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Stock Market & Financial Investment News

News Breaks
August 11, 2014
16:50 EDTWAC, KMR, INO, KMP, MFRM, EPB, CQB, KMIOn The Fly: Closing Wrap
Stocks on Wall Street opened in positive territory but were never able to gain any upside momentum. There was little to account for the initial move other than no change to the status quo for Israel and Russia. The averages moved in a narrow range but managed to stay on the plus side into the close, though in lackluster fashion. ECONOMIC EVENTS: In the U.S., no significant economic data was released. In prepared comments for a conference, Federal Reserve Vice Chairman Stanley Fischer said rebounds across advanced economies have been disappointing, leading the Fed and other observers to lower their long-term expectations for growth potential in the U.S. COMPANY NEWS: Shares of Kinder Morgan (KMI) advanced $3.25, or 9.0%, to $39.37 after announcing it will consolidate its oil-and-gas holdings into one company by acquiring all of the outstanding shares of a number of its subsidiaries, including Kinder Morgan Energy Partners (KMP), Kinder Morgan Management (KMR) and El Paso Pipeline Partners (EPB). The total transaction has a value of about $70B and the combined entity will be the largest energy infrastructure company in North America and the third largest energy company overall with an estimated enterprise value of approximately $140B, the company said. Afterward, Kinder Morgan was upgraded to Buy from Neutral at BofA Merrill Lynch, though Wells Fargo viewed the plans as mixed near-term. Wells believes the deal helps address some of the structural issues that have been pressuring Kinderís valuation in recent quarters, but it believes itís unclear how the market will ultimately value the new structure and the firm kept its Market Perform rating on all four stocks involved. MAJOR MOVERS: Among the notable gainers was salad and banana distributor Chiquita Brands (CQB), which jumped $3.04, or 30.22%, to $13.10 to close above the $13 per share takeover offer announced by Cutrale Group and the Safra Group. Note that Chiquita previously agreed to combine with Fyffes plc in a stock-for-stock transaction. Also higher was Mattress Firm (MFRM), which advanced $6.52, or 13.58%, to $54.53 after reporting preliminary second quarter results that beat expectations and raising it fiscal year outlook. Among the noteworthy losers following their earnings reports were Walter Investment (WAC), which fell $3.52, or 12.45%, to $24.75, and Inovio (INO), which dropped 99c, or 9.94%, to $8.97. INDEXES: The Dow edged up 16.05, or 0.1%, to 16,569.98, the Nasdaq gained 30.43, or 0.7%, to 4,401.33, and the S&P 500 rose 5.33, or 0.28%, to 1,936.92.
News For KMI;CQB;MFRM;INO;WAC;KMP;KMR;EPB From The Last 14 Days
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May 22, 2015
16:10 EDTINOInovio files $250M mixed securities shelf
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May 19, 2015
10:50 EDTKMIKinder Morgan says Georgia DOT declined Palmetto application
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09:58 EDTKMIOn The Fly: Analyst Initiation Summary
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May 18, 2015
16:26 EDTKMIKinder Morgan initiated with a Buy at Deutsche Bank
Target $49.
May 15, 2015
11:08 EDTKMIOmega Advisors gives quarterly update on stakes
NEW STAKES: Targa Resources (TRGP), Targa Resources Partners (NGLS), Humana (HUM), Dow Chemical (DOW), and Twenty-First Century Fox (FOXA). INCREASED STAKES: Kinder Morgan (KMI), Chimera Investment Corporation (CIM), AerCap Holdings (AER), Shire (SHPG), and KKR & Co. (KKR). DECREASED STAKES: eBay (EBAY), Altisource Portfolio Solutions (ASPS), Caesars Entertainment (CZR), Navient (NAVI), and TerraForm Power (TERP). LIQUIDATED STAKES: HCA Holdings (HCA), Gilead (GILD), Cabot Oil & Gas (COG), and Apple (AAPL).
May 13, 2015
11:32 EDTKMIONEOK 'most obvious' candidate to consider deal like Williams, says Wells Fargo
After Williams (WMB) announced a simplification deal with Williams Partners (WPZ) that is similar to Kinder Morgan's (KMI) rollup and Crestwood Equity's (CEQP) purchase of Crestwood Midstream (CMLP), Wells Fargo said it sees ONEOK (OKE) and ONEOK Partners (OKS) as the "most obvious" candidate likely to consider a similar deal. The firm believes other C-Corp/MLP pairs will be pushed to consider the merits of such transactions, but thinks the list of other candidates that really meet the criteria for such deals is short.

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