Bed Bath & Beyond down after earnings; PG&E better on fund approval

By James McCandless

San Antonio, July 11 – The distressed market on Thursday saw retail and utilities names take much of the day’s focus.

Bed Bath & Beyond Inc.’s notes headed lower after releasing a mixed first-quarter earnings report late Wednesday.

Sector peer Neiman Marcus Group, Inc.’s issues declined.

Meanwhile, in utilities, PG&E Corp.’s paper finished better after California lawmakers approved the creation of a $21 billion fund for wildfire claims.

In the medical space, Mallinckrodt plc’s notes were mixed as a subsidiary borrowed $400 million in a revolving loan.

Teva Pharmaceutical Industries Ltd., another drug maker, saw its issues drop.

Elsewhere, in energy, McDermott International, Inc.’s paper continued to climb a day after announcing a new contract.

As oil futures shifted lower, Halcon Resources Corp.’s notes moved similarly while California Resources Corp.’s issues traded mixed and Ensco Rowan plc’s paper rose.

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