For Investors Only: COP Plummets 22% -- Drops $15 in Pre-Market Trading

Oh, that's right. Today, COP spins off Phillips 66, PSX.

Nevermind.

One share of PSX for every two shares of COP.

To effect the spinoff, ConocoPhillips stockholders received one share of Phillips 66 common stock for every two shares of ConocoPhillips common stock held on the record date of April 16, 2012. Phillips 66 is now an independent, publicly traded company in which ConocoPhillips retains no ownership interest. 

PSX debuting.

Back of envelope, end-of-day:

Yesterday, 100 shares COP --> $7,200

Today: 100 shares COP --> $5,651
Today: 50 shares PSX --> $1,638
Today: Total: $7,289

COP is up; PSX was down, and down more in after-market; folks are using this opportunity to sell their PSX and most likely using that cash to buy more COP.

Do you ever wonder about the retail investors?