Valeant, Community Health higher; E&P up with oil gains; PetSmart continues slide

By Colin Hanner

Chicago, June 22 – The distressed debt market saw health care and pharmaceutical bonds gain on the heels of the much-coveted Senate health care bill, which finally came to light on Thursday.

Among those that saw gains were Laval, Quebec-based Valeant Pharmaceuticals International, Inc. and Franklin, Tenn.-based hospital group Community Health Systems, Inc.

“It was hard not to find anything that wasn’t healthcare or oil on the day,” a market source said.

Elsewhere, the exploration and production sector caught a break with higher crude oil prices after several downtrodden sessions due to worries surrounding the Organization of Petroleum Exporting Countries’ ability, or lack thereof, to regulate the global supply glut.

California Resources Corp. and EP Energy Corp. were among the day’s gainers.

And pet retailer PetSmart Inc. continued to slide in three of its issues, with retail woes and company worries fueling the bonds losses.

© 2015 Prospect News.
All content on this website is protected by copyright law in the U.S. and elsewhere. For the use of the person downloading only.
Redistribution and copying are prohibited by law without written permission in advance from Prospect News.
Redistribution or copying includes e-mailing, printing multiple copies or any other form of reproduction.