adbrite ads

Your Ad Here
Your Ad Here

tickers

$IN

amazon

Wednesday, May 07, 2008

MAGELLAN EARNINGS AND
AN UPGRADE


Earnings for this quarterly distribution grower were actually out yesterday but Wachcovia is upgrading Magellan Holdings (MGG) to buy from hold. They must have seen something they liked. The company also raised estimates for the year.


Also left from last night is Eagle Rock Energy Partners (EROC) which posted losses due to derivative hedging but all the relevant numbers were solid. Exterran (EXLP) and Exterran Holdings (EXH) posts quarterly numbers this morning. Last night Plains All American (PAA)
announced a 5.5 million share stock offering which pressured the stock after the close.

Eyes of course on crude again as weekly numbers are out at 10:30 am. Crude while i type went from down 60 cents to up 10 cents even with the dollar rallying smartly this morning. Nat gas is down 3 cents after closing down lately. I thought this crude fever would break and i still have a short position ( i am actually long DUG which is powershares short oil and gas stocks). I was successful trading those last week but i am now holding with a small loss (nothing tragic). I still think this makes a great hedging tool for MLPS should energy every take a big drop because you know we will be taken down with them at least for awhile.

No other news items this morning and i will be watching for any upgrades or downgrades.

No comments: