- Energy Transfer Equity (ETE -25.8%) plunges on news that CFO Jamie Welch will be replaced by Thomas Long, CFO of its Energy Transfer Partners (ETP -17.3%) affiliate.
- ETE says the change was not caused on any disagreement over accounting or financial matters, and it says it is in talks with Welch about taking a consulting role on its liquefied natural gas export project.
- Williams Cos. (WMB -24.1%), which is being bought by ETE, also is sharply lower following the CFO news; also, WPZ -18.5%.
- ETE shares also are downgraded to Neutral from Outperform with a $7 price target at Baird.
Energy Transfer Equity -26% on news of CFO replacement
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| Symbol | Last Price | % Chg |
|---|---|---|
| ET | - | - |
| Energy Transfer LP Common Units | ||