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Stock Market & Financial Investment News

News Breaks
June 25, 2014
13:22 EDTSXL, ETPEnergy Transfer announces crude oil pipeline project
Energy Transfer Partners (ETP) announced that its board has approved building an approximate 1,100 mile crude oil pipeline to transport crude supply from strategic receipt points in the Bakken/Three Forks production area in North Dakota to Patoka, Illinois, where the Bakken Pipeline will interconnect with Energy Transfer’s existing 30-inch diameter Trunkline Pipeline, which is being converted from natural gas service to crude transportation service. From Patoka, shippers will be able to access multiple markets, including Midwest markets and East Coast markets by rail as well as the Gulf Coast, via Trunkline, to the Nederland, Texas crude oil terminalling facility of Sunoco Logistics (SXL). Additionally, Energy Transfer will develop a rail terminal facility in Illinois to access East Coast refineries. ETP has already begun the process of ordering steel and negotiating construction contracts for the Bakken Pipeline, and ETP expects to have the Bakken Pipeline built and in service, and the Trunkline crude oil conversion project completed and in service, by the end of 2016. ETP is in discussions with SXL regarding a potentially significant equity participation by SXL.
News For ETP;SXL From The Last 14 Days
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February 8, 2016
12:05 EDTETPOn The Fly: Top stock stories at midday
Stocks on Wall Street began the session deep in negative territory and proceeded to move lower throughout the session, amid a renewed selloff in oil prices and fears that bankruptcies related to the prolonged slump will begin to pick up pace. The move lower is not restricted to the energy sector and has been broad-based, as each of the major equity indexes was lower by about 2% or more. ECONOMIC EVENTS: In the U.S., the labor market conditions index came in at 0.4 for January, below expectations for a reading of 2.0. In Asia, markets in mainland China, Hong Kong, Taiwan and Korea were all closed for the New Year holiday. Data was still released in China that showed the country's foreign currency reserves fell to their lowest level since May 2012, dropping about $99B in January, though that was better than analysts forecast and ahead of some recent whispers. COMPANY NEWS: Chesapeake Energy (CHK) tumbled over 50%, dropping as low as $1.50 per share, after media reports indicated that the natural gas producer has hired restructuring lawyers from Kirkland & Ellis. Subsequently, the stock was halted pending news and the company confirmed that Kirkland & Ellis continues to advise the company as it seeks to further strengthen its balance sheet. However, Chesapeake noted that it currently has "no plans to pursue bankruptcy," and its shares recovered some of their earlier losses upon being reopened for trading. The stock was down a bit over 25% near noon... Meanwhile, another player in the oil space with ties to Chesapeake, Energy Transfer Equity (ETE), declined 30% after the company disclosed, via a regulatory filing after Friday's close, that it was making a change to the Chief Financial Officer of its general partner. According to the company, the departure of CFO Jamie Welch from the post was not caused by any disagreements between him and the MLP over accounting issues or financial matters. Williams Company (WMB), with has agreed to merge with Energy Transfer, also slid 25%. MAJOR MOVERS: Among the notable gainers was Apollo Education (APOL), which rallied 25% after it agreed to be acquired by a group led by private equity company Apollo Global (APO) for $9.50 per share. Also higher was GoPro (GPRO), which gained 9% after Microsoft (MSFT) announced a new collaborative patent licensing agreement with the beaten down action camera maker. Among the noteworthy losers was Sarepta (SRPT), which fell 12% after the FDA delayed a decision on the company's Duchenne muscular dystrophy treatment eteplirsen. Also lower was BioCryst (BCRX), which plunged 67% after a clinical trial of its hereditary angioedema drug failed to meet its primary endpoint. In addition, DexCom (DXCM) was 17% lower after it was downgraded to Neutral from Outperform at Baird. INDEXES: Near midday, the Dow was down 317.14, or 1.96%, to 15,887.83, the Nasdaq was down 101.02, or 2.32%, to 4,262.12, and the S&P 500 was down 36.43, or 1.94%, to 1,843.62.
10:37 EDTETPEnergy Transfer leads MLP rout after CFO change
The shares of Energy Transfer Equity (ETE) are plunging after the company disclosed, via a regulatory filing after Friday's close, that it was making a change to the Chief Financial Officer of its general partner. Meanwhile, the shares of the Master Limited Partnership, or MLP, and a number of peers were downgraded by research firm Robert W. Baird. Master Limited Partnerships are publicly traded partnerships that receive tax benefits and often own oil assets. WHAT'S NEW: Energy Transfer Equity announced that its CFO, Jamie Welch, would step down from the post. According to the company, Welch's departure was not caused by any disagreements between him and the MLP over accounting issues or financial matters. Welch will be replaced by Thomas Long, who is currently CFO of Energy Transfer Partners, L.L.C., which owns the general partner of Energy Transfer Partners, L.P. (ETP), another MLP. STREET RESEARCH: This morning, Baird analyst Ethan Bellamy downgraded nine MLP stocks, including both Energy Transfer names. The analyst said he would remain bearish on the sector until oil prices and high yield bottom. Bellamy expects the sector to be pressured by a number of related factors, including the bankruptcy of exploration and production companies, fund outflows, and macro economic conditions. In addition to ETE and ETP, the analyst downgraded EnLink Midstream (ENLC), ONEOK Partners (OKS), Plains All American (PAA) and Plains GP Holdings (PAGP) to Underperform and cut Antero Midstream (AM), ONEOK (OKE) and Tallgrass Energy GP (TEGP) to Neutral. Addressing the departure of Energy Transfer Equity's CFO, Wells Fargo said it does not think that the CFO's departure indicates any change to the MLP's pending merger with The Williams Company (WMB). The firm added that it has no knowledge of any accounting issues that prompted the CFO to leave. It continues to believe that Energy Transfer Equity will rise over the longer term and it kept an Outperform rating on that stock. It maintained a Market Perform rating on Williams. PRICE ACTION: In early trading, Energy Transfer Equity sank 26% to $5.20, Williams tumbled 24% to $13.03, Oneok dropped 13.5% to $22.10, Plains All American retreated 9.8% to $18.46 and Tallgrass sank 20% to $11.59.
10:26 EDTETPOptions with increasing implied volatility
Options with increasing implied volatility: WMB SPLK Z PANW CRM PAGP LGF SQQQ WDAY ETP
10:00 EDTETPOn The Fly: Analyst Downgrade Summary
Today's noteworthy downgrades include: A-Mark Precious Metals (AMRK) downgraded to Neutral from Buy at B. Riley... Antero Midstream (AM) downgraded to Neutral from Outperform at Baird... AstraZeneca (AZN) downgraded to Hold from Buy at HSBC... Baker Hughes (BHI) downgraded to Equal Weight at Morgan Stanley... Brixmor (BRX) downgraded to Neutral from Outperform at Boenning & Scattergood... CBOE Holdings (CBOE) downgraded to Underperform from Outperform at CLSA... Cisco (CSCO) downgraded to Buy from Conviction Buy at Goldman... Citi Trends (CTRN) downgraded to Neutral from Buy at MKM Partners... Commerzbank (CRZBY) downgraded to Underperform from Market Perform at Keefe Bruyette... DexCom (DXCM) downgraded to Neutral from Outperform at Baird... EnLink Midstream (ENLC) downgraded to Underperform from Outperform at Baird... Energy Transfer Equity (ETE) downgraded to Neutral from Outperform at Baird... Energy Transfer Partners (ETP) downgraded to Neutral from Outperform at Baird... Eversource (ES) downgraded to Equal Weight from Overweight at Barclays... Genesis Healthcare (GEN) downgraded to Sell from Neutral at UBS... Givaudan (GVDNY) downgraded to Neutral from Buy at Goldman... HSBC (HSBC) downgraded to Underweight from Equal Weight at Morgan Stanley... Nomura (NMR) downgraded to Hold from Buy at Deutsche Bank... Novo Nordisk (NVO) downgraded to Sell from Neutral at UBS... ONEOK Partners (OKS) downgraded to Underperform from Neutral at Baird... ONEOK (OKE) downgraded to Neutral from Outperform at Baird... PPL Corp. (PPL) downgraded to Hold from Buy at Evercore ISI... Plains All American (PAA) downgraded to Underperform from Outperform at Baird... Plains GP Holdings (PAGP) downgraded to Underperform from Neutral at Baird... Quanta Services (PWR) downgraded to Neutral from Buy at UBS... Ralph Lauren (RL) downgraded to Neutral from Overweight at Atlantic Equities... Sparton (SPA) downgraded to Market Perform from Outperform at Barrington... Tableau (DATA) downgraded to Equal Weight at Morgan Stanley... Tallgrass Energy GP (TEGP) downgraded to Neutral from Outperform at Baird... WisdomTree (WETF) downgraded to Underperform from Market Perform at Keefe Bruyette.
08:25 EDTSXL, ETPEnergy Transfer Equity reports Long to replace Welch as CFO of general partner
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08:15 EDTETPMLPs downgraded until oil prices and high yield bottom, says Baird
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07:53 EDTETPEnergy Transfer Partners downgraded to Neutral from Outperform at Baird
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January 28, 2016
10:05 EDTSXLOn The Fly: Analyst Downgrade Summary
Today's noteworthy downgrades include: Azure Midstream Partners (AZUR) downgraded at Stifel... Chesapeake (CHK) downgraded to Hold from Buy at Wunderlich... CorEnergy (CORR) downgraded at Stifel... DCP Midstream (DPM) downgraded to Hold from Buy at Stifel... DynCorp (DCP) downgraded at Stifel... Ericsson (ERIC) downgraded on challenging outlook at BMO Capital... H&E Equipment (HEES) downgraded to Neutral from Buy at UBS... Halcon Resources (HK) downgraded to Hold from Buy at Wunderlich... InvenSense (INVN) downgraded to Market Perform from Outperform at Barrington... Invitae (NVTA) downgraded to Market Perform from Outperform at Leerink... Kirby (KEX) downgraded to Sector Perform from Outperform at RBC Capital... MEG Energy (MEGEF) downgraded to Equal Weight from Overweight at Barclays... Metro (MTTRY) downgraded to Underweight from Neutral at JPMorgan... OSI Systems (OSIS) downgraded to Hold following Q2 miss at BB&T... Oasis Petroleum (OAS) downgraded to Hold from Buy at Wunderlich... Pan American Silver (PAAS) downgraded to Market Perform from Outperform at FBR Capital... Qualcomm (QCOM) downgraded to Market Perform from Outperform at William Blair... Range Resources (RRC) downgraded to Equal Weight from Overweight at Barclays... Rockwell Automation (ROK) downgraded to Underperform from Market Perform at Bernstein... Royal Gold (RGLD) downgraded to Market Perform from Outperform at FBR Capital... SEI Investments (SEIC) downgraded to Underperform at Keefe Bruyette... SandRidge Energy (SD) downgraded to Sell from Hold at Wunderlich... Seadrill (SDRL) downgraded to Equal Weight from Overweight at Morgan Stanley... ServiceNow (NOW) downgraded to Neutral from Buy at MKM Partners... State Bank Financial (STBZ) downgraded to Hold from Buy at Sandler O'Neill... Sunoco Logistics (SXL) downgraded at Stifel... Tallgrass Energy GP (TEGP) downgraded to Hold from Buy at Stifel... Tallgrass Energy (TEP) downgraded to Hold from Buy at Stifel... Textron (TXT) downgraded to Hold from Buy at Drexel Hamilton... TripAdvisor (TRIP) downgraded to Underperform from Market Perform at Raymond James... Tupperware Brands (TUP) downgraded to Neutral from Overweight at Piper Jaffray... U.S. Steel (X) downgraded to Hold from Buy at Argus... United Rentals (URI) downgraded to Neutral from Buy at UBS... Welltower (HCN) downgraded to Hold from Buy at Evercore ISI... Western Gas Partners (WES) downgraded to Hold from Buy at Stifel... Whiting Petroleum (WLL) downgraded to Hold from Buy at Wunderlich.
09:27 EDTSXLSunoco Logistics increases quarterly dividend to 47.9c per share
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08:02 EDTSXLSunoco Logistics downgraded at Stifel
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07:01 EDTSXLSunoco Logistics downgraded to Hold from Buy at Stifel
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January 27, 2016
16:29 EDTETPEnergy Transfer Partners does not see need for common equity issuance in 2016
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16:28 EDTSXL, ETPEnergy Transfer Partners evaluating project financing of Bakken pipeline
Energy Transfer Partners (ETP) announced it is evaluating project financing of the Bakken Pipeline. "This measure would materially reduce the direct spending required for this project and would substantially further reduce ETP's and Sunoco Logistics Partners' (SXL) 2016 growth capital funding requirements," the company noted.
16:27 EDTETPEnergy Transfer Partners sees FY16 growth capital funding $4.2B
Energy Transfer Partners announced it has identified approximately $750M of growth capital expenditures that can be reduced in 2016. ETP's current growth capital funding estimates for 2016 are $4.2B, compared to $4.95B that ETP previously projected.

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