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Fly News Breaks for May 8, 2018
MPC, ANDX, ANDV
May 8, 2018 | 07:29 EDT
As previously reported, Morgan Stanley analyst Benny Wong downgraded Andeavor (ANDV) to Equal Weight from Overweight, citing its agreement to be acquired by Marathon Petroleum (MPC) and his belief in the high probability of the deal closing. Wong also noted that Andeavor reported an EPS beat and accelerated its Andeavor Logistics (ANDX) drops with a $1.6B-$1.7B announcement, which he believes will help, but won't fully alleviate, "orphan" concerns around the MLP.
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