Energy gains despite crude oil slide; retailers on the rise; communications credits mixed

By Paul Deckelman

New York, Dec. 4 – The first full trading week of December began on a mostly firmer note in the market for distressed debt and the bonds of otherwise underperforming companies and sectors.

Energy exploration and production names such as California Resources Corp., Denbury Resources Inc. and EP Energy Corp. were seen having firmed smartly, despite a slide in crude oil prices following two straight upside sessions.

Valeant Pharmaceuticals International, Inc.’s existing paper was heard to have advanced, even as the Canadian drug manufacturer brought a big new deal to market on Monday.

Retailing names such as J.C. Penney Co., Inc. and PetSmart, Inc. were doing well, reflecting investor optimism about what is so far shaping up to be a strong holiday shopping season.

Among the communications names, domestic wireline operator Frontier Communications Corp. was better, while sector peer CenturyLink, Inc. and European cable and broadband provider Altice were mixed.

Hospital operator Community Health Systems, Inc. was lower on the day.

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