Rackspace lower after management shake-up; U.S. Steel down on weaker industry numbers

By James McCandless

San Antonio, July 9 – The Tuesday session in the distressed space saw a focus on energy and steel names.

Rackspace Hosting Inc.’s notes went on a lower path after the company announced a shake-up in management on Monday.

Meanwhile, U.S. Steel’s issues moved downward after week-to-week raw steel production was reported to be lower than the previous week.

Sector peer AK Steel Holding Corp.’s paper was mixed.

Despite rising oil futures, tranches for Superior Energy Services, Inc., Chesapeake Energy Corp. and Halcon Resources Corp.’s notes were trailing.

Elsewhere, in telecom, Frontier Communications Corp.’s and Intelsat SA’s issues declined.

Chemicals name Rayonier Advanced Materials Inc.’s paper slid.

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