Bed Bath & Beyond down as earnings anticipated; Range Resources lower in energy space

By James McCandless

San Antonio, Jan. 8 – More news out of the retail and energy sectors drove much of distressed trading on Wednesday.

Bed Bath & Beyond Inc.’s notes headed downward in anticipation of the company’s third-quarter earnings report.

The 5.165% senior notes due 2044 sank 4¼ points to close at 69½ bid. The 4.915% senior notes due 2034 dropped 5 points to close at 74 bid.

The Union, N.J.-based department store chain’s structure was active in the run-up to the company’s after-hours third-quarter earnings release.

After the close, it reported a loss of 38 cents per share, falling short of what analysts expected to be a 2 cents per share profit. Revenues were underwhelming at $2.76 billion.

Same-store sales contracted by 8.3%.

Meanwhile, in the oil and gas space, Range Resources Corp.’s paper saw negativity as it shops an offering for new senior notes.

The existing 4 7/8% senior notes due 2025 shed 1¾ points to close at 86¼ bid.

On Wednesday, the Fort Worth, Tex.-based independent oil and gas producer is expected to price a $500 million offering of six-year senior notes, Prospect News reported.

Concurrently, the company said it has begun cash tender offers to purchase up to $500 million of outstanding notes.

© 2015 Prospect News.
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