Valeant mixed, less busy; Cengage down on earnings, Talen up; Intelsat mixed on extension

By Colin Hanner

Chicago, May 11 – There was a setback in volume for Valeant Pharmaceuticals International, Inc. in the distressed debt market on Thursday, market sources said.

For the past two sessions, it has been up by several points each day, though movement was mixed for the Canadian pharmaceutical maker.

Educational content, technology and services company Cengage Learning Inc. was remarkably lower following its first quarter earnings, though those figures remained private.

The same went for Talen Energy Corp., which was higher on the session following Wednesday’s earnings release.

Intelsat SA was mixed in some of its issues following an extension of an exchange offer due to a lower turnout rate.

Concordia International Corp. continued to move higher post-Thursday earnings, though the gains were fractional compared to a day prior.

In the exploration and production sphere, crude oil futures continued to rise on Wednesday’s rally, and distressed names California Resources Corp. and Denbury Resources Inc. followed suit.

And Neiman Marcus Group Inc. was slightly lower, though its movement could not be concretely tied to downtrodden earnings from Macy’s Inc.

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