Wells Fargo took out the axe this morning and cut a number of mlps. Holly Partners (HEP), Alliance Resource (ARLP), and TC Pipelines (TCLP) were all cut to underperform while Plains All American (PAA) Sunoco Logistics (SXL), Magellan (MMP) Targa Natural Resource (NGLS) and Nustar Holdings (NS) to market perform from outperform. All the stocks are down major fractions to a point except for Holly Partners which is down 1.87. The mlp index is only down 1 because they did not cut Enterprise (EPD) and Kinder Morgan (KMP) which are unchanged to higher by a few pennies.

Some weakness here at lunchtime in the overall market but not by much. Dow is down 25. Energy stocks as a whole are down only fractionally as a group. Nat gas is up with the dollar down.