It’s easy to be down because Elliot didn’t get their full slate of 4 board members elected. But they get 2 when no other shareholder activist has been able to get 1 member elected.
This is in spite of the fact that Vanguard, Black Rock and State Street, for whatever reason, voted with Go Go and the current board.
Elliott also still owns a sizable number of PSX shares, so they’re not going away.
With the performance of PSX stock today, it appears that the prospect of an overwhelming victory by Elliott was the only thing propping it up?
I would say that not just a few shareholders already have buyers remorse.
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Elliot paid a lot for a whole lot of nothing,
First rule of a good shill is to never let them catch you shilling. Blend in a little.
Elliott certainly could use better online resources. Their schtick is getting well known, swinging a sledgehammer around with tiresome repetition, maybe try mixing it up,
Elliotts cut-n-paste 'strategy' of selling off the best parts of Companies to their preferred highest bidder is wearing thin and becoming legally questionable.
Let's find out if Elliott trolls get overtime and work holiday hours, incoming 3,2 1. .
Apparently two board seats is now “nothing”. Lmao. The incomprehension of business strategy among the employees on this site is laughable.
I’m reminded of a joke the great George Carlin used to make: think about how stupid the average person is and now realize that half of people are more stupid than that.
Elliot did not do good, They we're rejected and for the number of trees they consumed they were a to-ser.
Elliott appeared on this public forum for the express purpose to talk down Phillips 66 in an ineffective attempt to increase their hold which they would also like us to believe was more significant than it ever really was. Their entire goal was to part out the Company to some entitles more inside their orbit of control.
They were here to dump on the stock and stoke derision and conflict, all done in some unconvincing Junior High attempt to increase their chances of being voted in as prom queen.
Like having a crazy new scheming neighbor move in who instantly wants to become your best friend, now you hate to even answer the door to hear all about their latest insane drama. Elliott had a much larger voice before this vote, now they get nothing, no one will play along.
Is this really the kind of people we need giving Phillips 66 advice?
@dk Honeywell is entirely different. Their issues is they had too many siloed business segments that didn't interact well, as a result of consistent acquisition so truly a conglomerate where you had competing divisional CEOs and no clear strategy. Makes it very hard to value the company accurately. Elliott wasn't the only one pushing it. This is actually an example where separating the segments is is likely good and because their business lines are effectively self-contained, less disruption to the employee base, as well as benefit to shareholders. Ask almost anyone at Honeywell over the last decade, there has been a need for change.
@dd my lord.
“Well, bless your Heart”!
The silver lining in the proxy is that we do have 2 voices now. It’s true that the current board can ignore those voices, but if they do and the stock continues to perform poorly, it will be on them.
This walk the walk time for Go Go.
Elliott and Honeywell. That's what happens if you bow. Grab the popcorn and see how Honeywell fares post breakup.
So Elliott owns 5% of the company which is very small. They are licking their wounds since P66 was the first US company who didn’t bow down to them and they have a small voice. 2 out of 14 will not go far.
It is a good day
The CEO says his plan his advancing and he just needs more time to get it fully implemented.
Ok, fine, how much time does he need? 1 year, 5 years, until he retires?
Sadly, the “half win” will prolong the agony. Current leadership thinks they need to keep the same path, but do more, faster. Basically more cuts for cuts sake, regardless of outcome. They see this as the way to the win (increase share price) and appeasing Elliot, it that hasn’t and won’t work.
Vanguard, State and Black Rock must want PSX to continue to underperform.
"With the performance of PSX stock today, it appears that the prospect of an overwhelming victory by Elliott was the only thing propping it up?" or the markets hate a uncertainty and a split vote means neither has a mandate. The two Elliott successful nominees on paper make the most sense compared to the other two but if there had been 4 victories from either side then we would know... so now what? If I'm am investor who fully believed the gold card or the white card vision i don't see what's going to happen and I move on to stocks where I can see.
All hail Elliott!
DROP THAT ZERO (GOGO) AND GET WITH THE HERO.