Intelsat gains for third session; Neiman down a ‘smidge’; Peabody pares loss; E&P mixed

By Colin Hanner

Chicago, Jan. 30 – Volume was low in the distressed arena again on Monday, traders said, with much of the focus on some popular high-yield names, though a distressed communication satellite company continued to build on a gain started at the end of last week.

“It was a lackluster day, besides Trump creating headlines left and right,” a trader said, referring to the buzz created by a series of executive orders on immigration that had an indirect impact on equity markets on the session. “[There was] not too much volume-wise.”

In distressed-land, Luxembourg-based Intelsat SA and its subsidiaries traded higher, and in some cases, by several points. Since Thursday, Intelsat has seen gains for at least one of its distressed notes.

Neiman Marcus Group, Inc. was down “a smidge” in one series of notes after a week of up-and-down movement for the troubled retailer.

Volume continued to be low for St. Louis-based coal company Peabody Energy Corp., yet it gained some of the steep losses felt on Friday, a trader said.

Offshore ultra-deepwater driller Pacific Drilling SA led gains among exploration and production companies, with GenOn Energy Corp. following with a modest gain of its own.

California Resources Corp. and MEG Energy Corp. felt the decline as oil future contracts dropped on the session.

And in healthcare and pharmaceuticals, movement was mixed but traded tight for Valeant Pharmaceuticals International, Inc. and Community Health Systems, Inc., among others.

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