Sprint bonds swoon as T-Mobile talks end; energy names climb with crude; Frontier steadies

By Paul Deckelman

New York, Nov 6 – Traders said that the “disaster of the day,” as one of them called it, was in Sprint Corp. bonds, which nosedived across its capital structure in very active trading, on the news that the wireless communications provider’s merger talks with sector peer T-Mobile came to an abrupt – but not unexpected – end, with no deal accomplished.

On the upside. energy names like California Resources Corp., Denbury Resources Inc. and Sanchez Energy Corp. continued to ride the crest of surging world crude oil prices, which rose for a third consecutive session on Monday.

World oil prices rose on expectations that oil producing countries will agree to extend an output cut at their meeting at the end of this month and got a further boost from data indicating that U.S. oil drilling activity was slowing.

Frontier Communications Corp.’s recently beleaguered bonds appeared to steady on Monday after having taken a pounding last week in the wake of disappointing third-quarter earnings reported by the telecommunications service operator.

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