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UBS has reaffirmed its Buy rating on Valero Energy, maintaining a $160 price target despite lowering its Q1 2025 EPS estimate to $0.58, below the consensus of $1.09, due to underperformance in the refining and marketing division. The company is expected to repurchase $220 million in shares and has reported strong Q4 2024 earnings, exceeding expectations with an EPS of $0.64 and revenue of $30.76 billion. Analysts anticipate improved earnings in Q2 2025, driven by favorable supply dynamics and a focus on renewable diesel expansion.
UBS has reiterated its Buy rating for Valero Energy, maintaining a price target of $160, despite lowering Q1 2025 EPS guidance to $0.58 due to disappointing refining results. The company is expected to continue its aggressive share buyback program and improve its refining and marketing results in Q2 2025, aided by favorable supply dynamics and a focus on renewable diesel expansion. Valero's strong Q4 2024 performance, with EPS of $0.64 and revenue of $30.76 billion, underscores its financial resilience amid market fluctuations.
The S&P 500 rose 0.4% on December 16, driven by tech stocks ahead of the Federal Reserve's interest-rate announcement. Broadcom surged 11.2% following strong AI sales, while Tesla's stock jumped 6.1% amid optimism for its self-driving technology. Conversely, Super Micro Computer plummeted 8.3% after its removal from the Nasdaq 100 and plans for a capital raise.
The Rolex Cosmograph Daytona, launched in 1963, remains a cult icon among collectors, with its value soaring after Paul Newman’s model sold for $17.8 million in 2017. Despite market fluctuations, Rolex's resale prices have risen significantly, driven by its blend of rarity, craftsmanship, and cultural significance. The brand's recent entry into the certified pre-owned market further solidifies its appeal, ensuring that the Daytona continues to captivate both seasoned and new collectors alike.
Phillips 66 operates as an oil group with four divisions: trading and distribution of petroleum products (64.7% of net sales), refining (24.5%), processing, transportation, and storage of petroleum products and natural gas (10.7%), and other activities (0.1%). The company runs over 8,530 service stations across the U.S. and Europe, operates 12 refineries, and generates significant revenue primarily from the U.S. market (80.6%), followed by the U.K. (9.9%) and Germany (3.8%).
Phillips 66, the largest US fuelmaker by market value, anticipates exceeding its $3 billion asset-sale target, having already sold approximately $2.7 billion in assets since 2022. The Houston refiner is also closing a refinery in 2025 and divesting other investments in response to strategic concerns raised by activist Elliott Investment Management.
The global art market is experiencing a decline for the second consecutive year, with auction sales dropping significantly as wealthy collectors shift towards lower-priced works. While 91% of collectors remain optimistic about the market's future, concerns over geopolitical issues and economic instability are dampening buyer confidence. A generational shift is evident, as younger collectors prioritize affordability, leading to an oversupply of high-value artworks and a reduction in overall art investment.
The 2024 Art Basel and UBS Survey reveals that high-net-worth collectors continue to invest in art despite economic challenges, with global imports of art and antiques rising 6% to $33 billion. Spending patterns show a decline in average expenditure, particularly among millennials, while interest in new and emerging artists is growing, with 52% of HNWIs' spending directed towards them. The share of works by female artists in collections has reached a seven-year high at 44%, reflecting a significant shift in collector preferences.
U.S. crude oil prices rose nearly 1%, with West Texas Intermediate reaching $71.22 per barrel, while Brent crude hit $74.85. The increase follows a previous decline, as traders reassess supply disruption risks amid Israel-Iran tensions and respond to weak demand in China, despite recent rate cuts by Beijing. Gasoline and natural gas prices also saw slight increases, with RBOB gasoline at $2.0342 per gallon and natural gas at $2.318 per thousand cubic feet. Year-to-date, crude oil and gasoline have both experienced slight declines.
Phillips 66
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