Intelsat rises despite earnings miss; FirstEnergy gains as earnings beat estimates

By James McCandless

San Antonio, Feb. 20 – The distressed space continued to place its attention on names releasing earnings reports.

Intelsat SA’s notes moved higher despite the company reporting a loss in its fourth-quarter earnings report.

Elsewhere in the sector, Windstream Holdings Inc.’s issues continued to leak after losing a legal challenge.

Meanwhile, FirstEnergy Solutions Corp., a subsidiary of FirstEnergy Corp., saw its paper gain as the parent company surpassed estimates on its Q4 report.

Drug maker Teva Pharmaceutical Industries Ltd.’s notes were better after settling with the United States government over consumer access to its products.

PHI, Inc.’s issues continued to sink as time is running out to find a solution to its debt problem.

Positive oil futures did not spread movement to distressed energy names. McDermott International, Inc.’s paper went lower, California Resources Corp.’s notes closed mixed and Ensco plc’s issues traded up.

Hexion Inc.’s paper closed the day mixed.

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