TransCanada (TRP) Gains on Republican Win, Keystone Pipeline Prospects

Shares TransCanada Corp. (NYSE: TRP) are solidly higher (+2.5%) Wednesday following a Republican victory in the Senate, which is seen as a positive for the Keystone pipeline project.

FBR Capital's Benjamin Salisbury said GOP wins in CO, IA, SD, and WV push vocal supporters of the pipeline to 61 votes, more that the 60-vote filibuster threshold. Another four Democratic "soft supporters" bring the count just two short of the two-thirds majority needed to override a veto. The momentum could lead the President, who has not said he opposes the project, to move toward approval, he said.

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