Philip's Shares Plunge 0.47% as $1.04 Billion Volume Surges to 93rd Market Activity Rank Amid Regulatory Scrutiny and Earnings Woes

Philip's shares closed 0.47% lower on Sept. 24, 2025, with trading volume surging to $1.04 billion—a 38.41% increase from the previous day—ranking the stock 93rd in overall market activity. The volume spike suggests heightened investor interest amid evolving market dynamics.

Recent developments highlight regulatory scrutiny as a key factor. A U.S. Senate committee is reportedly reviewing Philip's compliance with tobacco advertising standards, potentially triggering short-term volatility. Additionally, analysts noted that the company's recent earnings report showed stable revenue growth but below-estimate margins, tempering bullish momentum. Supply chain adjustments in Asia-Pacific markets were also cited as a factor, with delayed product launches affecting regional sales forecasts.

To run this back-test properly I need to clarify a couple of details and be sure the approach matches what our back-test engine can actually handle.

Key points that need confirmation:

1. Universe scope

• Do you want all U.S.-listed equities (several thousand names) or to keep it to the S&P 500 constituents?

• The former requires a full-universe ranking and an equal-weight portfolio each day. Our engine currently evaluates one security (or a predefined basket/ETF) at a time, so I’d need to aggregate portfolio returns externally.

2. Rebalancing mechanics

• Buy the 500 highest-volume stocks at that day’s close, sell them all at the next day’s close (daily re-balance, equal weight). Is that the intended workflow?

3. Cash & transaction assumptions

• Should we ignore trading costs/slippage (default) or assume a commission/slippage rate per trade?

4. Price type

• Use daily close-to-close returns (default) unless you prefer open-to-close or close-to-open.

Because this is a multi-stock strategy, I’ll need to construct a daily portfolio return series before the engine can compute performance metrics. Once you confirm the above, I’ll generate the necessary data-retrieval plan and proceed.

Let me know your preferences, or feel free to adjust any of the items.