Whiting, Titan International lose after earnings; Rayonier Advanced Materials improves

By James McCandless

San Antonio, Aug. 1 – The distressed space saw a negative day fueled by earnings reports and news on the trade front.

Whiting Petroleum Corp.’s notes lost during the day after the company released its second-quarter earnings and announced layoffs.

Sector peer Weatherford International plc’s issues moved in opposite directions as the company won access to $1.75 billion in financing.

As news of more tariffs broke, oil futures declined along with California Resources Corp. and Range Resources Corp.

Meanwhile, farm machinery name Titan International, Inc.’s notes slid after the company reported an earnings loss.

In chemicals, Rayonier Advanced Materials Inc.’s issues gained after the company announced a $175 million asset sale.

Steel name United States Steel Corp.’s paper trended negative after news of new tariffs broke.

Telecom name Frontier Communications Corp.’s and Intelsat SA’s notes trended negative.

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