Weak earnings pressure Alpha Natural, Key Energy and Affinion; iHeart’s numbers improve

By Stephanie N. Rotondo

Phoenix, April 30 – A fresh round of earnings were keeping distressed debt investors busy on Thursday.

For the most part, the results were not pleasing and that weighed on the secondary market in general.

In commodities, coal producer Alpha Natural Resources Inc. reported numbers that came in below expectations.

Key Energy Services Inc. also came out with quarterly figures on Thursday, showing lower revenue and a wider loss. Given the state of the oil market, the company has also decided to exit operations outside of North America and will focus on production enhancement projects.

Away from the commodity realm, Affinion Group Holdings Inc. released first-quarter results that showed a decline in revenue and weaker adjusted EBITDA.

Though most of the earnings news weighed on the market, a narrower loss helped iHeartMedia Inc. paper improve.

Elsewhere, Fannie Mae and Freddie Mac preferreds ended higher Thursday, though down from earlier highs.

The paper began to gain steam in early trading after it was reported that a memo from the Treasury had surfaced that could be construed to show that the federal government acted in bad faith when it placed the agencies under conservatorship in 2008.

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