Good Morning!
First off before we get to earnings this mornning some news leftover from last night as Atlas Pipeline Partners boosts its distribution to 85 cents a share. Buckeye Partners (BPL) announces that it has commenced its IPO of the GP. Once this is priced and starts trading Buckeye Partners (BPL) should see its stock rally as the other LPS have once the IPO is done.
Now to earnings news this morning. Magellan Midstream posts numbers and they look very good. They lower the view on the 3rd quarter but raised full year estimates. We'll see what the market does with these numbers.
Holly Partners on the other hand missed estimates by 23 cents. Reading the release the company distributable cash flow did not cover the distribution this quarter which is not good but the company did say that the decline for this qaurter will be made up in the next 2 quarters due to 1 time issues. We'll see what the market has to say shortly.
No upgrades or downgrades this morning. 10 year is flat and Exxon Mobil earnings