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Rice Energy: Um, That’s Not Why I Downgraded the Stock.

When Williams Capital Group analyst Gabriele Sorbara downgraded Rice Energy (RICE) but left his $27 price target intact, he had no way of knowing that the risk he listed for the stock--that the acquisition byEQT (EQT) could be called off--was about to move that much closer to reality.

How big a problem? Jana Partners announced that it had taken a 5% stake in EQT and not only would seek to block the acquisition of Rice Energy but would try to breakup EQT as well. The Wall Street Journal'sDavid Benoithas the details:

Jana Partners LLC has taken a...