Carra:
Last Friday 04/20 Bear Stern downgraded VLO to underperform along with Marathon and Frontier Oil, while Sunoco was downgraded to peer perform. Some downgrade!
"Convinced that the capacity crisis in oil refining is abating, Bear Stearns reacted on Friday by downgrading seemingly every independent refiner it could get its hands on. Marathon (NYSE: MRO), Frontier (NYSE: FTO), and Valero Energy (NYSE: VLO) fell to "underperform," and Sunoco (NYSE: SUN) dropped back to just "peer perform." Between expanding capacity and moderating growth in demand, the broker believes that margins have peaked and the entire sector is now moving into a long-term downturn."
fool.com
Last Monday 04/16 Citigroup downgreaded VLO from Buy to Hold.
VLO performance since Citigroup downgrade:
Date Open High Low Close Volume Close
23-Apr-07 66.83 68.39 66.52 68.24 20,761,600 68.24
20-Apr-07 65.23 66.06 64.68 65.93 15,719,200 65.93
19-Apr-07 64.64 65.05 64.28 64.79 11,985,800 64.79
18-Apr-07 64.76 65.13 63.92 64.96 20,959,300 64.96
17-Apr-07 67.20 67.41 64.76 65.31 16,128,400 65.31
16-Apr-07 68.14 68.14 66.30 66.92 17,540,400 66.92
13-Apr-07 68.88 68.88 68.10 68.40 8,924,700 68.40
Seems that investors gave more weight to Goldman Sachs opinion. :o)
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