Third-quarter profits fell a steep 43% at BB&T, to $268 million, or $0.37 per share, from $469 million, or $0.66 per share, a year earlier. However, the decline was due to an unusual tax item, without which profits would have come to $503 million, or $0.70 per share. The 7% increase in adjusted profits was…
Last week, Buckeye announced it has agreed to acquire Hess’ terminal assets spanning the East Coast and Caribbean for $850 million. The addition of 39 million barrels of storage increases Buckeye’s storage capacity by more than 50% to 112 million barrels and complements the partnership’s existing wide-moat footprint very well, in our view. In particular,…
After reviewing Yahoo’s YHOO second-quarter results, the firm’s turnaround has yet to materialize and surprising weakness in Yahoo’s display market is cause for concern. Still, given our expectations and the fact that Yahoo’s balance sheet assets and investments in Yahoo Japan and Alibaba Group represent the bulk of the company’s enterprise value, we are sticking…
