Cliffs surges higher again; E&P uplifted by oil prices; Neiman stops dramatic losses

By Colin Hanner

Chicago, Feb. 10 – A week capped by earnings announcements by several companies led to the continued rise of an iron ore producer in the distressed market on Friday, a trader said, while several companies in the exploration and production sector rode higher oil prices on the day.

Cleveland-based iron ore miner Cliffs Natural Resources, Inc. saw another multi-point gain on the session in its distressed notes, compounding into a nearly double-digit gain since the company announced its fourth quarter results on Thursday.

In the E&P sphere, California Resources Corp. was up on a “bunch of trades,” a trader said, while Denbury Resources Corp. and driller GulfMark Offshore Inc. saw gains of their own.

St. Clairsville, Ohio-based coal company Murray Energy Corp. stayed active, though reverted back to trading tight after jumping more than a point in its distressed issue.

Movement was a little less rambunctious for retailer Neiman Marcus Group, Inc. after a week of downturns in two sets of its issued debt, satellite telecommunications company Intelsat Jackson Holdings SA posted higher finishes on a relatively higher week and pharmaceutical companies Valeant International Pharmaceuticals, Inc. and Concordia International Corp. were both down on the last trading day of the week.

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