Dean Foods notes drop after poor earnings report; Frontier issues trend higher

By James McCandless

San Antonio, Feb. 27 – The distressed market was hit with a deluge of earnings reports on Wednesday, driving the day’s activity.

Dean Foods Co.’s notes dropped after the company reported a disappointing earnings report, punctuated by lackluster sales and a strategic alternatives review.

Elsewhere, Frontier Communications Corp.’s issues were trending higher after the company beat expectations in its Q4 earnings report.

Sector peer Windstream Holdings, Inc.’s paper was lower as the company gained access to debtor-in-possession financing.

Utility PG&E Corp.’s notes were pushed lower, under pressure from more negative news.

Meanwhile, in oil and gas, Denbury Resources Inc.’s issues climbed after exceeding fourth quarter expectations.

Alta Mesa Resources, Inc.’s paper saw a slight recovery after yesterday’s crash.

Also in energy McDermott International, Inc. and California Resources Corp. each saw their paper rise after releasing earnings reports this week.

Community Health Systems, Inc.’s notes were also on the rise as the company prepares to bring new notes to market.

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