Sunoco Inc. (SUN) announced after the close Tuesday it is indefinitely idling all process units at its Eagle Point refinery in Westville, New Jersey in order to reduce losses in its refining business. The company also announced that its Board of Directors authorized a reduction in the quarterly dividend to $0.15 from $0.30 per share of common stock, effective beginning in the first quarter of 2010. The stock is now down 0.69 on 28K shares.
Sunoco Inc. gapped up at the open Tuesday, but declined for the bulk of the morning. The stock finished higher by 0.18 at $27.89.
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