NEW YORK (TheStreet) -- Shares of Linn Co (LNCO) are jumping, sharply up 12.19% to $12.19 in late morning trading Wednesday, after oil company LINN Energy (LINE) -- which it owns, said it is delaying a 2015 budget and reducing debt as investors worry about payouts, Bloomberg reports.
LINN Energy plans to use proceeds from assets sold in Texas and Oklahoma to lower its debt by 16%, Bloomberg added.
Also, U.S. stocks are up today as investors bet that the Federal Reserve would support the economy while readying for an interest rate hike, CNBC reports.
The Federal Open Market Committee wraps up its two day meeting today, with expectations that the Fed will drop the "considerable time" phrase from its statement as it prepared to raise rates next year, CNBC added.
Separately, TheStreet Ratings team rates LINNCO LLC as a Sell with a ratings score of D. TheStreet Ratings Team has this to say about their recommendation:
"We rate LINNCO LLC (LNCO) a SELL. This is driven by some concerns, which we believe should have a greater impact than any strengths, and could make it more difficult for investors to achieve positive results compared to most of the stocks we cover. The company's weaknesses can be seen in multiple areas, such as its disappointing return on equity and generally disappointing historical performance in the stock itself."