Transocean notes drop on strategic alternatives news; Bombardier up after Q2 results

By James McCandless

San Antonio, Aug. 6 – During the Thursday distressed debt session, the market focused on second-quarter earnings.

Transocean Ltd.’s notes dropped after the company announced that it would be conducting a strategic alternatives review.

While oil futures ended the day lower, Occidental Petroleum Corp.’s, Antero Resources Corp.’s and Whiting Petroleum Corp.’s issues varied in direction.

Manufacturing name Bombardier Inc.’s paper moved up despite reporting an earnings per share loss for the second quarter.

Meanwhile, auto parts maker Tenneco Inc.’s notes were lifted after releasing a lukewarm Q2 earnings report.

Sector peer Titan International, Inc.’s issues spiked after showing better-than-expected results for Q2.

Elsewhere, American Airlines Group Inc.’s paper diverged while United Airlines Holdings, Inc.’s notes backed off of recent gains.

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