Cash often receives a discounted valuation on the balance sheet. CVI is replacing 16% owndership in its refineries with $550 million/cash. I would not be surprised to see the stock fall about 8%. Investors don't really want to own a 84% interest in a refinery. They want the real thing. This is just a ploy by Icahn to sell out some and lock in some value for its eventual exit strategy. From what i can tell.
Also, refining margins are in a terrible tank right now. The geography that CVI operates in, is flooded with gasoline and it currently is going at a $10 discount to brent. Compared to a premium just few weeks ago. They are still making money because the brent spread is still 18, but down from $23. Fundamentals are back to where they were in Aug or Sept, when CVI was closer to $40. So be careful longs!