Boston, MA, 02/20/2014 – Kinder Morgan Energy Partners LP (NYSE:KMP) slipped by over 2% on reports that it is up to offer sale of 6.9 million shares of its common stock. The company has authorized UBS, Barclays, Morgan Stanley, BofA Merrill Lynch and Wells Fargo as the joint running book managers for the offering. Earlier in the day, news emerged that Canada has rejected the U.S. request for extending the deadline to apply as a participant in public hearings in connection to Kinder Morgan’s Trans Mountain pipeline, causing some rift in cross-border tensions. Canada has imposed rules limiting the participants in such hearings to those who are directly affected. Kinder Morgan Energy Partners LP (NYSE:KMP) is eyeing to increase its Trans Mountain system capacity to three folds to 890,000 bbl/day, to provide significant outlet to Asian and the U.S. markets.
Citigroup Inc starts coverage on the stock of J.C. Penney Company, Inc. (NYSE:JCP) on Wednesday. According to the reports, Citigroup Inc has placed a ‘neutral’ rating over JCP, which assigning it a price target of $6.50. Citigroup’s price target suggest an upside potential of 6.38% from the company’s prevailing market price. J.C. Penney Company, Inc. (NYSE:JCP) is set to report its fourth quarter earnings on February 26’2014. Ahead of the important day, the retailer has been witnessing a quite number of stake sales from its investors. Another thing which is hurting the retailer is the harsh winter storm which has impacted the sales across all the sector. The January retail sales stood at 0.4%, exhibiting poor show for the second straight month.
Stringent emission regulations and vehicle sales are the tow major driving forces for Corning Incorporated (NYSE:GLW)‘s Environmental Technologies business. The company’s segment is involved into manufacturing of filters and substrates for heavy duty vehicles and the stationary applications like refineries etc. Therefore, stricter rules for emission standards will help Corning Incorporated (NYSE:GLW)‘s revenue. Similarly, growth of automobile sales will also drive the demand for emission filters. However, availability of LNG may hamper the growth but is not a concern for now.