There have been a few days when the volume has been in the 30 to 48 million share range which has skewed the average. If you look at the daily volumes for the past few weeks, most of the time it's been sub 20 million.
Not debating the point of your message, just saying that today's volume wasn't so much different recent median, as opposed to average.
I seem to recall that Sunoco was throwing off a decent amount of cash. Selling it now, especially at a bargain price, would make them seem reckless and desperate ... sort of like the folks at SUNE who are on the verge of selling office supplies or anything else that isn't nailed down.
And Nat Gas at $1.87. Up from its recent lows, but things would be nicer back at least over $2.50
Probably better to sell near term covered calls when the stock price spikes or else buy calls much further out when the stock price drops. Right now the the Jan 2018 $10 call seems a bargain. If things don't get sorted out by then you're not risking much.
Anything is possible, but until the dust settles on this WMB deal, one way or the other, there's going to be volatility and upside resistance. Improving energy prices do help though.
They already plan to create ETC, although where that will eventually lead to, like so much else with the Energy Transfer familiy, is a little vague.
Agree the Sunoco sale and GE interest are speculative at this point and nothing substantive has been published, although market price can easily move on nothing more than rumor, especially for skittish shorts.
If they raised 2 billion from a sale it would bolster their balance sheet. I don't thin it was ever intended to cover the WMB deal. It is a non-core business, but, I believe, it does contribute to DCF
"they don't have to use present day $$$"
They are foregoing their full dividend payments in present day dollars, they are preserving credit ratings that would have cost the company present day & future dollars if the ratings were cut and, as far as conditions will permit, they are protecting the present day distributions the rest of us will be receiving. It could also discourage WMB shareholder approval of the deal, which wouldn't be a bad thing and might save more money than this deal costs.
Not an ideal thing to do in better times, but under the present day circumstances it may prove a good thing for everyone. Given the time frame it also implies an educated guess that things should be far better in 9 quarters.
This "deal" is a temporary dividend deferral for those who got the convertible and the reaction of at least one rating agency was positive. They do want to protect their ratings, both ETE's and ETP's, which is a good thing even if awkwardly done. Unfortunately the terms and purpose confused the market , especially when "clarified" by the likes of David Faber and Jimmy Cramer, both of whom have raised obfuscation to an art form.
Might have shot himself in the foot. Getting canned for orchestrating a deal that tied the hands of ETE, going around publicly bad-mouthing the deal he put together and then initiating litigation against his former employer that could drag on for years could be a real career killer. He should just pocket his excessive compensation and "spend more time with his family."
Hopefully, aside from the unending episodes of the soap opera regarding WMB, we can go awhile without some hack churning out hit pieces that #$%$ the market and without management doing any more financial rearrangements.
He reads stuff that someone else has written, probably a high school intern.
When he read something a month or so ago it included a comment on ETC. He and Kramer had no idea what that was and assumed it was a typo for ETE.
" there are rooms of attorneys "
There was some article out ... I think on Seeking Alpha ... that ETE compensation committee gave their chief lawyer a $6 million dollar retention bonus. The article was pretty much a hatchet job, but the author attempted to imply that the bonus was awarded just when the lawyer was facing a $6 million margin call on ETE stock he bought.
Seems like there's a lot of purported "news" coming out designed to hurt the stock price. SA is a home to some folks who hit stocks in a way that suggests they're helping someone with a short position get out.
It's computer driven trading on any news and it feeds on its own momentum. I doubt "the market" even knows exactly what the deal is.
"Once a new party comes to town and starts bidding down the price, everyone wants the same deal."
Not sure to what you're referring. Chesapeake doesn't have a lot of pipeline operators ("everybody"?) to choose from. Basically they either go with the only show in town or try carrying their product in buckets.