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United Parcel Service (UPS)
Goldman Sachs initiates coverage on Air Freight with an Attractive coverage view and on Railroads and Trucking with Neutral coverage views, according to the streetinsider.com.
In Air Freight, the firm's top top pick is UPS (NYSE: UPS) and they are adding the stock to their Conviction Buy List with a $76 price target.
The firm said, "UPS offers the highest returns in the industry, has attractive international growth prospects, and faces relatively few significant regulatory headwinds." The firm rates FedEx (NYSE: FDX) Neutral.
Mar 4 · 6:06:00 AM · Source: StreetInsider.com
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by Steve Wieczorek
GASCO ENERGY INC (GSX)
Gasco Energy (NYSE Amex: GSX)
today announced that it has consummated its previously announced sale of its
Riverbend Project midstream assets to Monarch Natural Gas LLC, a portfolio
company of Metalmark Capital Partners, for cash consideration of $23 million.
Included in the transaction are substantially all of Gasco's Riverbend
Project midstream assets comprised of the Company's gathering system and
related pipeline and equipment and its two evaporation pits and related
equipment used for the disposal of produced water from wells operated in the
Riverbend area of Utah. The sale closed on February 26, 2010. J.P. Morgan
Securities acted as financial advisor to Gasco in connection with the sale.
Gasco believes it has substantially and materially improved its balance sheet with this deal. Per the terms of the sale, it will now begin providing certain operating services to Monarch for at least six months.
Mar 3 · 11:56:00 AM · Source: Company Press Release
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by Jeffrey Epstein
El Paso (EP)
El Paso Corporation (NYSE: EP) announces that its subsidiaries, Southern
LNG, Inc. and Elba Express Company, L.L.C., have placed in service two
significant projects, the expansion of the Elba Island LNG receiving
terminal near Savannah, Georgia and the new Elba Express Pipeline in
eastern Georgia, respectively.
"These two projects represent approximately $900 million of capital
investment in critical new natural gas infrastructure which will be used
to meet the needs of consumers and provide new sources of natural gas for
the growing southeastern and eastern U.S. markets," said Norman Holmes,
senior vice president and chief commercial officer for both Southern LNG
and Elba Express.
The company says it owns North America's
largest interstate natural gas pipeline system and one of North America's
largest independent natural gas producers.
Mar 3 · 11:49:00 AM · Source: Company Press Release
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by Jeffrey Epstein
Holly Corporation (HOC)
Holly Corporation (NYSE: HOC)
today announced that a fire was detected at approximately 12:40 PM MST in a
new asphalt tank that was under construction at its subsidiary's Navajo
Refinery in Artesia, New Mexico. The fire was extinguished after
approximately 90 minutes by the refinery's fire fighting team.
The fire resulted in two confirmed injuries that are believed to be serious,
one missing and one likely fatality that is pending confirmation by
authorities. The injured individuals are all employees of the independent
contractor that was working on the new tank. The Company will provide an
update when more information is available.
The new asphalt tank was under construction, and this incident will have no
impact on the refining capabilities of the Navajo Refinery, the company says. Operations at the refinery continue as usual.
Mar 3 · 11:44:00 AM · Source: Company Press Release
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by Jeffrey Epstein
Carrizo Oil & Gas Inc. (CRZO)
Carrizo Oil & Gas, Inc. (NASDAQ: CRZO) today announced record year-end
proved reserves and record production for the fourth quarter and full
year 2009.
Year-end proved reserves were a record 601.9 Bcfe based on reports from
Carrizo's third-party reserve engineers. This is an increase of
approximately 20% over the year-end 2008 proved reserves of 502.6 Bcfe.
The calculation of these reserves was based on oil and natural gas prices
of $56.10 per barrel and $3.30 per Mcf, respectively. These prices
reflect the SEC's new pricing methodology, which requires the use of the
trailing 12-month arithmetic average of the price on the first day of the
month. These prices were 40% higher and 34% lower than the prices used at
the end of 2008 for oil and natural gas, respectively. This reserve
increase equates to the replacement of 400% of 2009 production.
Additional reports and adjustments are in the full statement, not all positive. But the company is pleased it had an excellent operational year in net reserve additions, despite its reduced drilling program and the impact of lower prices.
Mar 3 · 11:36:00 AM · Source: Company Press Release
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by Jeffrey Epstein
China Eastern Airlines (CEA)
Speaking to Reuters, a China Eastern Airlines (NYSE:CEA) senior executive, who asked not to be identified, said the carrier was looking to join either Star Alliance, oneworld or SkyTeam in order to boost its profile, according to E-TravelAsia.com. He said the carrier did not have a preferred partner so far despite Shanghai Airlines, which China Eastern recently acquired, being a part of Star Alliance.
China Eastern spokesman Luo Zhuping confirmed the reports but declined to say when a decision on which one to join would be made. However, as previously reported in MarketBeast, China Eastern is in advanced talks with AMR Corp (NYSE:AMR), American Airlines parent to bring it into the oneworld Alliance.
Mar 2 · 12:28:00 PM · Source: ETravelBlackboardAsia.com
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by Steve Wieczorek
Continental Airlines (CAL)
Continental Airlines (NYSE: CAL) today reported a February consolidated (mainline plus regional) load factor of 77.7 percent, 5.2 points above the February 2009 consolidated load factor, and a mainline load factor of 78.1 percent, 5.2 points above the February 2009 mainline load factor. Both February load factors were records for the month.
Continental estimates that the suspension of operations at its New York hub on February 10, 2010, and February 26, 2010, due to severe winter weather in the New York area reduced its consolidated passenger revenue for the month by approximately $25 million.
Mar 2 · 12:06:00 PM · Source: Company Press Release
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by Steve Wieczorek
AMR (AMR)
American Airlines Cargo Opens State-of-the-Art Cargo Terminal at John F. Kennedy International Airport. American Airlines Cargo Division (AA Cargo) today announced its newly relocated cargo terminal at John F. Kennedy International Airport (JFK) in New York. The state-of-the-art facility, which opens today, will offer the latest in streamlined handling capability with more than 135,000 square feet of warehouse space and 24 dock doors that can handle any type of aircraft currently in use.
"After 45 years in our previous facility, we are pleased to provide a state-of-the-art cargo terminal at New York JFK – one of our most important hubs," said Dave Brooks, President – American Airlines Cargo.
Mar 2 · 11:55:00 AM · Source: Company Press Release
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by Steve Wieczorek
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