Energy XXI mixed post-earnings; SandRidge rises; MolyCorp posts wider loss, bonds steady

By Stephanie N. Rotondo

Phoenix, May 7 – Distressed debt energy names were moving around Thursday, as activity was spurred by earnings news.

After releasing earnings late Wednesday, Energy XXI bonds were trading mixed.

The company’s debt was unchanged despite the earnings miss.

A trader saw the 7½% notes due 2021 and 2023 were unchanged at 42 and 50, according to a trader. But the 8¼% notes due 2018 fell 1¼ points to 77 1/8, while the 11% notes due 2020 rose almost half a point to 96 3/8.

SandRidge Energy Inc. also came out with numbers Wednesday and though those bonds were initially weaker, they finished with a firmer tone.

MolyCorp Inc. meantime announced its earnings early Thursday, but despite a wider loss, the debt ended steady.

Away from commodities, Advanced Micro Devices Inc. was heading higher following the company’s financial analyst day on Wednesday. During its presentation, the company laid out its new strategy to return to profitability in the second half of 2015.

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