After results, Concordia sees big losses; Valeant rebounds after ‘whipsaw’ week; Neiman up

By Colin Hanner

Chicago, March 15 – As the Federal Reserve raised interest rates by a quarter point on Wednesday, movement in the distressed market did little to react, as the biggest mover in distressed-land, pharmaceutical company Concordia International Corp., responded to disappointing fourth quarter results.

“They were really off today,” a trader said of Concordia bonds, which dropped by several points across multiple issues.

“The ongoing impact of financial and industry headwinds on the business, and the resulting erosion to our stakeholder value, have necessitated a reassessment of our business model,” said Allan Oberman, chief executive officer of Concordia, in a news release.

In the same sphere, Valeant Pharmaceuticals International Inc. rebounded a day following Bill Ackman’s hedge fund’s selloff of its entire equity stake in the Candian pharmaceutical company.

Elsewhere, a “nice bounce in oil” prices lifted some exploration and production companies, one of which, California Resources Corp., rose several points after falling crude oil prices had depressed the sector for several sessions.

Though U.S. retail sales figures had the smallest gain in a half-year in February – a 0.1% raise – Neiman Marcus Group, Inc. continued to feed off news that the retailer is the process of a deal that could end in an acquisition by Hudson’s Bay Co., a Candian outfit that owns Saks Fifth Avenue and Lord & Taylor.

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