Intelsat mixed and most active; Valeant continues rebound; iHeart up across the board

By Colin Hanner

Chicago, March 2 – Activity was hit-and-miss in the distressed market on Thursday, traders said, with more of the same volume-heavy movement coming from notables headlining the past few sessions.

It’s been “a lot of the same names that’ve been trading all week,” a trader said, adding that new issues in the high-yield space took up a bulk of attention on the day.

Intelsat SA had the most resounding active issues on the day, though its subsidiaries traded with a “mixed bag” of movement, a trader said.

News of a merger between the satellite telecommunications company and OneWeb LLC late in the day on Monday caused Intelsat stocks to plummet and bonds to rise for most of the week.

Issues of Valeant Pharmaceuticals International, Inc. were up and down fractionally on “good volume,” a trader said, several sessions after the Candian pharmaceutical company announced its fourth quarter results.

Also mixed was California Resources Corp., surprising one trader who said he expected to see mostly declines on a day that saw steep declines in oil future prices as the U.S. continues to contribute to a glut of oil that the Organization of Petroleum Exporting Countries is seeking to reduce.

Media company iHeartCommunications, Inc. traded higher in two issues, and retailer Neiman Marcus Group, Inc. saw movement in both directions in what a trader said was a “breather” from the gains it has seen in recent sessions.

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