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Linn Energy, Cloud Peak, Swift deemed day’s big commodity losers; AMD sees revenues plunge
By Stephanie N. Rotondo
Phoenix, July 17 – Distressed commodity names failed to gain ground on Friday, as oil prices continued to weaken on oversupply concerns.
“A lot of these things are down a ton of points [today] and they were already down a ton,” a trader said. “This stuff can’t get out of its own way.”
Linn Energy LLC was hit particularly hard. Its stock has been getting hammered all week after stock picker Jim Cramer said on his show “Mad Money” on July 10 that he would not recommend the company’s equity, given his belief that its future is “hampered.”
On Thursday, a Seeking Alpha article urged investors to be cautious of the “siren song” of the equity, with trades with a yield over 15%.
In Friday trading, Linn’s debt dropped as much as 10 points, according to one trader.
But Linn wasn’t the only big loser in the commodity space on Friday.
A trader said Cloud Peak Energy Inc.’s 8˝% notes due 2019 fell over 8 points to 71.
And the commodity weakness didn’t stop there. Swift Energy Co. saw its 8 7/8% notes due 2020 dropping again.
Commodity-linked bonds weren’t the only losers on the day. Advanced Micro Devices Inc. paper came in after the company released its second-quarter earnings late Thursday.
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