CMS Energy and Reliant Resources for the so-called round-trip trades that fluffed up revenues. Traders said there was a "pretty respectable" number of buyers for CMS as well.

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