After downgrade, Neiman falls more; California Resources, Murray Energy up; Cengage pares

By Colin Hanner

Chicago, Feb. 9 – Though equity markets were experiencing a field day on promises of a business tax cut plan by President Trump, the distressed market had a “muted session” on Thursday, a trader said, where low volume and smaller staffs characterized a day where much of the East Coast was prepping for inclement weather.

“Not a tremendous amount of stuff going on,” a trader said. “Focus [was] on new issues.”

Yet, that did little to stop the decline for Neiman Marcus Group, Inc., which faltered for the third-straight session by several points. Earlier in the session, Standard and Poor’s downgraded its rating on the retailer.

In energy and production, California Resources Corp.’s distressed issue followed in line with the biggest rise in oil prices this week, and in coal, Murray Energy Corp. continued to stay active and traded much higher than in previous sessions.

Iron ore producer Cliffs Natural Resources, Inc. was up on positive quarterly results, a market source said.

Outside of those issues, a trader said activity was low.

Valeant International Pharmaceuticals, Inc. was down marginally on the day, Community Health Systems, Inc. was up, though traded tight, and educational content, technology, and services company Cengage Learning Inc. pared gains from Wednesday’s surge.

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