GTT, Rayonier dive on quarterly misses; Teva rises in pharma space

By James McCandless

San Antonio, Aug. 8 – As with previous days this week, the distressed market saw volume in names with earnings releases.

GTT Communications, Inc.’s notes were seen sinking after releasing a gloomy earnings report and announcing potential sales of non-strategic assets.

Sector peer CommScope Holding Co., Inc.’s issues declined amid positive earnings and a management change.

Elsewhere in communications, Frontier Communications Corp.’s paper saw separate movements after its earnings release.

Chemicals maker Rayonier Advanced Materials Inc.’s notes dived in response to its second-quarter loss.

In the pharma space, Teva Pharmaceutical Industries Ltd.’s and Endo International plc issues improved.

Energy name Chaparral Energy, Inc. was another company to see its paper gain despite missing earnings estimates.

Whiting Petroleum Corp.’s and Chesapeake Energy Corp.’s notes followed oil futures upward.

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