Murray Energy tops gainers on ‘heavy volume’; Rent-A-Center mixed; Hexion up

By Colin Hanner

Chicago, Feb. 14 – As the equity market touched new highs on Tuesday, several issues in the distressed arena were lifted as well, with a private coal producer seeing some of the biggest gains of the day, traders said.

St. Clairsville, Ohio-based Murray Energy Corp. was up in its sole distressed issue on “heavy, heavy volume,” a trader said, adding that they were the biggest mover on the session.

“Murray’s gains came after Foresight [Energy LP] reported fourth quarter revenue,” a trader said. Murray has about a 50% stake in Foresight Energy.

In other company-driven moves, Rent-A-Center, Inc. was a “smidge off the lows” in two issues, traders said, a day following the release of worse-than-expected quarterly results. A minority stakeholder in Rent-A-Center also sent a letter during the session asking the company to look for alternative strategies, including a potential sale, several media outlets reported.

Columbus, Ohio-based chemical company Hexion, Inc. posted its third-straight session of gains on Tuesday, traders said.

Media company iHeartCommunications, Inc. saw gains in two sets of its distressed notes, Neiman Marcus Group, Inc. was significantly higher in both of its issues, a group of exploration and production names moved in both directions and several one-off distressed names traded mixed on the day.

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