Phillips 66 dropped 7.54% due to a boardroom battle, with investor Elliott winning two seats.

From Yahoo Finance: 2025-05-21 20:32:00

Ten companies faced losses on Wednesday, dragging the Dow Jones by 1.91%, S&P 500 by 1.61%, and Nasdaq by 1.41%. Phillips 66 dropped 7.54% to $111.78 due to a boardroom battle. The company and activist investor Elliott won two seats each at the stockholders’ meeting. CEO Mark Lashier emphasized potential in their strategy.
Elliott, a major investor in Phillips 66, aims to hold management accountable for improving shareholder value. Despite potential in Phillips 66, AI stocks offer higher returns in a shorter time frame. Consider exploring AI stocks for better investment opportunities than PSX. Check out the cheapest AI stock report for promising options.



Read more at Yahoo Finance: Why Phillips 66 (PSX) Crashed Today