California Resources falls with oil futures; Community Health drops further

By James McCandless

San Antonio, Dec. 18 – Falling oil prices caused distressed oil names to continue to be at the forefront of activity, falling in Tuesday’s session.

Leading trading was California Resources’ notes, losing in Tuesday’s session as crude oil futures continued to hit lows not seen since August 2017.

Meanwhile, Weatherford International plc’s notes were lower a day after the company announced an asset sale and after recently receiving a delisting warning.

The oil price decline also led to negativity in Sanchez Energy Corp., EP Energy Corp. and Ensco plc.

In the medical space, Community Health Systems, Inc.’s and Tenet Healthcare Corp.’s paper continued to drop after a federal judge ruled part of the Affordable Care Act unconstitutional on Friday.

Elsewhere, Xerox Corp.’s issues finished the session lower.

Dean Foods Co.’s paper saw a drop on heightened attention.

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