Oil drops sharply, as do California Resources, Pacific Drilling; Petsmart also down

By Colin Hanner

Chicago, April 19 – As crude oil futures were battered in the commodities market on Wednesday, distressed exploration and production companies were quick to follow, traders said, led in volume by California Resources Corp.

“Oil was getting whacked late,” a trader said, with West Texas Intermediate crude dropping near 2% on the session.

Transocean Ltd. and Pacific Drilling Co. were down on the day, as well.

After headlines of acquiring Chewy Inc. on Tuesday, Petsmart Inc. bonds were down on Wednesday, a trader said, perhaps in part to details starting to come to light on a deal that has otherwise remained vague.

Pharmaceuticals continued to drag, traders said, though Valeant Pharmaceuticals International, Inc. narrowed the losses and was unchanged in an issue. Concordia International Corp. was mixed, though volume was low.

One-off names made up the remainder of trading, a trader said, with Walter Investment Management Corp. posting a several-point gain, iHeartCommunications, Inc. inching higher and a pair of retailers not moving much, if at all.

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