Why Phillips 66 (PSX) Crashed Today

We recently published a list of 10 Firms Drenched in Red Today. In this article, we are going to take a look at where Phillips 66 (NYSE:PSX) stands against other firms that are drenched in red today.

Ten companies pulled back on Wednesday, booking hefty losses during the trading session, with investor sentiment weighed down by a flurry of government policies and dismal earnings performance in the last quarter of the year.

Meanwhile, the Dow Jones fell by 1.91 percent, the S&P 500 declined by 1.61 percent, and the tech-heavy Nasdaq dropped 1.41 percent.

In this article, let us take a look at the 10 companies that led a poor performance during the day and explore the reasons behind their drop.

To come up with the list, we considered only the stocks with a $2 billion market capitalization and $5 million in trading volume.

Why Phillips 66 (PSX) Crashed Today

A refinery manager walking through an array of pipes and pumping systems, recognizing the company’s vast refining power.

Phillips 66 (NYSE:PSX)

Oil refiner Phillips 66 dropped its share prices for a third consecutive day on Wednesday, shedding 7.54 percent to close at $111.78 apiece as investor sentiment was dampened by an ongoing battle within its corporate boardroom.

At an annual stockholders’ meeting on the same day, Phillips 66 (NYSE:PSX) and activist investor Elliott Investment Management each won two seats, following months of dispute over the company’s asset sales and performance.

“This vote reflects a belief in our integrated strategy and a recognition that our early results do not yet reflect the full potential of our plan or the value inherent in this business,” Phillips 66 (NYSE:PSX) CEO Mark Lashier said in a statement.

For its part, Elliott said that being one of the largest investors of Phillips 66 (NYSE:PSX), it will “continue to actively engage with the Company while holding management and the Board accountable for delivering on their commitment to improve shareholder value.”

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This article is originally published at Insider Monkey.