Mallinckrodt lower on ratings downgrade; DISH mixed after acquiring assets

By James McCandless

San Antonio, May 22 – The distressed space turned its focus to pharmaceutical and telecom names in Wednesday’s activity.

Mallinckrodt plc’s notes traded lower after receiving a downgrade following the company’s announcement that it is suing the United States government.

Sector peer Teva Pharmaceutical Industries Ltd.’s issues finished mixed.

Elsewhere, pay-TV provider DISH Network Corp.’s paper were mixed after acquiring a string of assets.

Retailer J.C. Penney Co., Inc.’s notes were in decline a day after releasing its first-quarter earnings report.

PetSmart, Inc.’s issues were gaining during the session.

In energy, as oil futures tanked, California Resources Corp.’s paper improved while Weatherford International plc’s notes saw mixed activity.

In telecom, Frontier Communications Corp.’s issues also ended mixed while Intelsat SA’s paper improved.

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