PetSmart notes in focus on subsidiary earnings; American Airlines paper trades mixed

By James McCandless

San Antonio, Dec. 9 – As the week in the distressed debt space reached the midpoint, the retail and travel industries were in the forefront of activity.

PetSmart, Inc.’s notes varied in direction after subsidiary Chewy, Inc. reported largely positive results for the third quarter.

The 8 7/8% senior notes due 2025 rose 1 point to close at 102¼ bid. The 5 7/8% senior notes due 2025 gave back ¼ point to close at 102½ bid.

After the close on Tuesday, the Phoenix-based pet supplies retailer’s e-commerce subsidiary, Chewy.com, reported results for the third quarter.

Chewy reported a loss of 8 cents per share, somewhat better than the 15 cents per share loss that analysts had estimated.

Revenues outpaced expectations at $1.78 billion.

Elsewhere, in travel, American Airlines Group, Inc.’s paper diverged after an asset manager disclosed a reduced ownership stake.

The 5% senior notes due 2022 shaved off ½ point to close at 87½ bid. The 11¾% senior paper due 2025 held level to close at 116¼ bid.

In a Securities and Exchange Commission filing on Tuesday, BlackRock disclosed a 4.8% stake in the name. Prior to this filing, the firm had a 5.5% stake in American Airlines as of April 2020.

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