Sector Earnings: EEP (-1.6%), BWP (-2.6%), and UDRL (-2.3%).
Sector News: RIG (-3.2%) plans more further legal action against BP (-0.9%) related to Gulf oil spill, according to reports.
Broker Calls: CVX (-2.6%) downgraded to Neutral from Buy at BofA/Merrill. NBR (+1.2%) was upgraded to Buy at Dahlman Ros. RES (+1%) was upgraded to Buy from Hold at Canaccord Genuity. BWP (-2.6%) was downgraded to Mkt Perform at Morgan Keegan. CPX (-1.9%) was downgraded to Hold from Buy at Canaccord Genuity. SDT (+2.8%) was upgraded to Outperform at Robert W. Baird. RRC (-5.2%) was downgraded before the open to Neutral from Buy at Pritchard.






