Oil and related E&P higher for second session; Quorum Health down sharply; Valeant rises

By Colin Hanner

Chicago, March 29 – The distressed market set a better tone on Wednesday than in the previous two sessions, a trader said, as oil and oil-related names continued to surge.

“The market definitely felt better today,” a trader said.

Oil future prices were higher for the second consecutive session, with gains credited toward less-than-expected crude oil inventory gains in the U.S., according to weekly data from the Energy Information Agency.

California Resources Corp. led distressed exploration and production companies in gains, though Pacific Drilling Co. and Anadarko Petroleum Corp. posted higher finishes on the session, as well.

Elsewhere, two distressed hospital groups signaled downward, though for different reasons.

Quorum Health Corp. saw an intraday swing of nearly 10 points after the company announced it filed an extension for its annual report for the 2016 fiscal year, citing “efforts by the company to work with its lenders to amend certain provisions of the company’s existing senior credit facility,” a 10-K filing with the Securities and Exchange Commission said.

Whispers of a new health care bill sprouting from a Trump administration spooked Community Health Systems Inc., which pared gains the Franklin, Tenn.-based hospital operator had made after last week’s failed health care legislation.

In pharmaceuticals, Valeant Pharmaceuticals International Inc. and Concordia International Corp. were either up or flat on the session, a change of pace from the past few sessions.

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