Range Resources better post earnings; Frontier active, diverge in telecom space

By James McCandless

San Antonio, July 31 – The distressed debt space saw attention remain on tranches in the energy and telecom sectors on Wednesday.

Range Resources Corp.’s notes got a boost in trading in the wake of the company releasing positive second-quarter earnings.

Sector peer McDermott International, Inc.’s issues bounced back after falling on Tuesday in reaction to its negative second-quarter earnings report.

More gains for oil futures were mirrored in Superior Energy Services, Inc. and Southwestern Energy Co.’s paper.

Meanwhile, in telecom, Frontier Communications Corp.’s notes were active but diverged during the session.

Satellite name Intelsat SA’s issues were gaining a day after releasing its earnings report.

In the pharma space, Teva Pharmaceutical Industries Ltd. paper was mixed while Mallinckrodt plc’s notes pushed upward.

Diebold Nixdorf, Inc.’s issues were losing during the day.

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