Teva higher as settlement reached; LSC Communications declines on downgrade

By James McCandless

San Antonio, July 29 – The distressed space continued to be driven by newsmakers as a new week started.

Teva Pharmaceutical Industries Ltd.’s notes closed higher as the company and three others reached a settlement with California over delayed competition allegations.

Sector peer Endo International plc, also part of the settlement, saw its issues gain.

Print services name LSC Communications, Inc.’s paper declined after receiving a ratings downgrade in the wake of a canceled merger.

Meanwhile, Dean Foods Co.’s notes fell after the company announced the appointment of a new chief executive officer.

Telecom name DISH Network Corp.’s issues declined as the market anticipated its after-market earnings release.

Intelsat SA, another telecom name, saw its paper diverge.

In energy, oil futures rose as Range Resources Corp.’s and Southwestern Energy Co.’s notes declined and Superior Energy Services, Inc.’s issues were almost flat.

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