MARKET CURRENTS
real-time news and commentary for investors
MARKET CURRENTS
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Today - Wednesday, May 22
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3:46 PM Credit Suisse stresses a more defensive posture in MLPs, focusing attention on large, relatively liquid, investment-grade MLPs or affiliates with exposure to the coming crude oil production boom in North America. Its eight favorite MLPs to buy now: WMB, QRE, LNG, TRGP, CQP, XTEX, ACMP, GEL. 7 Comments
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11:15 AM Rosetta Resources (ROSE -0.3%) is downgraded to Hold from Buy at Cowen, which thinks significant credit is priced in for vertical drilling potential in Permian assets. The firm's long-term positive view on ROSE is based on focused Eagle Ford development drilling, strong cash flow growth and a conservative balance sheet. Comment!
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10:28 AM BlackBerry (BBRY -0.4%) is downgraded to Underperform at Exane BNP, which says its profit pools are drying up. While news flow around the BB10 likely will remain the primary driver for the shares in the short-term, the firm says BBRY's long-term profitability prospects hinge essentially on the longevity of its service revenues, which are "unsustainable." 42 Comments
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9:40 AM A favorite of value investors, Symetra Financial (SYA) just repurchased about 5% of its float - buying 6.1M shares from an affiliate of Vestar Capital Partners (director Sandy Levy) at $13.43 each. The board boosted the 10M share buyback program by 6M to accommodate the purchase. Book value as of March 31 was $18.32/share. Comment!
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8:23 AM More on the Multiband (MBND) acquisition at $3.25/share: Congrats to SA Pro's Inefficient Market who - less than 24 hours ago and at a price of about $2.30 - told readers he was buying the stock "hand over fist." "In my opinion, Multiband's MDU unit alone is worth more than the entire company's current enterprise value of $82M." Comment!
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8:21 AM Chesapeake Energy (CHK) +1.7% premarket as Susquehanna upgrades the stock to Positive from Neutral, believing CHK should get a boost from both higher oil and gas prices and its new CEO. The firm boosts its valuations for CHK's oil and gas reserves, saying investors have become more comfortable with higher prices; asset sales so far have been of "mixed quality." Comment!
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