Diamonds and Dogs

7/30/24

Phillips 66 (PSX) driving strong earnings this summer season. The midstream oil producer and refiner rose 4% on the back of strong earnings as sales rose 8.9% to $38.91 billion. Phillips 66 recorded record midstream pipeline and fractionation volumes and produced strong refining operations with 98% crude utilization, 86% clean product yield with lower costs. Phillips 66 returned $1.3 billion to shareholders in the quarter through dividends and share repurchases.

Merck (MRK) was a dog today, dropping 9% following earnings. The earnings were actually good, but weaker-than-expected guidance for the full year overshadowed the results.

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