Breitburn Energy suspends distribution of common units

• Breitburn Energy Partners (BBEP) -19.5% premarket after saying it is suspending the monthly distribution of its common units, citing the ongoing weakness in crude oil prices.
• BBEP says the suspension will save ~$110M on an annual basis, which it can redirect to reduce debt or invest in the business.
• Wunderlich maintains its Hold rating but cuts its price target to $2, saying the units continue to have significant commodity risk (Briefing.com).