Party City dives after earnings miss; Teva trades mixed on guidance, CFO appointment

By James McCandless

San Antonio, Nov. 7 – A new batch of earnings releases drove distressed debt trading on Thursday.

Party City Holdco Inc.’s notes dived after the company reported dismal third-quarter earnings on Thursday.

The 6 5/8% senior notes due 2026 crashed 15¼ points to close at 81¼ bid. The 6 1/8% senior notes due 2023 slid 10¼ points to close at 90½ bid.

The 6 5/8% notes saw about $36 million trading.

On Thursday morning, the Elmsford, N.Y.-based party supplies retailer released a dismal third-quarter earnings report and cut its guidance.

The company showed a loss of 28 cents per share, well below analyst predictions of a 1 cent per share profit.

Revenues were also underwhelming at $540.2 million.

The company laid the blame on a persistent helium shortage and weak Halloween sales.

Meanwhile, in pharma, Teva Pharmaceutical Industries Ltd.’s issues varied after reporting its earnings, highlighted by improved guidance and an executive hire.

The 6¾% senior notes due 2028 lost 2¾ points to close at 92¼ bid. The 2.2% senior notes due 2021 inched up ¼ point to close at 96¼ bid.

A profit of 58 cents per share was posted, falling just shy of the analyst estimated 60 cents per share profit.

Concurrently, Eli Kalif was appointed chief financial officer.

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