News on Stocks in Our Portfolios
Kinder Morgan to buy El Paso in $38B deal. Companies continue to make massive bets on the fast-growing market for natural gas, with Kinder Morgan (KMI) announcing a blockbuster deal to buy fellow pipeline company El Paso (EP) for $21B in cash and shares, or over $38B including debt.
The offer of $26.87 a share represents a 37% premium over El Paso's close on Friday. The acquisition follows multi-billion dollar transactions in the transport and production sectors, and will create a company that owns 80,000 miles of pipe stretching from coast to coast. Such coverage could allow the new entity to demand higher fees from producers, which could lead to increased energy prices for consumers.
Economics
This Week’s Data
The September New York Fed manufacturing index came in at -8.48 versus expectations of -3.25.
http://www.calculatedriskblog.com/2011/10/ny-fed-empire-state-general-business.html
Other
Operation Twist, is the third time a charm? (short):
http://bit.ly/pQIT3W
10 charts demonstrating US disastrous financial condition:
http://www.zerohedge.com/news/10-essential-fiscal-charts-demonstrating-americas-disastrous-condition
Politics
Domestic
How government spending impoverishes us all (medium and today’s must read)
http://www.zerohedge.com/news/guest-post-how-government-spending-impoverished-us-all
And a chart to substantiate the point:
http://scottgrannis.blogspot.com/2011/10/more-government-spends-worse-it-gets.html
International
More China currency manipulation (short):
http://cafehayek.com/2011/10/damn-those-stubborn-american-consumers.html
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