INERGY LP GETS THE B OF A GOOSE!
We have Bank Of America/Merrill starting Inergy LP (NRGY) at a buy this morning and Inergy LP (NRGP) at a neutral. Both MLPS are just off all time highs. Not sure how much impact this will have as the stocks are where they are plus we have markets looking weak at the start this morning after Alcoa (AA) earnings last night. They are a tad light on the bottom line. That plus Chevron coming out and saying earnings will be below estimates means we start down. Dow futures are down 65 points.
In corporate developements we have another stock offering this morning as Transmontaigne (TLP) annoucing a 1.75 million share offering last night. This mlp gets my vote for snobbiest sounding name. Stock is off 1 and small change in the premarket. Nothing much else happening this morning. No other upgrades or downgrades. So we let the day begin and see where it takes us beyond the open. Surely we are due for a down day for the overall market after 6 straight up days.
joseph cioffi's Source Page - Associated Content
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EPD raises it's distribution:
1/12/2010 10:13 AM EDT
Enterprise Announces 22nd Consecutive Quarterly Cash Distribution Rate Increase
Enterprise Products Partners L.P. (NYSE:EPD) today announced that the board of directors of its general partner declared an increase in the quarterly cash distribution rate paid to partners to $0.56 per common unit, or $2.24 per unit on an annualized basis. The quarterly distribution will be paid on Thursday, February 4, 2010, to unitholders of record as of the close of business on Friday, January 29, 2010. This distribution rate, which represents a 5.7 percent increase over the $0.53 per unit distribution rate declared with respect to the fourth quarter of 2008, is the 31st distribution increase since Enterprise's initial public offering in 1998 and the 22nd consecutive quarterly increase.
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