EmailThe stock market scored its best single-session percentage gain in almost seven weeks. The effort was broad based and came on the back of a commitment by leading officials in Europe to recapitalize the region's flagging financial institutions.
After the close, no notable names are scheduled to report earnings results.
However, Alcoa will technically kick off earnings season tomorrow with earnings results
after the close.
In other news, HollyFrontier (HFC) and Holly Energy Partners (HEP) announce
agreement in principle for acquisition of pipeline and tankage assets for $340
mln. The companies announced that their respective Boards of Directors have
approved the acquisition by HEP from HFC of certain pipeline, tankage, loading
rack and crude receiving assets located at HFC El Dorado, Kansas and Cheyenne,
Wyoming refineries for $340 mln. The purchase price of $340 mln is expected to
be paid in promissory notes with an aggregate original principal amount of $150
mln and ~ 3.8 mln Holly Energy common units valued at $190 mln. HEP expects that
this acquisition will result in an estimated $47 million of incremental annual
revenue and that the transaction will be accretive to unit holders.
Futures are mixed after hours: S&P 500 futures are -0.27 from fair value of 1189.87 and Nasdaq100 futures are +1.05 from fair value of 2273.95.
Tomorrow morning before the open, no economic reports are scheduled to be released.
There are no companies scheduled to report tomorrow before the open.
