BUCKEYE HOLDINGS

GETS A BID

News on this came after the close yesterday as Buckeye GP Holdings LLC wants to buy back the public stake at 17 dollars which is about 30% above yesterday's close but as you can see its way below the peak prices of the bull run. In fact this price is almost back to the IPO price of a few years ago.

If you bought this at the bear market low 2 weeks ago...rejoice! If you are a holder from much higher prices...maybe some gnashing of teeth is in order.


The rally in mlps stalled out for now at 220 and we pulled back less than 2 points yesterday while the dow dropped over 2%. And futures this morning are selling off along with the entire energy complex. Crude is down over 2 dollars and under 69 bucks. Gasoline @ 2.99 here in the peoples republic of the state of NY.

Not much happening otherwise on the corporate side and no upgrades or downgrades so far this morning. The credit markets continue to heal slowly which i think is bullish for mlps as we see these ridiculous yield spreads slowly begin to tighten. We will continue to see mlps outperform broad stocks and big energy stocks in my view as long as the credit markets continue to improve. And remember when i say outperform it only means that we will be down less if markets tank.

Belmont Park's pick 6 today has a carryover of over 1 million dollars so i plan to head there later today to try to relieve them of their burden. Post time for the first race is 1pm.