The same thing happened at the last turnaround. The turnaround had been disclosed and discussed in several company filings and conference calls. Management guided earnings appropriately. Nonetheless, when actual earnings came out, the stock tanked. It took a number of months to come back. I guess the profs would call this an imperfect market.
Also, I am often surprised at the amateurish questions some analysts ask on the calls. It feels like some of them have just started following the company and have no idea.
What rising interest rates? There are a few explanations (1) No sponsorship, (2) commodity price pressure, (3) Reduced dividend, which had been pre-announced; but, not acceptable to short term investors, and (4) anticipation of a secondary and continued monetizing of CVI assets by Mr. Icahn. Take your pick(s).