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Cliffs Natural Resources, Walter Energy, Arch Coal have earnings on tap, end mostly lower
By Stephanie N. Rotondo
Phoenix, Oct. 24 – As the week came to an end, distressed debt investors were already looking to the coming week and the earnings releases it will bring.
Walter Energy Inc., Cliffs Natural Resources Inc. and Arch Coal Inc. are all slated to put out their third-quarter results next week, and the expectations for all of them are not good.
As such, the companies’ bonds were mostly moving toward the down side in Friday trading.
A trader said Arch’s 7¼% notes due 2021 fell a point to 40 and 7¼% notes due 2020 slipped slightly to 52.
Walter Energy’s 8½% notes due 2021 were pegged at 27½, down half a point. The 9 7/8% notes due 2020 were also called half a point lower at 29.
A trader deemed Cliffs’ 4 7/8% notes and 5.8% notes due 2018 “basically unchanged” in the low 70s and low 80s, respectively.
However, Affinion Group Inc. is also expected to release numbers next week – Thursday, to be exact – and fared better on the day, according to a trader.
The trader said the 7 7/8% notes due 2018 opened “plus/minus 78” and moved up “a couple points” to close around 80.
Meanwhile, the oil space, and anything related to it, was still weak.
A trader said Hercules Offshore Inc.’s 10¼% notes due 2019 fell a point to 78, while Samson Investment Co.’s 9¾% notes due 2020 broke through 80 to end around 79 7/8.
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