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Gold/Mining/Energy : Big Dog's Boom Boom Room

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To: Big Dog who started this subject	7/25/2003 10:28:09 AM
From: onginvester	of 206164

10:06 ET Fahnestock downgrades select refining stocks : Fahnestock downgrades FTO, PCO, SUN, TSO, and VLO to Neutral from Buy; despite low product inventories, firm expects refining margins to remain under pressure as a result of high crude oil prices and weak demand growth; and given the current weak industry fundamentals, firm expects consensus earnings ests for the next 2 qtrs to be lowered, and barring a cold winter or above normal refinery outages, this trend may spill over into Q1 2004.

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