PetSmart improves on Chewy valuation; Teva loses on analyst scrutiny

By James McCandless

San Antonio, May 30 – The distressed market was largely mixed for much of the session with retailers and telecom at the forefront.

PetSmart, Inc.’s notes improved after an analyst predicted that e-commerce segment Chewy.com could be valued at $10 to $16 billion in an upcoming IPO.

Sector peer Bed Bath & Beyond, Inc.’s issues fell a day after striking a deal with a group of activist investors over governance.

Drugmaker Teva Pharmaceutical Industries Ltd.’s paper was losing as another analyst weighed in on its potential legal liabilities.

Meanwhile, in telecom, Frontier Communications Corp.’s notes finished mixed after news of an asset sale on Wednesday.

Elsewhere in the space, Intelsat SA’s issues were also mixed.

As oil futures took a dive, California Resources Corp.’s paper followed suit while Ensco Rowan plc’s and Weatherford International plc’s notes were mixed.

In computing, Rackspace Hosting, Inc.’s issues ended better.

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