Goodrich drops as oil waivers, earnings on deck; Toys ‘R’ Us rises; Fannie, Freddie fall

By Stephanie N. Rotondo

Phoenix, Feb. 23 – Distressed debt was moving on up Monday, even as oil prices waned and the equity markets drifted lower.

With the decline in oil prices, Goodrich Petroleum Corp. took a hefty hit. The company is slated to release earnings later this week.

Some members of the Organization of Petroleum Exporting Countries are expressing concern about falling oil prices and are saying that while certain Middle Eastern members are not worried, others are considering an emergency meeting to discuss how to handle the situation.

The members most concerned about the price drops are Nigeria, Venezuela and Russia.

At a conference in Miami on Monday, retailer Toys “R” Us Inc. released preliminary figures that showed a slight decline in sales, but a gain in adjusted earnings.

Investors seemed pleased with the numbers and pushed the company’s bonds higher.

Among other retailers, Gymboree Corp.’s 9 1/8% notes due 2018 were seen 3 points better at 44, a trader said.

He said there was “no specific news” to cause the gain.

In the preferred stock space, Fannie Mae and Freddie Mac paper continued to weaken, as investors reacted negatively to earnings from last week.

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