Intelsat gains after confirming merger; Valeant down post-results; Endo, Neiman unchanged

By Colin Hanner

Chicago, Feb. 28 – Earnings announcements took the bulk of attention for just a few distressed companies on Tuesday, traders said, with one company building on gains it made on Monday’s session.

“It was all Intelsat [SA] today,” a trader said. “They started raging on merger and continued, albeit at not the same clip” as Monday. The merger in question, which broke late in the day on Monday via Sky News, was confirmed on Tuesday between Intelsat and global communications company, OneWeb LLC.

Intelsat also released its fourth quarter results and a series of exchange offers for several of its outstanding senior notes.

“Intelsat was the name du jour,” another trader said.

Swinging the opposite direction, Valeant Pharmaceuticals International, Inc. was “very active,” a trader said, and saw declines in several of its issues after it announced disappointing fourth quarter results.

Two sellside traders said the bulk of attention was focused on the aforementioned companies’ issues.

“Those two were the most notable,” a trader said. “There wasn’t a whole lot past that.”

Fellow pharmaceutical company Endo International plc topped market estimates, but a trader said two of its issues were largely unchanged on the day.

Elsewhere in the distressed arena, telecommunications company Avaya Inc. was up marginally in an issue that was trading in the same zip code for the previous two sessions, Neiman Marcus Group, Inc. was largely unchanged and several idiosyncratic issues were mixed on the session.

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