Under Armour drops into distressed territory; Community Health gains; pharma goes up

By Colin Hanner

Chicago, Feb. 1 – Trading in the distressed arena mirrored the equity market in its quietness on Wednesday, market sources said, with the most-actively traded issues not veering far from where they started the day, except for one retailer that fumbled into distressed trading levels on the session.

Though not considered uniquely distressed, traders said a series of Under Armour, Inc. securities traded down several points to stressed territory on heavy volume following weaker-than-projected quarterly results and ensuing downgrades by two ratings agencies.

Community Health Systems, Inc. continued to see gains from Tuesday’s session though a trader said a bit of news from the healthcare industry seemed to push the Franklin, Tenn.-based hospital group up further.

Distressed pharmaceutical staples Valeant Pharmaceuticals International, Inc. and Concordia International Corp. traded mixed a day following a sit-down between President Trump and pharmaceutical giants.

Luxembourg-based Intelsat SA saw a slight uptick in at least one series of its notes across its subsidiaries but was flat in others.

Global shipper Navios Maritime Holdings, Inc. traded up higher in two sets of securities, Acosta, Inc. returned to the top of the most-active list with a marginal increase of its own, and iHeartCommunications, Inc. followed with a slight gain on an overall soft session.

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