California Resources climbs after Q1 report tops expectations; PetSmart rebounds

By James McCandless

San Antonio, May 4 – Traders reported lower activity in the distressed debt market to close the week.

California Resources Corp. notes rose after the company posted earnings that outpaced analyst estimates.

PetSmart, Inc. issues gained slightly after a Thursday slide precipitated by Amazon announcing that it would offer an in-house dog food brand to Prime subscription customers.

Community Health Systems, Inc. paper was active and closed up as the company prepares for more asset sales to combat its debt issues.

Intelsat SA notes were down. The company posted its Q1 report on Tuesday, missing analyst estimates. Another telecom name that posted Q1 numbers Tuesday was Frontier Communications Corp., surpassing analyst estimates. Mallinckrodt plc traded up slightly to end the week.

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