Valero Surges on Record Refining Margins, Coinbase Slumps on Earnings Miss

Valero Energy (VLO) is currently trading as the Bull of the Day according to Zacks Equity Research. The company has seen its refining margins surge to historic levels, with the 3-2-1 crack spread reaching record territory.

This favorable environment has resulted in Valero's Refining segment generating $4.5 billion in operating income for Q2, up from $1.3 billion a year ago. The company's refining margin per barrel also increased to $23.62 from $12.35 in the previous year.

Valero's strong earnings performance has led to analyst estimates being revised upward, with the fiscal 2026 and FY27 EPS estimates spiking over 30% in the last 60 days. Despite a 100% year-to-date run-up in VLO shares, the company's valuation remains reasonable at 8X forward earnings.

On the other hand, Coinbase Global (COIN) has been highlighted as the Bear of the Day due to its deteriorating near-term earnings picture. The company reported a GAAP net loss of $359.5 million in Q2, with an adjusted loss of $0.39 per share significantly below the consensus estimate.