Kmart continues to rise this week climbing from a high of 68 last week to the 70-71 range by Wednesday. Deutsche Bank is rumored to have participated in a $15 million trade on Tuesday. Dealers who bought the name when it hit the low 50's range are looking to make a quick profit by selling at 70, one trader speculated. Market players believed trading on the name would not be as heavy as last week and that holders of the paper would wait to see if there is anymore potential upside.
Nextel Communications' term loan "B/C" was sold at 80 in a $10 million auction on Tuesday. The seller and the buyers could not be determined. Last week the name traded down to 84 1/2 from the 86 1/4 range. By midweek, the name was offered at 79 1/2 to 81.