Community Health jumps on quarterly results; Valeant follows; California Resources drops

By Colin Hanner

Chicago, May 2 – Earnings in health care had the sector intensifying in the distressed debt market on Tuesday, market sources said, with Community Health Systems, Inc. leading the way after posting better-than-expected first-quarter results.

It was the most actively traded issue of the session in the distressed arena, a trader said.

Seeing a similar resurgence was Valeant Pharmaceuticals International, Inc., which was noticeably higher after the company’s annual meeting yielded discussion about a reduction in the company’s overall debt.

Energy – oil and oil-related names in particular – was down following yet another session of depressed crude oil future prices, with California Resources Corp. posting another declining session.

Joining the mix of reactions to quarterly earnings, Rent-A-Center, Inc. was higher after delivering solid earnings.

Rental and car sales company Hertz Global Holdings, Inc. was mixed on the session following figures from automakers that showed a continued decline in the industry.

Rounding out the market’s movement were two series of iHeartCommunications, Inc. notes, which moved higher on the day.

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