- Valero Energy (VLO -0.2%) climbs off sharp early losses after reporting Q2 guidance below Wall Street consensus.
- Wells Fargo analysts expect Q2 throughput volumes will be generally as expected, while capture rates will fall short of prior expectations likely due to weaker crack spreads; it lowers its Q2 and FY 2014 EPS estimates to a respective $1.18 and $5.87 from $1.31 and $6.00.
- Raymond James analysts continue to “tread lightly” with the refiners, skeptical that WTI-Brent spreads can reach heights needed to drive EPS expectations higher for 2015 and beyond.
- Other refiners are mostly higher after early losses: TSO +0.7%, HFC +0.3%, MPC +0.7%, PSX +0.4%, ALJ -0.5%, WNR +0.4%, CVI +0.8%.
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