Exela crashes on disappointing earnings; Mallinckrodt lower amid lawsuit news

By James McCandless

San Antonio, Aug. 9 – The Friday session in the distressed space saw continued focus on earnings releases, capping off the week in the same way it began.

Exela Technologies, Inc.’s notes crashed in the session after the company released worse-than-expected earnings.

Meanwhile, in pharma, Mallinckrodt plc’s issues were trending lower after news broke of insurance giant Humana Inc. filing a lawsuit against the name.

Sector peer Teva Pharmaceutical Industries Ltd.’s paper diverged.

Utilities name PG&E Corp.’s notes varied in direction after it issued its results for the second quarter.

In energy, Whiting Petroleum Corp.’s issues declined in the face of a ratings downgrade.

As oil futures recovered some of the week’s losses, California Resources Corp.’s, Chesapeake Energy Corp.’s and Superior Energy Services, Inc.’s paper moved in different directions.

Chemicals producer Rayonier Advanced Materials Inc.’s notes pushed lower.

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