Ensco declines after missing earnings estimates; Northern Oil trades up on acquisition

By James McCandless

San Antonio, April 27 – The distressed debt market finished the week Friday with more activity than has been seen in recent weeks, according to traders, as earnings drive the overall market.

Ensco plc notes dipped after the company posted its Q1 report in which it missed earnings and revenue estimates.

Northern Oil and Gas, Inc. issues traded up after Thursday’s announcement that the company has agreed to purchase assets and acreage in the Williston Basin in North Dakota.

American Tire Distributors paper continued to slowly climb back from a double-digit decline experienced earlier this week after Goodyear announced it was cutting ties with the company.

Intelsat SA notes were mixed. Recently a subsidiary was made a part of a government project. Frontier Communications Corp. issues traded up as the company continues to search for buyers for certain assets. FirstEnergy Solutions Corp. paper was mixed after Wednesday’s announcement that the company would deactivate three at-risk plants unless the government provided aid.

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