California Resources sees ‘tons of trades,’ but unmoved as oil gains; Jones Energy down

By Colin Hanner

Chicago, June 23 – Trading was lackluster in the distressed debt market on Friday, market sources said, a day that capped several sessions of frenzied trading in the exploration and production space following the dive of oil and the surge of pharmaceutical and hospital companies following the Senate’s rebranding of the health care bill.

California Resources Corp. continued to be one of most heavily-traded names, though was sideways on the session, a market source said.

“There wasn’t really anything that was a mover,” a market source said. “I think people were tired at the end of the week.”

“No one is taking big bets heading into the weekend,” the source continued, adding that the next two weeks will see people taking time off for the upcoming July 4 holiday.

Breaking from the mostly across-the-board sideways action, Austin-based oil and natural gas company, Jones Energy Holdings, LLC, saw a double-digit loss in what appeared to be a response to the company’s sale of non-core assets in the Arkoma Basin.

Valeant Pharmaceuticals International Inc., the center of attention on Thursday’s secondary trading following the Senate rollout of the Republican-backed health care legislation, took a backseat to any kind of movement on Friday, trending in both directions fractionally.

Pet retailer PetSmart Inc., on the whole down on the week, was unchanged in one of its issues, a market source said.

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