Market Update
Shares of Energy Partners Ltd (NYSE: EPL) dropped about 1.5% after the company announced the acquisition of oil and natural gas assets in the shallow-water central Gulf of Mexico from a subsidiary of Stone Energy Corporation for $80.0 million.
Shares of BluePhoenix Solutions (NASDAQ: BPHX) gained about 7.5% after Magic Software Enterprises Ltd. (NASDAQ: MGIC) announced its plans to acquire BluePhoenix's AppBuilder activity for $17 million. The transaction is likely to be finalized by mid-December 2011.
Shares of Ball Corporation (NYSE: BLL) fell about 0.1% after the company's board authorized to repurchase around $100 million of its outstanding common stock through a accelerated stock repurchase transaction with Goldman Sachs Group Inc (NYSE: GS).
Shares of Boardwalk Pipeline Partners LP (NYSE: BWP) fell about 1.6% after the company reported a 15% decline in its third-quarter profit and declared a quarterly cash distribution per common unit of $0.5275. Boardwalk Pipeline reported a quarterly profit at $47.2 million, or 23 cents per unit, versus $55.8 million, or 28 cents per unit, in the year-ago period. Its operating revenue gained 4.4% to $268.9 million. However, analysts were expecting earnings of 24 cents per unit on revenue of $276 million.
