Frontier fall continues; energy names off as crude falls; iHeart off; retailers retreat

By Paul Deckelman

New York, Nov 8 – Bonds of distressed and underperforming companies were lower across the board on Wednesday, traders said, amid an overall retreat in the larger junk bond market.

Among the major losers, a second straight session of lower crude oil prices finally caught up with previously strong energy-related names such as California Resources Corp., Denbury Resources Inc. and undersea oil and natural gas driller Transocean Inc.

Telecommunications names such as Frontier Communications Corp. and CenturyLink, Inc. were off – CenturyLink after having posted lower third-quarter earnings Wednesday and Frontier continuing its recent slide on disappointing results.

Also in the communications sphere, broadcaster and outdoor advertising company iHeart Media Inc. was off after weak numbers.

Retailers Rite Aid Corp. and PetSmart Inc. were also among the weaker issues, as was hospitals operator Community Health Systems Inc.

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