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Guitar Center, Walter down following results; Concordia, iHeart fall; Neiman stagnant
By Colin Hanner
Chicago, March 16 – Activity in the distressed market was to the downside nearly across the board on Thursday, traders said, as earnings and other company-driven news brought prices down by several points in some cases.
“The market was pretty hot today,” a trader said, referring to the heavy level of trading even though most of it was in a negative direction.
Perhaps taking the biggest hit of the day was Guitar Center Inc., which saw a several-point loss in one of its bonds, though the reasons for the downfall were not entirely in clear view.
“[Guitar Center] numbers are private, but their earnings were out and they must’ve been weak,” a trader said.
In a similar sinking boat, Walter Investment Management Corp. continued to feel the effects of poor fourth-quarter results several sessions after the residential mortgage company announced them.
“That stuff has really gotten hammered,” a trader said.
iHeartMedia, Inc.’s subsidiary, iHeartCommunications, Inc., traded off following the announcement earlier in the week of private exchange offers for five series of notes, as well as for the company’s term loan D and E facilities, in connection with a proposed debt restructuring.
“Pretty much everything was down a few points, some a little more than others,” another trader said of iHeartCommunications’ movement.
Pharmaceutical companies Valeant Pharmaceuticals International Inc. and Concordia International Corp. continued to fall while oil and related exploration and production companies were nearly unchanged on the session, as was previously red-hot retailer Neiman Marcus Group, Inc.
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