Sunoco, Inc. Reports Q2 Income Boost (SUN)
Jul 29, 2010 (SmarTrend News Watch via COMTEX) --
Copyright, Comtex News Network, Inc. 2010
Sunoco, Inc. (NYSE:SUN) posted Q2 results following the closing bell Thursday afternoon, reporting income of $158 million, or $1.31 per share, as compared to the year-ago-period's loss of $31 million, or $0.27 per share.
"While market conditions during the second quarter remained challenging, our refining business was profitable for the first time since the first quarter of 2009," commented chairman and CEO Lynn L. Elsenhans. "This is a clear indication that our decisive actions are beginning to show results. By improving margin capture, reducing costs, and optimizing the performance of our refineries, we achieved solid results during a period of continued economic weakness and excess supply of petroleum and chemical products."
SmarTrend currently has Sunoco in a Downtrend.
Since 2008, SmarTrend subscribers trading Sunoco using our alerts outperformed the stock by 114%.
Sunoco should find initial support at its 50-day moving average (MA) of $32.13 and further support at its 200-day MA of $29.39.
In the last five trading sessions, the 50-day MA has climbed 0.93% while the 200-day MA has risen 0.46%.
Shares of the petroleum refiner and marketer closed Thursday's trading session at $34.29.
Write to Chip Brian at cbrian@tradethetrend.com
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