Linn Energy, LinnCo surge on apparent progress in Berry buyout

|By:, SA News Editor

Linn Energy (LINE +10.5%) and LinnCo (LNCO +8.5%) power higher as its proposed plans to buy Berry Petroleum (BRY +1.1%) appear to be moving forward.

Janney Capital views the action as "an expression of confidence" it will be the final round of comments from the SEC and that the companies will soon have clearance to proceed with a shareholder vote; the firm says the update is a positive development in a long SEC review process amid of a flurry of negative reports on Linn's hedging practices and accounting.