Ensco Rowan, PG&E slip post-earnings; Teva Pharmaceutical lower after mixed earnings results

By James McCandless

San Antonio, May 2 – The distressed space continued to focus its attention on names with earnings releases.

Ensco Rowan plc’s notes slipped after reporting an earnings loss for the first quarter after the close on Wednesday.

The company’s 5.2% notes due 2025 fell 1¾ points to close at 78 bid. Its 7¾% notes due 2026 dropped 2½ points to close at 83½ bid.

The day saw $23 million of the 7¾% notes trading.

Sector peer California Resources Corp.’s issues declined before the company released its earnings numbers after Thursday’s close.

The company’s 6% notes due 2024 declined by 2½ points to close at 67½ bid. Its 8% notes due 2022 went negative by 1¾ points to close at 74¼ bid.

As oil futures declined, Weatherford International plc’s paper followed suit while Halcon Resources Corp.’s notes gained.

In health care, Teva Pharmaceutical Industries Ltd.’s issues moved lower after the company posted a mixed earnings report.

Mallinckrodt plc’s paper improved, snapping a five-day negative run spurred in part by an expanding whistleblower lawsuit against the name.

Electric utility PG&E Corp. saw its notes drop after beating earnings estimates but disappointing on revenues.

Elsewhere, Frontier Communications Corp.’s issues finished mixed a day after the company released its first-quarter earnings.

Retailer PetSmart, Inc.’s paper finished the session gaining.

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