If the lemmings are done selling the D's, there isn't much on the ask so the value crowd may bid them back up this week.
Maybe one of the finance geeks here could fill us in on on the perceived difference between notes and preferreds apart from the obvious place in the hierarchy. It looks to me like the idea that the pfds must now yield 10% is not happening.
MHR-D can be called in March 2014 but it doesn't have to be. There is no maturity date so it could stay out forever if the company chose to.
I expect MHR will be bought by a bigger fish who will want to redeem that debt as soon as possible if the buyer has enough clout to raise funds more cheaply. I assume that someone like EOG or Anadarko pays less than 8% for their funding.
I'm scalping, usually long mornings then out and watching the Europe thing unfold. Your comment about steel and aluminum in regard to cheaper energy makes sense, but I watch NUE, X, AA, and FCX pretty closely, and I don't know whether they are a good buy at this time or signalling something worse to come.... X is not much above it's 2009 crash low. AA not much better.... I'm sure Verizon and T would love to squeeze AAPL as much as they could, but so far NOK trading at $2.90 after making the switch to WIN doesn't inspire much confidence... Look at a chart of NOK, it mirrors AAPL's success perfectly, in reverse. The stock topped out in the 40's in 2007, right when the iPhone came out. Within a year, NOK lost close to 100 BILLION in market cap....