L Brands notes fall on cut dividend; Sable Permian issues dive on earnings report

By James McCandless

San Antonio, Nov. 20 – Traders were surprised by the amount of volume early in the Thanksgiving holiday week, with mostly steady declines across the board.

L Brands, Inc.’s notes fell Tuesday after the company announced it would cut its shareholder dividend, even though the company beat earnings estimates.

Elsewhere in retail, PetSmart, Inc.’s issues also declined, while J.C. Penney Co., Inc. paper improved.

In the oil and gas space, Sable Permian Resources LLC’s notes saw steep drops after an extended period of no trading.

Meanwhile, other distressed oil names continued to get beaten up, namely California Resources Corp., EP Energy Corp. and Ensco plc’s issues.

Hospital operator Community Health Systems, Inc.’s paper was moving lower after the company announced the sale of four hospitals.

Chemicals producer Hexion, Inc.’s notes were caught up in the market’s negative trend.

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