It's due mainly to the Valero statement today re: the $300-$400 million cost to comply with the proposed EPA standards for 2017 sulfur reduction.
If you want a synopsis of the various causes behind today's refiners decline, go over to VLO, TSO, PSX or MPC on Yahoo Finance and check out the Baron's article: "Rough Day for Refiners: Valero, Marathon, Tesoro & Phillips 66 Falling"
It's not just CLMT - all the names in the refining space are getting hit hard today with renewed concerns regarding the cost of complying with proposed environmental legislation. Not saying there aren't additional reasons for the CLMT drop...I just haven't found them yet.
It looks like more than a response to the secondary. That already happened right after the announcement. This looks more like somebody knows something the rest of us don't. I am long and don't like seeing this kind of action on no news.
You say no news but there is news. VLO came out screaming like a baby on CNBC and then the drop. If it's good for the goose? CLMT is NOT VLO, PSX, or as I have been corrected a major gasoline refiner. CLMT hit the mid 33's fair value and now it's Korea. CLMT had news related, CLMT needs to clarify just like CVRR. The longer CLMT takes to say the impact the longer ??? remain. SPEAK CLMT speak!
Long 37.20 and hating it but the dividend makes me whole.