Community Health up as health care bill loss sinks in; Valeant down; energy mixed

By Colin Hanner

Chicago, March 27 – Activity was slow again on a lackluster session in the distressed market, traders said, with volume light across all sectors.

Health care and energy started lower in the day, a trader said, mirroring similar movement in the equity market, but it “kind of rallied back” as the session ended.

“I think the market struggled to get its footing today,” a trader said. “I think people were assuming things were going to be pretty weak with the way stocks opened ... some of the high-quality stuff was trading better, but nothing was overly active. It was the same names we always talk about.”

Community Health Systems, Inc. was “pretty active by normal standards,” a trader said and edged higher in its most-traded issue. On Friday, the Franklin, Tenn.-based hospital operator, along with several other hospital groups, saw gains after the House failed to vote on a health care bill that could have had implications that would have severely upended how health care operators work.

The same gains were not seen for pharmaceutical company Valeant Pharmaceuticals International, Inc., which closed lower on the day, though remained one of the more active names in the distressed arena.

In exploration and production, oil futures closed marginally lower on the day in response to the lack of confidence expressed in an Organization of Petroleum Exporting Countries meeting held over the weekend to discuss extending production cuts currently in place.

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