Western Refining Shares Plunged: What You Need to Know
Although we don't believe in timing the market or panicking over market movements, we do like to keep an eye on big changes -- just in case they're material to our investing thesis.
So what:Deutsche Bank was the culprit today, downgrading the stock from buy to hold, and the market sent shares lower again. Refiner CVR Energy (NYS: CVI) , which fell 14% yesterday, is also trading lower, so the sector is feeling some pressure and downward momentum.
Now what: Yesterday I advised staying away from refiners for the time being, given likely margin pressure, and that stance hasn't changed today. A 20%+ move is maybe a little overdone, but the momentum is certainly heading against investors right now. I wouldn't get in the way of that right now.
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At the time this article was published Fool contributor Travis Hoium does not have a position in any company mentioned. You can follow Travis on Twitter at @FlushDrawFool, check out his personal stock holdings or follow his CAPS picks at TMFFlushDraw.The Motley Fool owns shares of Western Refining. Try any of our Foolish newsletter services free for 30 days. We Fools may not all hold the same opinions, but we all believe that considering a diverse range of insights makes us better investors. The Motley Fool has a disclosure policy.
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