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Claire’s, Quorum Health trade higher after Q4 earnings; iHeart ‘better,’ but volume low
By Colin Hanner
Chicago, April 13 – It was an overall quiet session in the distressed market on a shortened day, ahead of a long Easter weekend, traders said, with new issues continuing to trade, though Quorum Health Corp. and Claire’s Stores, Inc. were higher after announcing fourth quarter results.
Better, but with not much volume behind them, were iHeartCommunications, Inc.’s notes, trading marginally better after the company amended and extended its private exchange offers for five series of priority guarantee notes and senior notes due 2021 in connection with a proposed debt restructuring.
California Resources Corp. was down a round number, a trader said, as crude oil futures remained about unchanged.
And Dublin, Ireland-based pharmaceutical company Endo International plc was up, after pricing senior secured notes.
As for the general sentiment surrounding the quietness this week, a trader speculated it could be shifting perspective of the market and the lull of a short week.
“[There is] not a fundamental change in risk appetite,” the trader said. “Do I think a combination of vacation and uncertainty with the market, given geopolitical risks, that are giving some people hesitation, sitting on their hands until they get a better sense of how it plays out? I do think it could be the case. I don’t think people are de-risking necessarily, but could be reassessing what they think of the market, so they’re not necessarily buying stuff, and they’re not necessarily selling stuff.”
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