Valeant ‘top dog’ on most active list; Community Health swings down; Murray active; Avaya dips

By Colin Hanner

Chicago, Dec. 12 – For the third-consecutive session in the distressed arena, activity was centered on a pharmaceutical company that made news off an asset sale earlier in the week, and several other notable names traded on Thursday, though activity did not deviate too far from the previous session’s finishes.

Laval, Quebec-based Valeant Pharmaceuticals International, Inc. – the “top dog” of the distressed market on the day, according to one trader – stole the bulk of activity again in a series of distressed securities that has been trading consistently throughout the week.

Healthcare groups, including Community Health Systems, Inc., were down on the day, hours after the Senate voted to pass a budget resolution that could put the Affordable Care Act in jeopardy.

Private coal company Murray Energy Corp. continued to stay in the mix, trading down off Wednesday’s gains.

Technology company Avaya Inc. saw losses in several of its distressed securities on the session, traders said.

After extending a private exchange offer for its senior notes to mid-March, Cumulus Media Inc. dipped on recent highs, traders said.

In the energy and production arena, several oil and natural gas producers saw boosts off of the biggest rally in oil future prices so far this year.

And a swath of distressed retailers – Neiman Marcus Group, Inc., rue21, Inc. and J.C. Penney Co., Inc. – saw mixed movement on the day.

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