Bloomberg Anywhere Login

Bloomberg

Connecting decision makers to a dynamic network of information, people and ideas, Bloomberg quickly and accurately delivers business and financial information, news and insight around the world.

Company

Financial Products

Enterprise Products

Media

Customer Support

  • Americas

    +1 212 318 2000

  • Europe, Middle East, & Africa

    +44 20 7330 7500

  • Asia Pacific

    +65 6212 1000

Communications

Industry Products

Media Services

Follow Us

Markets & Finance

Goldman Lowers El Paso to 'Market Perform'


Goldman Sachs cut El Paso (EP) to market perform from market outperform.

On Monday an administrative law judge issued an opinion that El Paso manipulated the California natural gas market.

Analyst David Fleischer says substantial uncertainty has been created by the judge's initial decision that El Paso violated FERC rules and the Natural Gas Act by withholding capacity from the California market.

While the judge's opinion is not a final ruling, Fleischer notes it was negatively worded, and recommended that the FERC take this ruling to the penalty stage. Fleischer notes El Paso expects a reversal.

Meanwhile, he believes this initial ruling will, at minimum, overhang El Paso shares for a protracted period, and so he downgrade the shares.


LIMITED-TIME OFFER SUBSCRIBE NOW
 
blog comments powered by Disqus