Chaparral drops; Tenneco leads auto parts lower; Weatherford rebounds; Dean Foods gains

By Abigail W. Adams

Portland, Me., May 9 – Earnings-related news continued to drive activity in the distressed debt space with weak earnings and weak guidance translating into a weak tape, sources said.

Chaparral Energy Inc.’s 8 ¾% senior notes due 2023 dropped in active trading after reporting disappointing numbers.

Tenneco Inc.’s junk bonds also got crushed during Thursday’s session after reporting weak numbers and a delay in a previously announced spinoff.

The drop in Tenneco’s junk bonds dragged down the auto parts manufacturing sector with several other names trading down in kind.

While under pressure on Wednesday after delaying its earnings reports, Weatherford International plc’s 5 1/8% senior notes due 2020 were rebounding on Thursday.

Dean Foods Co.’s junk bonds also continued to move higher on Thursday, continuing the upward momentum seen since its earnings report.

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