Energy Future ‘volatile’ after acquisition falls through; California Resources nearly flat

By Colin Hanner

Chicago, March 31 – Though volumes were unsubstantial in the distressed market on Friday, volatility took one distressed energy company by storm, causing an intraday swing in the double-digits, a trader said.

Dallas-based electric utility company Energy Future Holdings Corp. was down severely early in the session, only to rebound as the session closed. The decline comes on the heels of news from Thursday that Energy Future would not be acquired by NextEra Energy Inc., a Juno Beach, Fla.-based nuclear electric power generation company.

In the exploration and production sector, oil capped off a week of gains with a marginal uptick.

Distressed companies were mixed on the session, with California Resources Corp. leading activity, but remaining nearly unchanged on the day.

A day after it announced the completion of a tender offer, Franklin, Tenn.-based hospital operator Community Health Systems, Inc. was down fractionally on “a bunch of trades,” a trader said. The bigger loser in that sector was Community Health-spinoff Quorum Health Corp., two sessions following poor results and an extension of the company’s 10-K filing.

Concordia International Corp. was higher for the third-straight session, and fellow Candian pharmaceutical company Valeant Pharmaceuticals International Inc. was unchanged.

Retailer Neiman Marcus Group, Inc. ticked higher on the session, iHeartCommunications, Inc. was firmer and Intelsat SA was down a round number on the last trading day of the quarter.

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