The weakness makes sense to me. HFC is no longer a divvy play. as stated on the cc, the focus now is share price appreciation. Many funds were into this for the divvies, expecting the special to come back. They're winding down their position. I'd give it 2-3 days.
Yes, and the market is trading it completely with the spread, which I think not as correlated as they think and even as Jennings says in the CC's. Look at the "Average Crude Slate" page in the investor presentation released today. The chart that shows EPS sensitivity has an asterisk. It says "Based on assumption that Brent-based crude sets product prices" And that is the kicker. Show me an HFC market area where that is predominantly the case. I would say that is their aspiration more than their reality.