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PJM auction causes downturn for Talen, GenOn; Neiman Marcus higher on M&A rumors
By Colin Hanner
Chicago, May 24 – Several issuers in the distressed debt market on Wednesday reflected the results of the PJM Interconnection Capacity Auction held a day prior, a market source said, with energy producers falling across the board.
Dynegy Inc., which, on Friday was whispered to be the target of an acquisition by Vistra Energy Corp., was affected more by the results of the auction, which showed that power reserve margins were higher than the target, a benefit for consumers on the behalf of producers.
Also lower were Talen Energy Corp. and GenOn Energy Corp., which was Tuesday’s volume and movement leader.
Dallas-based retailer Neiman Marcus Group, Inc. saw intraday gains of several points after a New York Post article reported that Related Cos., a New York real estate company, had met with Neiman Marcus to discuss, among other things, a possible partnership and acquisition.
Bonds pared after reaching highs midday, but were still higher on the day.
Distressed exploration and production companies were higher as crude oil moved lower, and Intelsat SA’s subsidiaries were fractionally higher on the session.
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