THURSDAY, AUGUST 02, 2012

SECTOR COMMENTARY

The energy and materials sectors led the broader equity markets sharply lower after the European Central Bank did not undertake immediate action to buy bonds to help stabilize the euro zone.  All oil and gas sub-industries experienced sharp losses with the exception of the independent refiners, which were led by the 14% surge in shares of Tesoro after the company reported earnings that were 27% above consensus and instituted both a dividend and a share buyback.   

Another dramatic outlier to the upside was ...