Add to balance / Manage account | User: | Log out |
Prospect News home > News index > List of issuers N > Headlines for Noble Holding International Ltd. > News item |
Junk market again firm, led by energy surge; Rite Aid off after results; Hovnanian gyrates
By Paul Deckelman and Paul A. Harris
New York, Jan. 3 – For a second consecutive session, oil and natural gas credits propelled the high-yield bond market higher on Wednesday, with volume much improved from Tuesday’s relatively sedate first session back after the long New Year’s holiday break.
Traders saw sharp gains in the likes of oil and natural gas exploration and production operators California Resources Corp., Denbury Resources Inc., EP Energy Corp., MEG Energy Corp. and driller Noble Holding International Ltd.
Those energy names, in turn, were fueled on their upward climb by a sharp spike in crude oil futures prices, which hit their highest levels since early 2015 on Wednesday, pushed upward by a combination of supply concerns in the wake of continued anti-government protests in key global oil producer Iran, as well as a falloff in U.S. crude oil inventories.
Natural gas provider Chesapeake Energy Corp.’s bonds also firmed solidly for a second straight day on expectations of increased natural gas demand throughout much of the United States, as a monster “bomb cyclone” winter storm approached the Northeast and frigid temperatures prevailed throughout much of the country.
Away from the energy sphere, traders saw Rite Aid Corp.’s notes slide after the drugstore chain operator reported quarterly results that included a drop on comparable-store sales and lower-than-expected revenues.
K. Hovnanian Enterprises, Inc.’ bonds retreated from their recent highs in the aftermath of the homebuilder’s recent announcement of a planned refinancing.
© 2015 Prospect News.
All content on this website is protected by copyright law in the U.S. and elsewhere.
For the use of the person downloading only.
Redistribution and copying are prohibited by law without written permission in advance from Prospect News.
Redistribution or copying includes e-mailing, printing multiple copies or any other form of reproduction.