Bad News Is Good News For Kinder Morgan
Kinder Morgan Inc (NYSE: KMI) shares are trading higher by $1 at $16.72 in Wednesday’s session. After the close on Tuesday, the company announced a dividend cut that was more than the Street had anticipated.
The frenzied selling in the pre-market session abruptly ended when the issue reached $14.36. The ensuing rally has taken the issue to $17.35.
Before the dividend cut, the issue had posted nine down days in a row, taking it from its November 24 close ($24.41) to $15.06 on Tuesday.
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