Sumary of Why CVR Energy Stock Dropped 20% at the Open Today:
- That said, the stock of the diversified holding company, with interests in energy refining and fertilizer businesses, may actually be shown as slightly increasing in value by some quote services..
- So what Automated systems like stock quotes handle normal events very well, but when something that’s a bit outside the box comes up, the results that end users see can get confusing..
- In May, CVR announced plans to make a special distribution of cash and stock related to its investment in Delek US Holdings (NYSE:DK)..
- Stock prices end up getting adjusted to account for one-time events like this, which means that the price at the end of trading on Thursday is actually different from the price at the start of trading on Friday..
- That’s a simplification, of course, but it provides the general direction here and helps explain why you might be seeing different numbers for the stock’s performance..
- Essentially, if you look at today’s price action compared to the closing price from yesterday, the stock is down materially….