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J.C. Penney notes slide after earnings release; Hexion issues decline on outlook downgrade
By James McCandless
San Antonio, Nov. 15 – The distressed space saw another soft day during Thursday’s session.
J.C. Penney Co., Inc.’s notes dove after the company released a disappointing third-quarter report Monday morning.
Elsewhere, PetSmart, Inc.’s issues fell while Rite Aid Corp.’s paper traded mixed.
Chemicals name Hexion, Inc.’s notes declined after a ratings agency revised its outlook to negative.
In coal, Cloud Peak Energy Inc.’s issues were rising as a ratings agency revises the recovery rating on its second-liens.
Sector peer Murray Energy Corp.’s notes saw a boost.
Elsewhere in energy, negativity in the oil space continued for California Resources Corp., Weatherford International plc and Sanchez Energy Corp.
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