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Peabody stays strong post-earnings; Cliffs rises as BHP cuts expansion; Gymboree comes in
By Stephanie N. Rotondo
Phoenix, April 24 – A distressed debt trader said commodity names were rallying a bit in Friday trading.
For example, Peabody Energy Corp.’s bonds continued to trade up following the company’s earnings release on Thursday. Though the coal producer reported a wider-than-expected loss, the debt has been improving.
One trader said the 6% notes due 2018 were up over 2½ points at 82 5/8. A second trader deemed the somewhat recent 10% notes due 2022 “up another 1½ to 2 points” at 89½ bid, 90 offered.
A third market source pegged the 6½% notes due 2020 at 67¾ bid, up 2½ points on the day.
Meanwhile, Cliffs Natural Resources Inc. was jumping up during the session. The company’s stock also saw a decent gain, as rival iron producer BHP Billiton said it was cutting back on its expansion plans.
One trader called the 5.95% notes due 2018 1¾ points better at 79. He also saw the 7¾% second-lien notes due 2020 at 69¾, which he said was up over 3½ points.
Away from commodities, Gymboree Corp. paper gave back some of the gains seen Thursday after the company reported its latest quarterly results.
The retailer saw marked improvement in its fiscal fourth quarter, but the end-of-the-year figures were not as good.
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