California Resources most active for second session; GenOn, Talen higher; Neiman unchanged

By Colin Hanner

Chicago, May 8 – Noteworthy activity was confined to just a few names in the distressed debt market on Monday, traders said.

California Resources Corp. led the way a session after its quarterly earnings, and, on a broader scale, optimism surged around the Organization of Petroleum Exporting Countries’ willingness to extend supply cuts.

GenOn Energy, Inc. remained near the top of the most-active list, followed by Talen Energy Corp.

From there, trading was “dropping off precipitously,” a trader said, with notable distressed names trading on lower-than-usual volume for the day.

Community Health Systems, Inc., Valeant Pharmaceuticals International, Inc. and Concordia International Corp. all moved fractionally in the health care and pharmaceutical spheres.

Neiman Marcus Group, Inc. was unchanged after Reuters reported that Hudson Bay Co. had hired a debt restructuring adviser in its merger efforts with the company, yet another sign that a possible merger between the two may be losing steam.

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