Good Morning!

We begin the morning with earnings from Crosstex Energy LP (XTEX). You have to cut through charges one time gains etc etc. I think the most important figure to look at is distributable cash flow or DCF. Here is the relevant paragraph.

"The Partnership's Distributable Cash Flow for the quarter was $17.9 million, 3.50 times the amount required to cover its Minimum Quarterly Distribution of $0.25 per unit, and 1.54 times the amount required to cover its distribution of $0.49 per unit. As previously disclosed, the Partnership sold certain idle equipment for $9.0 million in 2005, and during the third quarter, the Partnership received the final $5.4 million of funds for the sale, which is included in Distributable Cash Flow for the quarter. The $11.5 million charge for the mark-to-market value of the puts did not affect Distributable Cash Flow. Excluding proceeds from the sale, Distributable Cash Flow for the quarter increased $2.1 million, or 20.2 percent, over Distributable Cash Flow of $10.4 million in the 2004 third quarter. Distributable Cash Flow is a non-GAAP financial measure and is explained in greater detail under "Non-GAAP Financial Information." Also, in the tables at the end of this release is a reconciliation of this measure to net income."

So we'll how the market reacts to this. I don't think there was any real surprise here. The conference call is at 11am eastern time and you can access it here.

No other new upgrades or downgrades so far.