Hornbeck Offshore down big post-Q4 results; Murray rises more; Valeant, Avaya, Hertz down

By Colin Hanner

Chicago, Feb. 16 – Activity was overall muted in the distressed market on Thursday, traders said, with familiar issues continuing to steal most of the action, though an offshore transport service company faltered after releasing disappointing fourth quarter results.

Hornbeck Offshore Services, Inc. saw multi-point decreases in two of its notes a day after releasing quarterly figures.

“They missed earnings, and it clubbed them,” a trader said.

Following the movement of the past two sessions, St. Clairsville, Ohio-based private coal company Murray Energy Corp. continued to post gains on heavy volume, trader said.

Quite a few of Valeant Pharmaceuticals International, Inc.’s distressed issues traded down following the approval of its brodalumab drug, Siliq, by the Food and Drug Administration.

Valeant’s stock dropped on the day, as well.

There were a few moves in the energy arena on the session, including California Resources Corp., which traded down marginally ahead of its earnings release; iHeartCommunications, Inc. was sideways after trading higher in the past few sessions; Avaya Inc. was down several points; and several one-off issues were mixed on a low-volume session.

“There wasn’t a ton of volume today, certainly not distressed stuff,” a trader said. “It looked like the market took a breather.”

© 2015 Prospect News.
All content on this website is protected by copyright law in the U.S. and elsewhere. For the use of the person downloading only.
Redistribution and copying are prohibited by law without written permission in advance from Prospect News.
Redistribution or copying includes e-mailing, printing multiple copies or any other form of reproduction.