Murray Energy up on earnings, executive order; California Resources rises; Concordia down

By Colin Hanner

Chicago, March 28 – Volume in the distressed market ticked higher than it has in several sessions on Tuesday, a trader said, with Murray Energy Corp. leading the way as one of the most actively traded issues.

A trader said the St. Clairsville, Ohio-based private coal company traded higher on its quarterly earnings, which were released on Tuesday morning, in addition to news that President Donald Trump signed an executive order that signaled a shift toward policies hoping to further energy independence and open use of federal lands for coal mining, according to several media reports.

As for the rest of the market, a trader said that distressed debts were trading “more or less sideways” on the session, “inching their way back given the better tone in stocks.”

“The market was trying to be better, but hesitation and the general trend has been softer” prompting distressed issues to not move too far in either direction, the trader said.

Elsewhere in the distressed arena, California Resources Corp. “rallied a good bit today” after a slight downturn Monday, perhaps due to the shift in oil future prices, which rebounded after several losing sessions.

Candian oil sands producer MEG Energy Corp. posted gains on the day, as well.

Pharmaceutical company Concordia International Corp. was down fractionally, retailer Neiman Marcus Group, Inc. gained more than a point in one issue, and an Intelsat SA subsidiary saw a flat and falling issue on the session.

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