Oil companies rule market as crude advances; Accudyne higher; iHeart eyed on tender news

By Colin Hanner

Chicago, April 6 – With oil prices rising again on Thursday, the exploration and production sector was active in the distressed market, a trader said, though some idiosyncratic names saw some wide movement on the session.

“All the oil and natural gas were active again,” a trader said, the third consecutive day where oil prices – and related companies – generally moved higher with the market.

California Resources Corp. was up marginally on the session, a trader said, followed by Denbury Resources Inc. and offshore transportation service company GulfMark Offshore Inc., which was up steadily.

Dallas-based pumps and compressor producer Accudyne Industries LLC – a company that works primarily with the energy business and is not typically seen trading in the distressed market with high volumes, traders said – was one of the more active names of the session.

Pharmaceutical companies Valeant Pharmaceuticals International, Inc. and Concordia International Corp. were mixed on the session.

With another retailer likely to succumb to bankruptcy – teen clothing company Rue21 Inc. – retailers did not appear to respond on Thursday.

Claire’s Stores Inc. paper was down a fraction of a point of the session.

And San Antonio-based broadcasting and outdoor advertising giant iHeartCommunications Inc. was “sideways” after it was announced that the tender offer for several of its notes and term loans would be extended another week, though at least one issue traded up marginally.

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