Intelsat lower after earnings release; Mallinckrodt drops as whistleblower lawsuit expands

By James McCandless

San Antonio, April 30 – The distressed space saw a boost of activity on Tuesday as several names released earnings reports.

Intelsat SA’s notes were lower after the company released its first-quarter report on Tuesday morning.

Intelsat Jackson Holdings SA’s 5½% notes due 2023, while dropping into the 89 context, closed the day level at 90½ bid. Intelsat (Luxembourg) SA’s 8 1/8% notes due 2023 lost 2 points to close at 75½ bid.

Both notes saw about $54 million trading by the close.

Sector peer Frontier Communications Corp.’s issues moved higher before it released its earnings report after the close.

Elsewhere, in health care, Mallinckrodt plc’s paper dropped after news broke that the Department of Justice is joining a whistleblower lawsuit against the name.

Connected commerce name Diebold Nixdorf, Inc.’s notes slid after it issued a worse-than-expected earnings report.

Meanwhile, in retail, Neiman Marcus Group, Inc.’s issues finished mixed as the company considers selling off e-commerce segment MyTheresa.

PetSmart, Inc.’s paper was similarly mixed a day after announcing its plan to take Chewy.com public.

Despite rising oil futures, Ensco Rowan plc and McDermott International, Inc.’s notes declined.

In shipping, Navios Maritime Holdings Inc.’s issues improved.

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