Thursday, October 7, 2010

Tesoro (NYSE:TSO) Downgraded by Raymond James

Tesoro Corporation (NYSE:TSO) was downgraded by Raymond James from "Market Perform" to "Underperform."

Along with others in the industry, Tesoro is fighting to have a California law suspended which calls for greenhouse gas emissions to be slashed, which has wreaked havoc on the jobs market.

Tesoro and other energy companies from outside California say enforcing the regulations will result in thousands of jobs in the state being lost, something their opponents don't deny.

So-called green jobs would supposedly eventually replace the lost jobs over time, but that's far from proven in an industry that's build mostly on hype and faith, rather than reality.

A ballot to vote on the issue will be held on November 2.

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