Oil names continues slide as crude falls; Abengoa off on earnings, Fluidigm converts lower

By Paul Deckelman

New York, Aug. 7 – Recently beleaguered energy names remained under pressure on Friday, part of an overall heavier market tone.

Traders specifically cited the continued deterioration of world crude oil prices as a key factor – the benchmark U.S. crude grade breached the $44 per barrel support level.

That hurt names such as California Resources Corp., SandRidge Energy, Inc. and Chesapeake Energy Corp.

Other energy credits taking it on the chin included BreitBurn Energy Partners LP – which reported disappointing quarterly financial results – and Energy XXI.

Abengoa SA’s notes were seen down several points, on top of the losses in those credits seen earlier in the week on investor concerns about the company’s announced capital plan.

Away from the energy credits, Fluidigm Corp.’s convertible notes fell on an outright basis and contracted on a dollar-neutral, or swap, basis, a trader said, after the biotech company reported disappointing earnings.

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