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.
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.”
Overall, PSX ranks 10th on our list of firms that are drenched in red today. While we acknowledge the potential of PSX as an investment, our conviction lies in the belief that AI stocks hold greater promise for delivering higher returns and doing so within a shorter time frame. There is an AI stock that went up since the beginning of 2025, while popular AI stocks lost around 25%. If you are looking for an AI stock that is more promising than PSX but that trades at less than 5 times its earnings, check out our report about this cheapest AI stock.
READ NEXT: 20 Best AI Stocks To Buy Now and 30 Best Stocks to Buy Now According to Billionaires.
Disclosure: None. This article is originally published at Insider Monkey.
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