McDermott slips after earnings, guidance; Intelsat better on mixed earnings

By James McCandless

San Antonio, July 30 – Tuesday’s trading in the distressed market focused on energy and telecom names.

McDermott International, Inc.’s notes slipped after reporting a surprise earnings loss and slashing its guidance for the rest of the year.

As oil futures ramped up, California Resources Corp.’s, Ensco Rowan plc’s and Southwestern Energy Co.’s issues diverged.

Telecom name Intelsat SA’s paper finished better after releasing a lukewarm second-quarter earnings report.

Sector peer Digicel Group Ltd.’s notes also ended the session positive.

Elsewhere, pharma names Teva Pharmaceutical Industries Ltd. and Endo International plc.’s issues skewed higher.

Dairy name Dean Foods Co.’s paper was pushing upward in the aftermath of replacing its chief executive officer.

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