Intelsat, Avaya down on calm day; Valeant, Community Health quieter; E&P mixed as oil dips

By Colin Hanner

Chicago, Jan. 9 – Activity was on the quiet side in the distressed market on Monday, traders said, as energy securities hid as oil prices declined, and general activity moved modestly in either direction.

“It was on the quiet side of things today,” a trader said.

After a week characterized by a strengthening hospital sector, bustling exploration and production securities and the downswing of brick-and-mortar retailers, few names truly saw significant activity on the session.

Satellite communication provider Intelsat SA was down several points in a few of its securities, though no specific drivers brought down the notes.

Similarly, Avaya Inc., down heavily on Friday, was offered another point lower on Monday’s session, a trader said, adding that the technology company seems to be trending lower as the prospects of filing for Chapter 11 seem to be mounting.

Valeant Pharmaceuticals International, Inc. and Community Health Systems, Inc. – both companies who were trending higher last week – did not veer far from where they started on Friday.

Oil future prices were down, breaking a four-day streak of straight gains, and distressed securities were mixed as a result, including California Resources Corp., which was down a round number, and Pacific Drilling Co., which swung the other direction.

As for the sessions ahead, a trader said to stay in tune with the new issue calendar.

“If we see an increase there, we could see prices sloshing around a bit,” he said.

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