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Grocers remain under pressure in an otherwise lackluster day; oil names mixed as Harvey eyed
By Stephanie N. Rotondo
Seattle, Aug. 25 – While the distressed debt space as a whole saw little action on Friday, the grocery sector continued to lose ground in modestly active trading.
Tops Holding LLC’s 8% notes due 2022 took a massive hit during the session, falling 7 points to 67½, a trader said.
Fresh Market Inc. was also in decline, as its 9¾% notes due 2023 waned a point to 77 5/8.
Grocers started to retreat on Thursday after it was announced that Amazon planned to cut prices at its newly acquired Whole Foods stores.
The price cuts will go into effect on Monday, the same day the acquisition closes.
Among other retailers, Petsmart Inc.’s 5 7/8% notes due 2025 remained weak, slipping almost half a point to 89½.
The Phoenix-based pet products chain said on Aug. 10 that Michael Massey, its chief executive officer, was leaving his post. A replacement has not yet been named, but the company is scheduled to release its latest quarterly results on Sept. 6.
Elsewhere, Ensco plc was mixed on the day, though there was no fresh news out on the company.
A trader said the 5.2% notes due 2025 dropped 1¼ points to 72½, while the 5¾% notes due 2044 ticked up a quarter-point to 63.
EXCO Resources Inc.’s 8½% notes due 2022 meantime got battered on Friday, despite there not being any news to act as a catalyst.
A trader said the bonds ended at 19 1/8, which compared to 58 on July 14.
“I guess they are going belly-up,” he opined.
And, Hornbeck Offshore Services Inc.’s 5 7/8% notes due 2020 slid a quarter-point to 57¾.
As for domestic crude oil prices, they were on the rise as drillers and rig operators in the Gulf of Mexico and Texas prepared for Hurricane Harvey.
West Texas Intermediate crude increased 43 cents to $47.86 a barrel.
Currently, Harvey is a Category 2 storm. However, it is expected to hit land at a Category 3.
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