Energy names mixed as crude retreats; retailers too post-Black Friday; Square converts dip

By Paul Deckelman

New York, Nov. 27 – Traders saw a generally quiet market in distressed bonds and in the paper of otherwise underperforming companies and sectors, in line with generally quiet dealings in the broader overall high-yield bonds market, as participants straggled back to the office after what for many was a long four-day Thanksgiving holiday weekend.

Energy names such as California Resources Corp., Denbury Resources, Inc. and Ensco plc were mixed, against a backdrop of crude oil prices moving lower after three straight sessions on the upside.

The retailing sector was similarly a mixed bag as investors searched for clues as to how Black Friday sales on the day following the Thanksgiving Day holiday in the United States came out, although they did not see much overall activity in credits such as J.C. Penney Corp., Inc., Neiman-Marcus Group Ltd. LLC and Toys ‘R’ Us, Inc.

Walter Investment Management’s notes continued to firm.

In the convertibles market, financial services company Square Inc.’s paper tumbled, pulling back from recent highs amid analyst expectations for a retrenchment.

Medical device maker Quidel Corp.’s converts were also in retreat, after it announced a pending lawsuit from customer Beckman Coulter.

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