L Brands declines after lagging holiday sales; PG&E mixed on third day of high volume

By James McCandless

San Antonio, Jan. 10 – After a sluggish start on Thursday morning, the distressed space ended mostly higher.

L Brands, Inc.’s notes fell after the retailer reported relatively low sales in its stores over the holiday shopping season.

Department store chain J.C. Penney Co., Inc.’s issues rose a day after posting holiday sales.

Sector peer PetSmart, Inc.’s paper was also lower while Revlon, Inc.’s notes ended mixed.

PG&E Corp.’s issues were mixed on a third day of high volume and increased scrutiny as Moody’s Investors Service issued a downgrade.

Another nudge upward in oil futures did not translate to distressed oil names, showing mixed results for California Resources Corp.’s, Ensco plc’s and Denbury Resources Inc.’s paper. Chemicals name Hexion Inc.’s paper was also mixed on market speculation.

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