iHeart up after several downtrodden sessions; Valeant, Concordia slip again; Neiman flat

By Colin Hanner

Chicago, March 20 – iHeartCommunications Inc.’s retreat came to an end Monday after a streak of poor sessions following plans for a private debt exchange. Several of the company’s issues were up after the weekend respite, traders said.

Though there was no apparent reasons for the sudden upswing, iHeartCommunications, Inc. was up across several issues, especially one that traded several points higher after being down more than 1 point on Friday.

But Valeant Pharmaceuticals International Inc. – down on Friday and most of the last week – continued its losing ways on Monday, mirroring similar 1 point losses from past sessions.

Other than those two issues, traders said volume seemed on the low end on Monday.

“I don’t know why it was so quiet,” a sellside trader said of activity in the distressed market. “There was very little notable volume at all. There was not a lot of anything that was active. I don’t know if people had the NCAA [basketball] hangover or what.”

Valeant’s fellow Canadian pharmaceutical company Concordia International Corp. followed with a marginal loss to new lows, prompting one trader to say they were “close to worthless.”

As oil futures continued to fall in the global markets, exploration and production-related companies were mixed, though trended down, traders said, with several companies, including Pacific Drilling SA and GulfMark Offshore Inc., trading down fractions of a point on the day.

In the energy sphere, two electricity names fell marginally on the session.

Retailer Neiman Marcus Group Inc. was flat on the day, Intelsat SA and its subsidiaries were down and Walter Investment Management Corp. was up on an otherwise unusually quiet day that was reflected in other markets.

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