Primary silence continues; Harvey has mixed energy impact; supermarkets retreat continues

By Paul Deckelman and Paul A. Harris

New York, Aug. 28 – The high-yield market – as widely expected – entered the final trading week of August on Monday with the primary market still becalmed and expected to stay that way heading into the upcoming Labor Day holiday break in the United States.

After a one-session hiatus on Friday, electric car manufacturer Tesla, Inc.’s recently priced issue of eight-year notes resumed its usual role as the only really active name among recently priced new issues, firming slightly on the day.

Energy names were mixed on Monday, even as crude oil prices fell in the wake of the devastation wreaked by Hurricane Harvey along the Texas Gulf Coast, home to a sizable chunk of U.S. oil and natural gas producing facilities; while sector bellwether California Resources Corp. was seen up, Chesapeake Energy Corp. was off. LNG processing and storage company Cheniere Corpus Christi Holdings LLC steadied after having taken a beating on Friday.

Supermarket names such as Fresh Market, Inc. and Ingles Markets Inc. remained under pressure Monday, as deep-pocketed retailing giant Amazon.com officially completed its purchase of rival grocery chain Whole Foods Markets Inc. – and immediately slashed prices on some items by as much as 43% in an effort to gain market share.

Statistical market performance measures were higher across the board for a third consecutive session on Monday.

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