Valeant lower as Ackman exits shares; Neiman Marcus gains; energy slide continues

By Paul Deckelman

New York, March 14 – Valeant Pharmaceuticals International Inc.’s new issue as well as its existing bonds – the latter already recently under pressure on investor worries about how pharmaceutical and other healthcare companied might fare should Obamacare be repealed in the U.S. – retreated further on Tuesday, in line with a slide in its shares after billionaire investor Bill Ackman’s Pershing Square hedge fund liquidated its entire position in the troubled Canadian drugmaker, taking a multi-billion-dollar haircut.

But Neiman Marcus Group’s notes were higher in active dealings, on the news that the struggling luxury retailer is exploring strategic options that could include the sale of the company – and is reportedly in talks about such a transaction with Canada’s Hudson’s Bay Co., which already controls Neiman-Marcus’s high-end rivals Saks Fifth Avenue and Lord & Taylor.

Elsewhere, Walter Investment Management Corp.’s notes fell sharply, in line with its shares, as the residential mortgage servicing company reported a fourth-quarter loss.

Energy issues such as California Resources Corp. and Chesapeake Energy Corp. continued to lose ground on Tuesday, as world crude oil prices took another big hit.

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