Avaya sees big spike, some mixture; Neiman Marcus gains go on; Valeant rumors spur upticks

By Colin Hanner

Chicago, Jan. 25 – Though the Dow Jones industrial average flew above the 20,000 benchmark on Wednesday – brought on by some concrete executive actions by President Donald Trump after months of speculation – the distressed market was quieter in comparison, traders said, adding that volume and activity was on the quieter side.

“Not a whole lot of volume today,” a trader said, adding that the “lower echelon” of distressed names were much higher on his activity for the day.

“Things seem to be quieter today,” another trader said.

For the third-straight session, telecommunication service company Avaya, Inc. continued to see a rise in one set of its distressed securities, though two other sets were down on the session, a day after swings upward were caused by approved debtor-in-possession financing.

Retailer Neiman Marcus Group, Inc. followed Tuesday’s session with another day of gains. On Monday, the retailer retreated several points before rebounding the following session.

Valeant Pharmaceuticals International, Inc. capitalized on headlines that its Eastern European assets were gaining interest from other firms, according to a Bloomberg report confirmed by other media groups and a trader.

In healthcare, Community Health Systems, Inc. saw a several-point increase that broke from the past few sessions of either unchanged or very little movement.

In energy and production, several oil drillers saw an increase. In a rising-tide-lifts-all-boats scenario, executive orders by President Trump were largely seen as a boost to the energy sector on the session.

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