The Journal Record Index: Bank, energy stocks lead market higher

Journal Record, The (Oklahoma City), Jun 9, 2009 by Margot Crabtree

Stocks continued to climb last week, powered by an increase in oil prices and analysts' nod to banks. As our trading session ended Friday, a Labor Department report showed that layoffs slowed to 345,000 in May, but unemployment rose to a 25-year high of 9.4 percent in May, with losses felt in most sectors of the economy. Only education, health care, leisure and hospitality added net jobs in May. However, the slowdown in job loss is heartening to many market-watchers.

The Journal Record Index rose in tandem with the national markets, adding 17.95 points, or 2.32 percent, and ending at 790.92. Advancing issues easily beat declining issues at a 31-12 count.

Shares of Hiland Partners and Hiland Holdings, both TJR components, increased last session after the two companies inked separate merger agreements with affiliates of Harold Hamm for all of the units not currently owned by Hamm, his affiliates or trusts. After completion of the mergers, expected in the third quarter of 2009, both companies will be delisted from the Nasdaq and will no longer be publicly traded. Unit holders of Hiland Partners will receive $7.75 in cash per unit, and Hiland Holdings unit holders will receive $2.40 in cash per unit. The transactions are subject to customary regulatory hurdles. HPGP gained 71 cents, or 44.1 percent, and closed at $2.32. HLND added $2.02, or 37.69 percent, and ended at $7.38. Hiland Holdings was the top percentage gainer in the index last week.

GMX Resources fell $1.14, or 6.45 percent last session after the company said it had completed the semiannual redetermination of its revolving credit facility. As a result of the evaluation, the borrowing base has been changed to $175 million, from the previous $190 million. GMXR ended the week at $16.53.

Dollar Thrifty increased 66 cents, or 7.66 percent, after reporting that it has sold airport operations in Knoxville, Tenn., and Omaha, Neb., to new franchise holders, changing both from corporate facilities to franchise operations. DTG also reported franchise sales in Fairbanks, Alaska; in Cummings and Norcross, Ga.; and in Melbourne, Fla. DTG closed at $9.28.