Retail, including Bon-Ton, J.C. Penney, mixed after J. Crew results; Valeant up; oil down

By Colin Hanner

Chicago, March 22 – Volume was light in the distressed market on Wednesday, traders said, with movement tending to trade tight, especially in the retail sector, where developments from a big-box retailer and fashion retailer set the tone in that space.

“Volume was not so big today,” one trader said, while another trader added focus remained on the new-issue space.

In the retail arena, J. Crew Group, Inc. announced its fourth quarter results on Tuesday evening, to a mostly positive consensus, while Sears Holding Corp. expressed doubts in its annual report.

“Our historical operating results indicate substantial doubt exists related to the company's ability to continue as a going concern,” Sears said in a 10-K filed with the Securities and Exchange Commission.

Fashion retailers Bon-Ton Department Stores, Inc., Tailored Brands, Inc. and J.C. Penney Co., Inc. were mixed.

Valeant Pharmaceuticals International Inc. rebounded on the session after several sessions trending downward. On Tuesday night, the company announced it had closed refinancing transactions, according to a company news release.

In the exploration and production sphere, California Resources Corp. was down and MEG Energy Corp. followed with an even steeper loss of its own.

Intelsat Luxembourg Holdings SA traded higher, iHeartCommunications, Inc. was down and flat in two of its issues, respectively, and several one-offs traded on the mid-week session.

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