Mallinckrodt dives after legal move; J.C. Penney down post-earnings

By James McCandless

San Antonio, May 21 – A combination of legal developments and earnings was at the root of distressed trading on Tuesday.

Mallinckrodt plc’s notes took a dive after announcing that it had filed a lawsuit against the United States government over a regulatory change that threatens past and future revenue.

Sector peer Teva Pharmaceutical Industries Ltd.’s issues moved higher after days of declines.

Meanwhile, in retail, J.C. Penney Co., Inc.’s paper declined after issuing an earnings report with mixed results.

Cosmetics seller Revlon, Inc.’s notes saw an improvement.

California Resources Corp.’s and Ensco Rowan plc’s issues fell and Halcon Resources Corp.’s paper rose as oil futures ended mixed.

In the automotive space, Delphi Technologies plc’s and Adient plc’s were both under pressure.

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