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Benzinga
116 days

Crude Oil Edges Higher; Phillips 66 Posts Wider-Than-Expected Loss

1. Phillips 66 reported wider-than-expected first-quarter losses. 2. Quarterly revenue was $31.73 billion, surpassing estimates. 3. Adjusted loss was 90 cents per share, missing expectations. 4. Overall market mixed, with Nasdaq slightly up today. 5. Oil prices modestly increased, possibly affecting energy sector.

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FAQ

Why Bearish?

The wider-than-expected loss indicates ongoing operational struggles for PSX. Historically, such misses can lead to decreased investor confidence.

How important is it?

The article highlights a significant earnings miss, which typically results in negative price movements and impacts market perception of PSX.

Why Short Term?

Investors typically react quickly to quarterly results, impacting price immediately. Previous earnings misses have led to immediate declines in stock price.

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