COPANO SPLITS...
CALUMET EARNINGS OUT

FRIDAY BEFORE A 3 DAY WEEKEND

What do you get when a stock has tripled its stock price and nearly doubled its distribution since its IPO? You get a 2 for 1 stock split which is what Copano LLC (CPNO)announced last night. It also crossed a headline about converting subordinate units but i am still searching for details. The stock split ought to move the price higher this morning unless we see a buy the rumour sell the news. Crosstex Energy (XTXI) dropped sharply last fall when it announced its stock split and incidently the stock has gone nowhere since. Also last night we had earnings from Calumet Specialty Products (CLMT) which on the surface look good once you strip out all the nonsense.

Steifel Nicholas starts Williams Partners (WPZ) at a buy...which is nice. Nothing else so far in upgrades and downgrades.

We have a three day weekend and with kids on mid-winter break next week we could be in semi-vacation mode as far as trading goes. I remember it was a slow week last year so with the cold in the northeast alot of folks will probably get away...or at least enough to have some impact on volume. Oil is down this morning, Nat gas is up and 10 year rates are down to 4.68% as we wait for PPI at 8:30am