Busy morning as we have numbers from a couple of tortured companies this morning. More on that in a minute. The MLP index followed the oil stocks lower yesterday as the market sold off. Still the chart continues to bottom build and in fact the losses yesterday were concentrated in the big boys while the smaller fry tended to either not do much or inch a little higher.
Of course Crude remains the story as we go into spike land. The USO hit 100 dollars after the close yesterday. Look for Crude again to dictate the pace in the overall market. If the spikes continue expect stock market pressure.
Now to the morning news we have earnings from Constellation Partners (CEP) which appear ok. I went through the 8k and the earnings statement and saw nothing wrong here. So perhaps we can finally get back into the low 20s. I was trying to find the dcf number but i can't seem to find it. If anyone sees it...please post it in the comments section.
Crosstex Energy LP (XTEX,XTXI) put up its solid numbers. Now this MLP has gone nowhere in the last few years...basically sideways. Crosstex (XTXI) has been a better performer thanks to the GP splits and probably has better upside potential then the LP. Still in the bear market we went through Crosstex LP holders slept alot better.
Linn Energy also put up its earnings which headline says record results. Once you get through the noise..non gap earnings were 28 cents. Waiting for the press release to get more details.
Nothing yet on the upgrade downgrade list. Crude oil was up a little...now its down a little. Nat gas numbers out later this morning. Stock futures are higher and they continue to follow crude tick for tick so if oil can sell off hard we could see the market get yesterday's loss back fairly quickly. ECB decision due soon but we know Europeans are best at doing nothing while sipping expressos.
joseph cioffi's Source Page - Associated Content
No comments:
Post a Comment