Weatherford notes tumble after earnings miss; Denbury issues decline on acquisition news

By James McCandless

San Antonio, Oct. 29 – A new week in the distressed space started quietly, with losses in topical names reported as third quarter results roll in.

Weatherford International plc’s notes saw a broad decline after the company announced disappointing third-quarter earnings results Monday morning.

Competitor Bristow Group Inc.’s notes also declined.

Elsewhere in the energy space, Denbury Resources Inc.’s issues also fell after announcing the planned $1.7 billion acquisition of Penn Virginia Corp., leaving investors concerned about a new entity’s potential debt.

On a negative day for oil futures, Sanchez Energy Corp.’s bellwether tranche followed suit while California Resources Corp. paper gained.

In retail, Neiman Marcus Group, Inc.’s notes were mixed after the company received a ratings downgrade.

Elsewhere in the sector, PetSmart, Inc.’s issues rose.

In telecom, Intelsat SA’s paper moved lower as the market anticipates the release of its third-quarter report Tuesday morning.

Meanwhile, insurance provider Genworth Financial, Inc.’s notes jumped as the company seeks regulatory approval for a buyout by a Chinese firm.

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