Advanced Micro bonds drop as earnings disappoint; Venoco beaten down; Avon trades active

By Stephanie N. Rotondo

Phoenix, April 17 – As the broader markets got smacked in Friday trading, the distressed debt market ended weaker in sympathy.

The broader markets were coming in on continued concerns surrounding Greece, as well as new trading regulations in China. Both of those issues combined to lead global stocks downward.

Advanced Micro Devices Inc. was walloped during the session, as investors reacted negatively to the company’s wider quarterly loss and forward-looking guidance.

The earnings – or lack thereof – were announced late Thursday.

A trader said the 7½% notes due 2022 dropped over 4 points to 90¾, while the 6¾% notes due 2019 lost 2½ points, closing at 95.

Another market source pegged the 7½% paper at 93 bid, down nearly 4 points.

In other earnings-related moves, Venoco Inc. paper dove down as much as 6 points on the day. The private oil and gas company put out its fourth-quarter and full-year results ahead of the market’s open on Thursday.

Another notable name was Avon Products Inc. Earlier in the week, it was reported that the company was exploring its options as it looks to stem three years of losses and declining sales.

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