J.C. Penney notes drop after Q4 report; Community Health issues close week down

By James McCandless

San Antonio, March 2 – Traders reported another slow day of trading in the distressed debt market, attributing the lower volume to the most recent negative swing in equity markets.

Notes in J. C. Penney Co., Inc. dropped after the company announced disappointing Q4 numbers Friday along with layoffs of about 360 employees.

Community Health Systems, Inc. issues closed the week as some of the most active. During a Tuesday call with shareholders to discuss Q4 earnings, chief executive officer Wayne Smith predicted further hospital closures for the year.

After reporting Q4 numbers on Tuesday, Frontier Communications Corp. paper retained a spot among the most traded of the session. The company also announced that it was rescinding its dividend.

Another perennial telecom name taking up volume was Intelsat SA. Its notes were bolstered this week by positive comments about changes to the country’s 5G network. Mallinckrodt plc and Revlon, Inc. filled out much of the day’s volume.

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