Energy names jump on firmer oil; Gymboree gains; Valeant firms despite Senate scrutiny

By Paul Deckelman

New York, April 27 – Higher energy prices gave the junk bonds of oil and natural gas companies a big lift on Wednesday, traders said. Energy prices were given a boost by a lower dollar after the Federal Reserve sounded a dovish note on the prospect of further interest rate hikes.

Among the names seen having gained multiple points during the session were California Resources Corp., Chesapeake Energy Corp., EP Energy Corp. and Oasis Petroleum Inc.

The bonds of Freeport-McMoRan, Inc., the energy and metals mining company, were seen rebounding on Wednesday. The bonds had moved lower on Tuesday after the company reported disappointing quarterly numbers.

Gymboree Corp.’s bonds shot up as the children’s apparel specialty retailer announced a tender offer for a portion of those outstanding notes.

Valeant Pharmaceuticals International Inc.’s bonds gained on the day, even though one present and one former company executive and the company’s largest shareholder faced scrutiny on Wednesday from a Senate committee investigating the Canadian drug manufacturing company’s pricing policies.

© 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.