UF HOTLINE
Real Change: September 5, 2008
Change is the watchword of this presidential election season. The fact that the candidate of the party currently out of power—Democrat Barack Obama—would talk about shaking things up is no great surprise in any campaign. This time around, however, even ruling party candidate John McCain is trying to present himself as an agent of change.
With the US economy apparently still sliding, the stock market tumbling and inflation rising, change-focused messages are more...
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Riding the Bear
(Feature Article) --
Even regulated utilities can take a whacking in a bear market. In fact, the major sector averages have tumbled at least 10 percent from highs to lows 16 times since World War II.
The average drop was a little more than 20 percent over 14 months, and it was followed by a bottom-to-top recovery of 67.4 percent. Declines were far more severe when sector fundamentals were threatened, as was the case in the great 2001-02 collapse.
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Intro Article
More than a year into this US economic slowdown, Utility Forecaster Portfolio companies reported strong second quarter earnings.
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UF Portfolios
In the long run the market is always right. Selling during bear markets, however, is often as indiscriminate as buying during bull markets.
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Utility Beat
Bigger Is Better
Of the thousands of utility mergers completed over the past century, not one has collapsed. Rather, size improved the ability to provide better service at a lower cost.
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Dividend Watch List
PNM Resources slashed its dividend by 45.6 percent last month.
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Growth Spotlight
Oil started the year near $90 a barrel, shot up to $160 and fell back toward $110.
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Income Spotlight
Like all US limited partnerships (LP), NuStar Energy LP units had a rough 13 months. But blockbuster second quarter results signal better times ahead.
The big push came from newly acquired asphalt operations, now 30 percent of cash flow.
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