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Qurate, QVC slide on weak earnings report; AMC improves as focus shifts to new lawsuit
By Cristal Cody
Tupelo, Miss., March 1 – Paper from Qurate Retail Inc. and subsidiary QVC Inc. sank early in secondary trading on Wednesday after the company reported heavy fiscal 2022 losses and continued to mostly move lower by the close.
Qurate Retail’s 8½% senior debentures due 2029 (B3/CCC) dropped 5 points to 40¾ bid, a market source said.
QVC’s 5.45% senior secured notes due 2034 (Ba3/B+) were down 4½ points by the close at 47¼ bid after shedding 3 points earlier in the day.
AMC Entertainment Holdings, Inc.’s paper improved in thin trading as the market absorbed the company’s after-market release of its fourth-quarter earnings report on Tuesday.
AMC’s 10% senior secured second-lien notes due 2026 (Caa3/CCC-) traded about ¾ point better at 52½ bid, a source said.
“We expect the company to continue raising cash with its equity while chipping away at its massive debt balance,” Wedbush Securities analysts Alicia Reese and Michael Pachter said in a note on Wednesday.
Near-term focus in AMC “shifts to the shareholder vote” on March 14 and the pension fund lawsuit against the company, B. Riley Securities, Inc. analyst Eric Wold said in a note on Wednesday.
Shareholders are expected “to approve the conversion proposals and for the dissident lawsuit argument to become moot,” Wold said.
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