Murray Energy notes better after dip from Q1 report; American Tire issues rise again

By James McCandless

San Antonio, May 16 – Traders reported moderate activity in the distressed debt market on Wednesday with names trading mostly on earnings.

Murray Energy Corp. notes gained after tumbling on Tuesday as the company posted its Q1 report.

American Tire Distributors issues gained as the company tries to regain investor confidence after losing a distribution partnership with Goodyear.

Ultra Petroleum Corp. paper shaved off some of Tuesday’s gains, continuing a downward trend that started when the company released its Q1 report last Thursday.

Intelsat SA notes were mixed. Recently, the company posted a disappointing Q1 report. Frontier Communications Corp. issues were down. Another telecom in high demand, the company recently posted a subpar Q1 report. Hexion Inc. paper traded down.

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