PetSmart rises amid e-commerce IPO news; McDermott moves up as earnings released

By James McCandless

San Antonio, April 29 – Retail and oil names continued to see much of the distressed debt space’s attention at the start of a new week.

PetSmart, Inc.’s notes shot up after news broke that the company had started the process to take its e-commerce segment Chewy.com public.

Sector peer Neiman Marcus Group, Inc.’s issues were pushed in the opposite direction.

At the top of the energy space, McDermott International, Inc.’s paper was on the rise despite reporting an earnings loss.

Mixed oil futures served as the backdrop for losses for California Resources Corp., Halcon Resources Corp. and Chaparral Energy, Inc.’s notes.

Meanwhile, Adient plc’s issues trended lower as its newer issue continues to trade in the high-yield space.

In telecom, Frontier Communications Corp. and Intelsat SA’s paper declined.

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