J.C. Penney better after earnings report; PG&E drops on negative report

By James McCandless

San Antonio, Aug. 15 – Thursday saw a partial stabilization in the distressed space, with names moving independently based on individual headlines.

J.C. Penney Co., Inc.’s notes closed the day better after releasing a mixed earnings report on Thursday morning.

Sector peer Revlon, Inc.’s issues were gaining after the company announced that it would be holding a strategic alternatives review.

In utilities, PG&E Corp.’s paper dropped after a court monitor reported that the company had been careless in its wildfire prevention.

Drug maker Mallinckrodt plc’s notes were positive following its report of positive results from a clinical trial.

Elsewhere in the space, Teva Pharmaceutical Industries Ltd.’s issues were losing.

Telecom name CommScope Holding Co., Inc.’s paper declined amid a ratings downgrade.

Energy names California Resources Corp.’s, Chesapeake Energy Corp.’s and Chaparral Energy, Inc.’s notes fell with oil futures.

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