Costco Tops Fiscal 1Q18 Estimates

Costco Wholesale (COST) reported stronger-than-expected fiscal 1Q18 results, surpassing analysts’ expectations for both sales and EPS (earnings per share).

Pre-Market Report: Global Markets Are Weak on December 15

After a pullback on Thursday, the Shanghai Composite Index opened lower on December 15 and fell to five-week low price levels.

US Markets Had a Mixed Performance on December 14

The S&P 500 started this week on a stronger note. Despite a strong start, the market lost momentum as the week progressed and fell on Thursday.

Can Kohl’s Stock Pick Up Some Momentum?

Kohl’s (KSS) stock price has risen 1.8% on a YTD (year-to-date) basis as of December 12.


2013.05.20 - AMLP vs BBB corp credit
MLP distribution yields compressed while corporate credit yields increased since end of April

The spread between the Alerian MLP Index and the BofAML BBB Corporate Credit Index closed in slightly since the end of April, though still remains wide by historical standards.

2013.05.22 - MLP Yields
Rates inched up, but debt remains cheap for most MLP names providing cash for growth

Corporate debt rates for MLPs increased slightly over the past two weeks, but from a long-term perspective debt funding still remains extremely cheap.

2013.05.20 - GT10 ST
Treasury rates have continued to inch up, additional rise in yields could hurt MLP names

Treasury rates inched up slightly last week, and a continued move up in rates could be negative for rate-sensitive instruments such as MLPs.

2013.05.20 - MLP Equity Yields
MLPs continue to have access to cheap equity capital to fuel growth

Equity financing continued to get cheaper for MLPs, providing cheap capital for growth, but also compressing distribution yields for potential investors.

2013.05.16 - Frac Spread ST
Recent increase in frac spreads should benefit MLP nat gas processors

Many natural gas processors have contracts that are sensitive to prices in natural gas and natural gas liquids (NGLs). Frac spreads reached ~$30/barrel in mid-February but have recently dropped to…

2013.05.16 - ND Rig Count
Record Bakken production benefits MLPs in the area

March 2013 showed continued production growth in the Bakken. Most expect the Bakken to continue to grow rapidly which is a positive for midstream names (mostly MLPs) with assets in the area.

2013.05.12 - GT10 ST
Treasury rates increased by 16 bps last week, could hurt MLP names

Treasury yields increased last week, and a continued movement upward could hurt the valuation of rate-sensitive instruments such as MLPs. However, from a long-term context rates remain very low.

2013.05.10 - Alerian vs BBB
Spread between MLP yields and corp credit largely unchanged last week

The spread between the Alerian MLP Index and corporate credit was relatively unchanged last week.

Plains All American Pipeline had strong beat for 1Q13 earnings, positive for GEL and SXL

Plains All American Pipeline beat its 1Q13 EBITDA guidance by 20%, a strong performance which benefits names such as GEL and SXL.

2013.05.07 - Frac Spread ST
Frac spreads decreased 4% last week reducing nat gas processors’ margins

Last week, frac spread declined roughly 4% to give up some of their gains in the week prior and negatively affecting gas processors’ margins.

2013.05.02 - GT10 ST
Rates continued to inch lower last week, benefitting MLP names

Treasury rates continued to compress last week, which is a positive for the rate-sensitive MLP sector.

2013.05.02 - Frac Spread ST
Frac spreads increased over 9% last week benefitting nat gas processors

Frac spreads increased by over 9% last week, as natural gas prices declined and natural gas liquids prices generally were unchanged or up on the week.

2013.04.30 - BBB vs MLP
Spread between MLP yields and corp credit widened 9 bps last week

The spread between the BofAML BBB Corporate Credit Index and the Alerian MLP Index widened by 9 bps last week.

2013.04.24 - Current Div Yield on Select MLPs
Cheap equity capital for growth and acquisitions remains accessible to MLPs

The cost of equity remains low for master limited partnerships which is a positive for funding growth capex.

2013.04.24 - YTW IG MLP
MLP bond yields continue to drop, resulting in cheap debt funding

The cost of debt for MLPs, both investment grade and non-investment grade, continues to trend lower.

2013.04.24 - Alerian vs BBB
Spread between MLP yields and corp credit remained relatively unchanged last week

The spread between corporate credit and MLP yields remained relatively unchanged last week. However, from a historical perspective the spread is currently wider than average.

2013.04.22 - GT10 ST
Rates moved slightly lower on the week and current sustained low rates continue to benefit MLPs

Treasury rates remain near all-time lows which has been a positive for MLP stocks.

2013.04.22 - Frac Spread ST
Frac spreads decreased nearly seven percent last week hurting names like WPZ

Fractionation spreads last week declined by nearly seven percent, which cuts into margins of commodity sensitive gas processors.

2013.04.19 - Pennsylvania Natural Gas Production c
Increasing Marcellus production positive for midstream names in the area

Continued growth in Marcellus activity should be positive for midstream names with assets strategically located in the area.

2013.04.19 - MLP Closed End Fund IPOs
Launch of two MLP closed-end funds in March could drive sector outperformance

The IPO of two MLP closed-end funds should result in increased demand for MLP names and provide price support to the sector.


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