EARNINGS EARNINGS EARNINGS
(and maybe dead cats are bouncing)
Lots of numbers this morning starting with Holly Partners (HEP) posting earnings. Teppco (TPP) also puts up numbers and speaks to next years projects and capital availability. Sunoco Logistics (SXL) put up earnings last night. Buckeye Partners (BPL) should be posting at any moment.
We have Steifel Nicholas coming out on Copano (CPNO) with a buy recommendation. Stock has a bid at 20 in the premarket. Also bidding higher is Boardwalk (BWP) where Deutche Bank is telling us we should buy that one as well.
Now to the dead cats as we have a rally this morning which undoes the 200 point decline in the last 15 minutes of trading yesterday. I'm continuing to argue on the side of a tradeable bottom at 7880 so ideally we'll take a trip down there this morning at some point...probe...and then reverse. (They should only listen to me)
MLPs will follow along. The libor rate continues to come in and that continues to provide support as 200 is holding here. At least we are diverging from the broader market.
joseph cioffi's Source Page - Associated Content
4 comments:
WILLIAMS PARTNERS NEWS
TULSA, Okla., Oct. 27 /PRNewswire-FirstCall/ -- Williams Partners L.P. (NYSE: WPZ) announced today that the regular quarterly cash distribution its unitholders receive has been increased to $0.635 per unit. This is the partnership's eleventh consecutive distribution increase since its initial distribution in November 2005.
The new distribution amount is an increase of 15 percent over the partnership's third-quarter 2007 distribution of $0.55 per unit.
The board of directors of the partnership's general partner has approved the increase in the quarterly cash distribution. The third-quarter distribution is payable on Nov. 14, 2008, to unitholders of record at the close of business on Nov. 7.
Too many sellers overhead. Every MLP rally is met with selling. We will need a catalyst of some kind in order to power higher else we'll just chop around.
It's the credit freeze ( and the future cost of financing if a company can get credit , and how that impacts future distributions )that's imho keeping value investors from buying any company with large amounts of debt.
Until that changes... we're in a grizzly bear market.
I still have CPNO, and some Reit preferreds, they are all suffering.
Many Reits are being priced for bankruptcy. A value investor ( when he can buy shares at the right price) doesn't mind living through a bad couple of quarters, if bankruptcy is off of the table. As long as we are suffering through this credit freeze, bankruptcy isn't off the table.
HS
CCE is selling for about $9.00 a share and perhaps a BBB rating ( but I'm just guessing ).
In any case a successful corporate bond offering is an indication that credit markets are beginning to thaw.
HS
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Coca-Cola Enterprises $1B 5Yr Sr Notes Launch At Tsys +4.625Last update: 10/28/2008 1:49:42 PM
By Kellie Geressy
Of DOW JONES NEWSWIRES
NEW YORK (Dow Jones)--Coca-Cola Enterprises (CCE) is taking advantage of a bounce in the credit markets on Tuesday as they plan to sell $1 billion worth of new bonds. The five-year offering of senior notes was launched at a spread of 462.5 basis points over Treasurys, 87.5 basis points wider than comparable outstanding paper issued by the company. Coca-Cola sold $300 million of five-year notes on July 29 at a spread of 168 basis points over Treasurys. Earlier Tuesday, Coca-Cola's 5.00% issue due 2013 traded at 375 basis points over Treasurys and its 7.125% issue due 2017 traded at 374 basis points over Treasurys late Monday. Investors are cautiously tiptoeing back into the corporate bond market, lured by historically rich yields on highly-rated industrial companies. The issue is expected to price later Tuesday via joint lead managers Citigroup, Bank of America, Credit Suisse and Deutsche Bank Securities. It has been rated A3 by Moody's and single-A by Standard & Poor's, both with a stable outlook. -By Kellie Geressy, Dow Jones Newswires; (201) 938-2050; kellie.geressy@dowjones.com Click here to go to Dow Jones NewsPlus, a web front page of today's most important business and market news, analysis and commentary: http://www.djnewsplus.com/al?rnd=h4DiqbZI5m8YiTabAal5Ag%3D%3D. You can use this link on the day this article is published and the following day. (END) Dow Jones NewswiresOctober 28, 2008 13:49 ET (17:49 GMT)
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