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Sears notes tumble after abysmal Q1 report released; PetSmart issues gain, stemming fall
By James McCandless
San Antonio, May 31 – Traders reported another light day in the distressed debt market on Thursday in the tail end of a short week.
Sears Holdings Corp. notes tumbled after the company released its Q1 report and announced the closure of 72 stores.
PetSmart, Inc. issues gained after days of decline and a week after the company announced the appointment of a new CEO.
Bristow Group Inc. paper declined again, extending a downward trend started after the company released a subpar Q1 report last week.
Intelsat SA notes traded up. Recently, the company released a disappointing Q1 report. Frontier Communications Corp. issues were mixed. The company is working to regain investor confidence after a recent failed auction. Mallinckrodt plc paper declined.
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