Chesapeake, California Resources down; Endo plunges on guidance cut; Penney off on belt tightening

By Paul Deckelman

New York, May 6 – Distressed energy bonds continued their gyrations on Friday; those bonds had fallen on Wednesday and had firmed on Thursday, only to find themselves back on the downside on Friday.

Among the names that traders saw in retreat was California Resources Corp.

They also saw Chesapeake Energy Corp.’s benchmark 2022 bonds giving up some of the strong gains which they had notched Thursday on the news of a pending asset sale.

One energy-related name which had failed to join in Thursday’s generalized sector upturn was oilfield services provider Weatherford International plc; those bonds had been down solidly on Thursday and continued to fall on Friday.

Away from the energy arena, Endo International plc’s bonds and shares were down sharply in heavy trading after the Irish pharmaceutical manufacturer released full-year guidance well below analysts’ expectations.

J.C. Penney Co. Inc.’s bonds followed its shares lower on news reports the department store retailer had sharply cut employee hours and had frozen overtime, among other measures to avoid missing its quarterly expense targets.

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