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Community Health closes week on high note; Neiman Marcus unchanged; E&P nearly flat
By Colin Hanner
Chicago, Jan. 6 – The shortened holiday week bookended with continued strength in the hospital sector in the distressed arena on Friday, as the same players continued to build on gains seen throughout the week.
“This week has seen all the same strength in the hospital sector,” a trader said, pointing to the upticks by hospital group Community Health Systems, Inc., which the trader said seemed to “go up every day.”
Pharmaceutical company Valeant Pharmaceuticals International, Inc. changed course on Friday and dipped off the three-day gain it had seen since the beginning of the new year.
Following rather dismal news coming out of mainly brick-and-mortar retailers on Thursday – especially Macy’s, Inc. and Sears Holdings Corp. – distressed retailer Neiman Marcus Groups, Inc. announced Friday that it was withdrawing its registration for an initial public offering nearly a year and a half after filing for it, another troubling sign that the retailer is reconsidering the trajectory of the company going forward.
Oil did not straggle too far from the start of the day, and neither did any exploration and production distressed names. GenOn Energy Corp. was trading slightly higher, as were Anadarko Petroleum Corp. and Pacific Drilling Co.
Samson Investment Co. (Samson Resources) also jumped several points on the day off news of a settlement deal, and iHeartCommunications, Inc. coasted lower heading into the weekend.
For the first week back from the holidays – and the beginning of a new year – trading in distressed land seemed to rebound from the non-active pre-holiday lull, according to traders.
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