California Resources mixed post-earnings; PetSmart jumps as outlook changed

By James McCandless

San Antonio, May 3 – The distressed debt market finished the week with a continued focus on names tied to earnings releases.

California Resources Corp.’s notes were mixed after it posted its first-quarter earnings after the close on Thursday.

Oil future rose on Friday, along with Chaparral Energy, Inc. and Ensco Rowan plc’s issues while Halcon Resources Corp.’s paper trailed.

Elsewhere, in retail, PetSmart, Inc.’s notes jumped higher as a ratings agency changes its view of the name.

Neiman Marcus Group, Inc.’s issues moved in the opposite direction.

Chemicals name Hexion, Inc.’s paper was mixed. This week, the company received access to $700 million in DIP financing.

Meanwhile, drug maker Teva Pharmaceutical Industries Ltd.’s notes improved a day after the company reported earnings.

Shipping name Navios Maritime Holdings Inc.’s issues were on the rise, capping off a week of heightened attention.

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