Our outlook for independent refiners in the U.S. remains bearish. After experiencing a very favorable macro environment over the last few years, the independent refining companies have been under pressure since the start of the second half of 2007 due to continued margin contraction, resulting from unusually high feedstock costs (peak-cycle oil prices) and relatively modest product demand.The subsequent bottoming-out of oil prices has been beneficial to feedstock costs, and as a result refining margins started the year in robust condition, thereby bringing a much-needed reprieve to the refiners. However, this recovery is unlikely to be sustained for much longer as the ongoing long-term fundamental changes to the industry suggest future struggles.The major factors that could have a sobering influence on refining profitability include weakening demand for petroleum products in major markets, commissioning of new refineries and conversion projects, and a decline in the price ...

Kodak Announces $1 Billion Buyback; Kroger Lowers Prices, Posts Profit; BP Breaks Ground on Wind Farm; Reliance and Dreamworks in Talks; Lukoil Joins Up With Italy’s ERG; Wachovia Brings in Goldman Sachs; Dow Hikes Prices; Yahoo and Microsoft Back in Talks Shares of Eastman Kodak Co. (EK) rose the most in 20 years as it boldly announced it will buyback $1 billion of its stock using a tax refund. The refund comes from an audit of the company’s taxes from 1993 to 1998, Bloomberg reported. The company posted a first-quarter loss in April. Kroger Co. (KR), the largest chain of U.S. grocery stores, beat analysts’ first-quarter earnings by lowering prices on the shelves and offering gasoline discounts, Reuters reported. The Cincinnati-based company Kroger posted a profit of $386 million, or 58 cents per share, compared with a profit ...

On May 22, 5-star manager Neil Hennessy gave CNBC.com his Web Exclusive stock picks. But which stock did he slam?

Hennessy offered CNBC.com exclusively a list of value stocks that are worth a look, as investors wait for oil to top out:

Tupperware (TUP) cnbc_quoteComponent_init_getData("TUP","WSODQ_COMPONENT_TUP_ID0EQD15839609","WSODQ","true","ID0EQD15839609","off","false"); , Costco (COST) cnbc_quoteComponent_init_getData("COST","WSODQ_COMPONENT_COST_ID0ERAAC15839609","WSODQ","true","ID0ERAAC15839609","off","false"); , Airgas (ARG) cnbc_quoteComponent_init_getData("ARG","WSODQ_COMPONENT_ARG_ID0ERFAC15839609","WSODQ","true","ID0ERFAC15839609","off","false"); , AK Steel (AKS) cnbc_quoteComponent_init_getData("AKS","WSODQ_COMPONENT_AKS_ID0ERKAC15839609","WSODQ","true","ID0ERKAC15839609","off","false"); and Bunge (BG) cnbc_quoteComponent_init_getData("BG","WSODQ_COMPONENT_BG_ID0ERPAC15839609","WSODQ","true","ID0ERPAC15839609","off","false"); .

So it looks to me like

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