Energy Future pares losses; Community Health sees small dip; Hertz down with auto industry

By Colin Hanner

Chicago, April 3 – It was a lackluster session in the distressed market on Monday, traders said, with volume light and trading tight across only a few notable issues.

“It was a sleepy day,” a trader said, adding that in the regular high-yield a new issue out of Videotron Ltd. wasn’t “all that active, relatively speaking.”

“There was nothing to get your hands on, action-wise,” the trader said. “It was certainly an uninspiring market today.”

Yet, one issue stood out among the rest for its swinging movement in the distressed arena as of late.

“The name de jour for the past few sessions has been [Energy Future Holdings Corp.],” the trader said.

Energy Future gained several points in its distressed issue a session following a downturn caused by the blocked approval of an acquisition with NextEra Energy Inc., a Juno Beach, Fla.-based nuclear electric power generation company.

Nearing the top of the pack, Community Health Systems Inc. was down marginally on “a dozen trades,” a trader said.

Valeant Pharmaceuticals International Inc. traded in the same ballpark on similar volume.

As the auto industry accounted for some of the biggest losses in the Dow Jones Industrial Average for the session, Hertz Global Holdings, Inc. was down a round number, with a trader adding that “used car sales are having some hard times.”

Two retailers – J. Crew Group Inc. and Neiman Marcus Group Inc. – were down similarly.

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