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☆ Jim Cramer addresses Morgan Stanley's losing streak and what the new CEO needs to do about it
▼ + stars: | 2024-01-17 | by ( Jeff Marks | ) www.cnbc.com time to read: +3 min

Every weekday the CNBC Investing Club with Jim Cramer holds a "Morning Meeting" livestream at 10:20 a.m. "All parabolic moves end badly," Jim Cramer said Wednesday. Morgan Stanley was on a six-session losing streak, including Wednesday's decline. Morgan Stanley shares sank more than 4% on Tuesday after comments on the post-earnings conference call about wealth management margin consolidation. As a subscriber to the CNBC Investing Club with Jim Cramer, you will receive a trade alert before Jim makes a trade.

Persons: Jim Cramer, Jim, Morgan Stanley, Ted Pick's, James Gorman, Disney, Nelson Peltz's, Gorman, Nelson Peltz, Jim Cramer's Organizations: CNBC, Disney Locations: U.S, Europe

☆ Goldman Sachs tops revenue estimates on better-than-expected asset management results
▼ + stars: | 2024-01-16 | by ( Hugh Son | ) www.cnbc.com time to read: +4 min

Goldman Sachs on Tuesday posted fourth-quarter results that topped analysts' expectations on better-than-expected asset and wealth management revenue. Companywide revenue rose 7% to $11.32 billion on growth from asset and wealth management and platform solutions divisions. The growth engine for the bank, according to Solomon, is now its asset and wealth management division, which is benefiting from the rise in private credit and other alternative assets. Asset and wealth management revenue jumped 23% from a year earlier to $4.39 billion, topping the StreetAccount estimate by nearly $550 million, on higher revenue from equity and debt investments and rising management fees. Equities trading revenue jumped 26% to $2.61 billion, thanks to derivatives activity and financing fees, topping the $2.22 billion StreetAccount estimate.

Persons: Goldman Sachs, wasn't, LSEG Goldman, Goldman, David Solomon, Solomon, outsized, Morgan Stanley, Wells Fargo Organizations: LSEG, LSEG ., Investment, Wall, JPMorgan Chase, Bank of America, Citigroup, CNBC PRO

☆ A shipping stock shaking off Red Sea turmoil and poised for big breakout, according to the charts
▼ + stars: | 2024-01-16 | by ( Katie Stockton | ) www.cnbc.com time to read: +7 min

—Katie Stockton with Will Tamplin Access research from Fairlead Strategies for free here . Fairlead Strategies Disclaimer: This communication has been prepared by Fairlead Strategies LLC ("Fairlead Strategies") for informational purposes only. Securities, investment products, other financial products or strategies discussed herein may not be suitable for all investors. The recipient of this information must make its own independent decisions regarding any securities, investment products or other financial products mentioned herein. This material is not to be reproduced or redistributed absent the written consent of Fairlead Strategies.

Persons: Katie Stockton Organizations: Inc, Fairlead, CNBC Pro, Securities Locations: Japan

☆ Finding quality stocks in what could be a tougher year for investors
▼ + stars: | 2024-01-16 | by ( Alex Harring | ) www.cnbc.com time to read: +4 min

Investors may want to look at quality names as the market stalls. In a turbulent environment, traditional market wisdom suggests investors can be best served by having exposure to quality stocks. The average price target implies a gain of 6.2% over the next year, adding to its advance of more than 56% in 2023. Wells Fargo's Michael Turrin recently hiked his price target on Microsoft to $435 per share from $425, seeing an "uplift" driven by artificial intelligence. The average analyst also anticipates a better path ahead, with a price target reflecting an upside of about 24%.

Persons: CMEGroup's, Wells Fargo's Michael Turrin, ResMed, RMD, Peter Low Organizations: Traders, Federal Reserve, CNBC, CNBC Pro, Microsoft, FactSet, Oil, Exxon Mobil, Exxon, Super

☆ The S&P 500 looks risky, there's a 75% chance of recession this year, and a firing frenzy is looming, elite investor Jeffrey Gundlach says
▼ + stars: | 2024-01-15 | by ( Theron Mohamed | ) www.businessinsider.com time to read: +4 min

Jeffrey Gundlach says the S&P 500 is a bad bet now and the Magnificent Seven will probably falter. Gundlach expects inflation, interest rates, and unemployment to be higher than most expect. "Rich enough for sure is the S&P 500. It's going to be hard to sustain that double top in the S&P 500 with this type of expectation of earnings growth." So in the next recession, interest rates are not going to fall precipitously."

Persons: Jeffrey Gundlach, —, Rich, We've, we're, We're, They've, Gundlach Organizations: Service, DoubleLine

☆ Goldman Sachs says it's time to buy this unloved global sector — and names some top stocks
▼ + stars: | 2024-01-15 | by ( Amala Balakrishner | ) www.cnbc.com time to read: +2 min

Europe's utilities sector may have come under pressure over the past three years, but Goldman Sachs says a shift is underway, naming stocks to play the industry in 2024. But things are looking up for Europe's utilities sector, according to Goldman Sachs' analysts led by Alberto Gandolfi. Stock picks German energy company RWE is among the stocks highlighted by Goldman, which said it continues to value its renewables business. Goldman has a buy rating on the stock, which is also on its conviction list of top picks. The bank has a price target of 22 euros on the company, giving it just over 33% potential upside.

Persons: Goldman Sachs, Alberto Gandolfi, inflecting, Goldman, Solaria, — CNBC's Michael Bloom Organizations: Renewable Energy, U.S . Federal Reserve, Italian Hydro Locations: Ukraine, Spanish

ROCK RAPIDS, Iowa (AP) — Some of the most contested real estate for Iowa's Republican caucuses is a vast, wind-swept plain where hogs outnumber people by the millions. Ron DeSantis have invested in appealing to politically influential evangelicals, making the fight for northwest Iowa a microcosm of the race to win Monday's caucuses. DeSantis has spent long hours courting voters here, stopping Thursday in Rock Rapids, population 2,600, before heading to Le Mars, about four times larger. Texas Sen. Ted Cruz, with his social conservative brand, competed strongly for northwest Iowa in 2016 and edged Trump in the region on his way to a narrow caucus victory. Ambassador Nikki Haley, aiming for a surprise second-place finish in Iowa, has campaigned in northwest Iowa, but less often and to smaller audiences.

Persons: Donald Trump, Ron DeSantis, DeSantis, that's, he’s, ”, John Vermeer, “, ” Vermeer, Trump, Texas Sen, Ted Cruz, Pennsylvania Sen, Rick Santorum, Mike Huckabee’s, Nikki Haley, Vivek Ramaswamy, Randy Vande Berg, Roe, Wade, He's, Vande Berg, Republican underperformance, “ It's, There's, Heidi Kock Organizations: ROCK, Republican, telltale, Florida Gov, Trump, Reformed Church, Texas, Arkansas Gov, Sioux Center, U.N, Biotech, U.S, Supreme Locations: ROCK RAPIDS, Iowa, Rock Rapids, Le, Netherlands, Florida, Pennsylvania, Iowa's, Sioux, Sioux County, Monday's

☆ Iowa’s most important poll has set the expectations for the GOP caucuses
▼ + stars: | 2024-01-13 | by ( Harry Enten | ) edition.cnn.com time to read: +6 min

The final poll from Iowa’s premier pollster, Ann Selzer, has Trump at 48% followed by former South Carolina Gov. If the final outcome Monday night mirrors the poll, Trump will have won the highest Iowa GOP caucus vote share for a non-incumbent ever. A Haley win in the first primary race in the nation would indicate that Trump is not invincible. He did more than 5 points better than where his final Iowa poll had him. (His 28-point margin over Bradley was the same as the final poll found, as both Bradley and Gore won some undecided voters.)

Persons: Donald Trump, Ann Selzer, Nikki Haley, Ron DeSantis, Trump, –, They’re, Haley, Chris Christie –, George W, Bush, didn’t, Steve Forbes, John McCain, Patrick Buchanan, Bob Dole, Buchanan, McCain, Gary Hart, Walter Mondale, Hart, Haley isn’t, DeSantis, Al Gore, Gore, Bill Bradley, Bradley, Trump . Gore, Dole Organizations: CNN, Trump, South Carolina Gov, Florida Gov, Iowa GOP, Granite State, New, New Jersey Gov, University of New, Dole, Democratic, Republican, Trump . Locations: Iowa, New Hampshire, Granite, New Jersey, University of New Hampshire, Hampshire, Granite State, Trump, South Carolina, Florida

☆ Wall Street made bold calls on 4 of our stocks this week. Here's where we stand
▼ + stars: | 2024-01-13 | by ( Morgan Chittum | ) www.cnbc.com time to read: +6 min

Wall Street analysts revealed bold predictions on four portfolio stocks this week, as investors digested the latest inflation data and December earnings season kicked off. Morgan Stanley Wall Street's take: HSBC cut Morgan Stanley's rating to hold from buy on Monday, citing weaker guidance for the firm's wealth management business. MS 1Y mountain Morgan Stanley 1 year The Club's take: We don't blame analysts for stepping to the sidelines. Still, Morgan Stanley has strong growth prospects from its investment banking segment, a business we see improving on a better macroeconomic outlook and a pickup in deal activity. Palo Alto Networks Wall Street's take: Morgan Stanley named Palo Alto Networks the bank's top cybersecurity pick on Wednesday.

Persons: Here's, Morgan Stanley Wall, Morgan Stanley, Apple's, FCF, We've, Baird, Price, Marc Benioff, shouldn't, Jim Cramer's, Jim Cramer, Jim, Brendan Mcdermid Organizations: HSBC, Morgan, Bank, Management, Apple, Palo, Palo Alto Networks, 22X, CNBC, Traders, New York Stock Exchange Locations: CY24, CQ4, Palo, New York City, U.S

☆ Walmart is closing a pair of stores in San Diego
▼ + stars: | 2024-01-11 | by ( Dominick Reuter | ) www.businessinsider.com time to read: +1 min

Walmart will close two stores in the San Diego area on February 9. AdvertisementWalmart is set to close a pair of stores in the San Diego area that it says are not meeting financial performance expectations. The store locations are 2121 Imperial Ave. in San Diego and 605 Fletcher Parkway in El Cajon will close on February 9. "We are grateful to the customers who have given us the privilege of serving them at our San Diego and El Cajon stores," Walmart spokesperson Brian Little said in a statement to Business Insider. This story is available exclusively to Business Insider subscribers.

Persons: —, Brian Little Organizations: Walmart, Service, El, Business Locations: San Diego, El Cajon, Walmart.com

☆ The Magnificent Seven stocks led 2023's market. Here's what the pros expect for 2024
▼ + stars: | 2023-12-24 | by ( Samantha Subin | ) www.cnbc.com time to read: +5 min

Megacap technology stocks reascended the throne in 2023 after a debilitating 2022 left some investors sour on the outlook for the industry. The stocks are really going to have to show what the next big thing is." Even as it outperformed the market, the e-commerce giant's gains were overshadowed by other large megacaps flaunting their latest AI innovations, with some worrying Amazon may be falling behind on AI technology . Semiconductor companies Intel , Broadcom and Lam Research also look attractive even if Mag 7 stocks maintain their leadership position as AI proliferates, Woods said. "It's a story that is just starting to play out and we're just going to build on it going forward," he said.

Persons: Tesla, Jay Woods, hasn't, Capital's, Woods, aren't, DoorDash, Uber, Neuberger, Dan Flax, Bard, missteps, Gene Munster, Ken Mahoney, Richard Bernstein, wouldn't, Brent Fredberg, we're Organizations: Federal, Nvidia, Amazon, Apple, Microsoft, Meta, Tesla, Freedom Capital, Asset Management, Richard Bernstein Advisors, Brandes Investment Partners, outperformance, Micron Technology, Semiconductor, Intel, Broadcom, Lam Research Locations: GOOGL

☆ Morning Bid: RBA holds and the dollar pauses, too
▼ + stars: | 2023-12-05 | by ( ) www.reuters.com time to read: +2 min

Pedestrians walk past the main entrance to the Reserve Bank of Australia building in central Sydney, Australia, October 3, 2016. The relative U.S. interest rate outlook right now fits the weaker dollar narrative - futures markets are pricing in bigger rate cuts by the Fed next year than by any other major or emerging market central bank. But will the Fed cut rates by 125 basis points next year? Doubts about that prospect have for now put the brakes on dollar selling. Gold , which shot to a record high in Asia's notoriously thin morning hours on Monday, has recoiled sharply.

Persons: David Gray, Tom Westbrook, Edmund Klamann Organizations: Reserve Bank of Australia, REUTERS, Bank, Aussie, Fed, Bank of Japan, Reuters, Thomson Locations: Sydney, Australia, Asia, U.S, Europe, Tokyo

☆ CNBC Daily Open: The rush for gold — and bitcoin
▼ + stars: | 2023-12-05 | by ( Shreyashi Sanyal | ) www.cnbc.com time to read: +2 min

Bitcoin coins are seen at a stand during the Bitcoin Conference 2023, in Miami Beach, Florida, U.S., May 19, 2023. This report is from today's CNBC Daily Open, our new, international markets newsletter. CNBC Daily Open brings investors up to speed on everything they need to know, no matter where they are. Spot gold prices touched $2,100 an ounce, hitting a record high as investors rushed into the safe-haven asset. Wall Street catches a breathU.S. stocks markets slipped Monday, with investors questioning if markets climbed too fast, too soon following five straight weeks of gains.

Persons: Twilio Organizations: CNBC, Wall, Dow Jones, Nasdaq, Big Tech, Japan's Nikkei, Airlines, DoJ, Alaska Airlines, Hawaiian Airlines, Justice Department, JetBlue Airways, Spirit Airlines, Spotify, Department of Justice, Banque Pictet, Internal Revenue Service Locations: Miami Beach , Florida, U.S, Asia, Pacific, Swiss

☆ Goldman breaks down the laggard trade and gives its comeback picks for first quarter 2024
▼ + stars: | 2023-12-05 | by ( Lisa Kailai Han | ) www.cnbc.com time to read: +3 min

Today's market-leading stocks may not have the luxury to sit on their laurels, according to Goldman Sachs. Since Goldman Sachs began tracking the "Laggards" trade in 2022, the trend has held up 13 years out of 21, according to Mehta. The laggards have on average outperformed the S & P 500 by 130 basis points. The first, "differentiated buys," includes opportunities where Goldman Sachs analysts have out-of-consensus buy ratings. Finally, Goldman Sachs analysts also identified stocks with a "track record of CROCI [cash return on capital invested] generation," a metric that evaluates a company's cash return against its total equity.

Persons: Goldman Sachs, there's, Deep Mehta, Mehta, Laggards, laggards, Locker, — CNBC's Michael Bloom Organizations: Financial, Barclays, Mosaic, CF Industries, Clear, Chesapeake Energy, Shoals Technologies, Biomarin Pharmaceutical, Body Works, Mohawk Industries, Bristol, Myers Squibb, Honeywell International, United Parcel Service Locations: . Norfolk Southern, Bath

☆ Morning Bid: Small caps pick up baton, China rating hit
▼ + stars: | 2023-12-05 | by ( ) www.reuters.com time to read: +6 min

Traders work on the floor of the New York Stock Exchange (NYSE) in New York City, U.S., September 26, 2023. The likes of Microsoft (MSFT.O), Apple (AAPL.O), Nvidia (NVDA.O) and Amazon (AMZN.O) fell back over 1%, pressured by a modest bounceback in U.S. Treasury yields. China's blue-chip stocks slumped to their lowest since February 2019 amid fears of a possible cut to China's sovereign credit rating cut after Moody's outlook reduction. By Mike Dolan, Editing by Bernadette Baum; <a href="mailto:mike.dolan@thomsonreuters.com" target="_blank">mike.dolan@thomsonreuters.com</a>Our Standards: The Thomson Reuters Trust Principles. They do not reflect the views of Reuters News, which, under the Trust Principles, is committed to integrity, independence, and freedom from bias.

Persons: Brendan McDermid, Mike Dolan, Russell, that's, Moody's, Isabel Schnabel, Michael Gibson, Christine Laggard, Mongo, Zero Fox, Bernadette Baum Organizations: New York Stock Exchange, REUTERS, Reserve, Microsoft, Apple, Nvidia, Treasury, Reserve Bank of Australia, Central Bank, Reuters, ECB, Barclays, Qatar, P Global, Federal, Division, Supervision, Financial Innovation, Descartes Systems, Health, Powell Industries, Dave, Buster's Entertainment, Reuters Graphics, Thomson Locations: New York City, U.S, Global, York, Treasuries, Europe

☆ CNBC Daily Open: All that glitters is gold — and bitcoin
▼ + stars: | 2023-12-05 | by ( Shreyashi Sanyal | ) www.cnbc.com time to read: +2 min

A sign is seen on a bitcoin ATM at a stand during the Bitcoin Conference 2023, in Miami Beach, Florida, U.S., May 19, 2023. This report is from today's CNBC Daily Open, our new, international markets newsletter. CNBC Daily Open brings investors up to speed on everything they need to know, no matter where they are. The world's largest cryptocurrency was lifted by hopes of approval for a bitcoin exchange-traded fund and growing bets on U.S. interest rate cuts. Wall Street catches a breathU.S. stocks markets slipped Monday, with investors questioning if markets climbed too fast, too soon following five straight weeks of gains.

Persons: Europe's, Twilio, Rick Rieder Organizations: CNBC, Wall, Dow Jones, Nasdaq, Big Tech, Airlines, DoJ, Alaska Airlines, Hawaiian Airlines, Justice Department, JetBlue Airways, Spirit Airlines, Spotify, BlackRock, Federal Reserve Locations: Miami Beach , Florida, U.S

A worker is reflected in a wall of the Reserve Bank of Australia (RBA) head office in central Sydney, Australia, March 1, 2016. REUTERS/David Gray/File Photo Acquire Licensing RightsDec 5 (Reuters) - A look at the day ahead in Asian markets. The relative U.S. interest rate outlook right now fits the weaker dollar narrative - futures markets have the Fed cutting rates next year more than any major or emerging market central bank. And even if the Fed does go that far, other central banks are sure to lower their policy rates more than markets are currently predicting. Here are key developments that could provide more direction to markets on Tuesday:- Australia interest rate decision- Japan - Tokyo inflation (November)- South Korea inflation (November)By Jamie McGeever Editing by Josie KaoOur Standards: The Thomson Reuters Trust Principles.

Persons: David Gray, Michele Bowman's, Philip Lowe, Jamie McGeever, Josie Kao Organizations: Reserve Bank of Australia, REUTERS, Reserve Bank of, Reuters, Bank of Japan, U.S, Thomson Locations: Sydney, Australia, Japan, South Korea, Asia, masse, Tokyo

☆ Morning Bid: Buoyant markets hold near year's highs
▼ + stars: | 2023-12-04 | by ( ) www.reuters.com time to read: +5 min

The Wall Street sign is pictured at the New York Stock exchange (NYSE) in the Manhattan borough of New York City, New York, U.S., March 9, 2020. Fed futures markets think a first cut may come as soon as March - with a quarter-point easing by then already two-thirds priced. Two-year Treasury yields hit their lowest since June on Friday and 10-year yields their lowest in three months, although they edged higher on Monday. U.S. crude hit its lowest in two weeks and is tracking year-on-year losses of almost 10%. But that is widening into yearend as peak rate hopes encourage some rotation to smaller cap stocks.

Persons: Carlo Allegri, Mike Dolan, Jerome Powell, Powell, Goldman Sachs, Jan, Fitch, Bitcoin, Christine Lagarde, Joann, Kirsten Donovan Organizations: New York Stock, REUTERS, Federal Reserve, Spelman College, Fed, Tech, HK, Central Bank, Treasury, PMI Reuters Graphics Reuters, Reuters, Thomson Locations: Manhattan, New York City , New York, U.S, Atlanta, Europe, Gaza, China, Hong Kong, WuXi, Evergrande, RGC Resources

Dec 4 (Reuters) - A look at the day ahead in Asian markets. The dollar shed 3% in November, its biggest monthly fall in a year, and last week fell for a third week in a row. Many will argue that the U.S. bond and rates markets have gotten far too carried away, and that the Fed will not ease so quickly and aggressively next year. But Fed policymakers are now in their 'blackout period' ahead of the December 12-13 policy meeting. In stark contrast to the Fed, rates futures markets are barely pricing in any rate cuts from the RBA next year at all.

Persons: Wall, Jerome Powell, Jamie McGeever, Diane Craft Organizations: Treasury, Reuters, Reserve Bank of Australia, Thomson Locations: Zealand, Australia, India, South Korea, Philippines, Thailand, Japan, Korea

An electronic board shows Shanghai and Shenzhen stock indexes, at the Lujiazui financial district in Shanghai, China October 25, 2022. But the extent of the political and economic jitters merely mirrors other signs of a long-term China exit well beyond portfolio flows. Earlier this month, China recorded its first-ever quarterly deficit in "bricks and mortar" foreign direct investment (FDI). What's more, a multi-year aversion to China investments then risks colliding with deteriorating long-term economic growth dynamics - heightened by rising youth unemployment and dire demographics. Despite some recent upgrades of China growth forecasts, yet another business survey this week raised red flags.

Persons: Aly, Gina Raimondo, Nicholas Lardy, Xi, Lardy, What's, Morgan Stanley, Morgan Stanley's, Mike Dolan, Paul Simao Organizations: REUTERS, Official Monetary, Financial, Reuters, . Commerce, Peterson Institute for International Economics, Thomson Locations: Shanghai, Shenzhen, China, OMFIF, Europe, North America, India, Brazil, Beijing, U.S, Washington, San Francisco

☆ Remove 1 word from your workplace vocabulary, says bestselling author Simon Sinek: ‘We’re all guilty of this’
▼ + stars: | 2023-11-30 | by ( Ashton Jackson | ) www.cnbc.com time to read: +1 min

Chances are good that you've used the word "underperformer" at work before. Stop doing that, bestselling author and leadership expert Simon Sinek said earlier this month at the 2023 World Business Forum summit. Most people's definition of an underperformer is far too loose, said Sinek. When asked how to deal with people who are struggling at work, he summed up his advice into three words: give them grace. "We're all guilty of this," said Sinek, adding: "What ends up happening is, all we do is think about them and treat them as an underperformer.

Persons: you've, Simon Sinek

☆ Elliott Management Makes $1 Billion Investment in Phillips 66
▼ + stars: | 2023-11-29 | by ( Robb M. Stewart | ) www.wsj.com time to read: 1 min

Photo: Chet Strange/Bloomberg NewsElliott Investment Management has made a roughly $1 billion investment in Phillips 66 and is pushing for the appointment of two directors as it seeks to bolster the energy company’s fortunes. In a letter to the Houston-based company’s board, the activist investor outlined what it said is a path to remedying the Houston-based company’s underperformance, improve execution and restore trust with investors. It said it sees about 75% upside to the current share price by unlocking value for shareholders.

Persons: Chet Strange Organizations: Bloomberg, Elliott Investment Management, Phillips Locations: Houston

☆ Can troubled Estee Lauder be saved? Wall Street analysts say yes, but we're not so sure
▼ + stars: | 2023-11-29 | by ( Paulina Likos | ) www.cnbc.com time to read: +5 min

It's no secret: Estee Lauder (EL) has lost its way. Fabrizio Freda, the CEO of Estee Lauder since July 2009, was once an industry "wunderkind," Jim Cramer acknowledged Tuesday. Shares of Estee Lauder have fallen 50% year to date and lost two-thirds of their value over the past two years. We have been expecting consecutive poor quarters from Estee Lauder since China's post-Covid economic rebound has stalled. Rather, the investment case is more about how Estee Lauder can right the ship.

Persons: Estee Lauder, Bobbi Brown, Jo Malone, Fabrizio Freda, Jim Cramer, Freda, Jim, we're, Lauder, China's, Jim Cramer's, Budrul Organizations: HSBC, L'Oreal, CNBC, Lightrocket, Getty Locations: China, Korea, Asia, New York City, Hong Kong

☆ Citi is so bullish on this biotech stock it gives it 800% potential upside
▼ + stars: | 2023-11-29 | by ( Weizhen Tan | ) www.cnbc.com time to read: +2 min

Citi is so bullish on one biotech firm that it has given its shares a target price that represents around 800% upside. In a Nov. 22 note, Citi gave the stock a buy rating and a price target of $90, representing potential upside of around 818% from Tuesday's price. However, the bank cautioned that the stock is high risk, given the "typical volatility" of biotech stocks and uncertainty associated with clinical trials. According to FactSet, analysts covering the stock give it average price target upside of 385% and a buy rating of 88%. On FactSet, the highest estimate came from Oppenheimer, which gives it potential upside of over 600%.

Persons: —, Oppenheimer, — CNBC's Michael Bloom Organizations: Citi, Citi isn't, BMO Capital Markets, BMO, P Biotech ETF, Biotech Locations: U.S

A general view of the Phillips 66 Company's Los Angeles Refinery, which processes domestic & imported crude oil into gasoline, aviation and diesel fuels, in Carson, California, U.S., March 11, 2022. REUTERS/Bing Guan/File Photo Acquire Licensing RightsNov 29 (Reuters) - Elliott Investment Management has taken a $1 billion stake in Phillips 66 and is urging the U.S. oil refiner and pipeline operator to revamp its board to boost lagging performance. Phillips 66 has lagged its U.S. refining rivals at a time when fuel demand and margins have soared for the industry. Phillips 66 Chief Executive Mark Lashier acknowledged discussions with Elliott but did not say whether the company was open to adding two Elliott-recommended directors to its board. Phillips 66 currently has 13 board members.

Persons: Bing Guan, Phillips, Mark Lashier, Elliott, Lashier, John Pike, Mike Tomkins, Garfield Miller, Miller, Svea Herbst, Bayliss, Laura Sanicola, Gary McWilliams, Anil D'Silva, Bernadette Baum, Mark Porter Organizations: Phillips, Los, Los Angeles Refinery, Elliott Investment Management, Marathon Petroleum, Energy, Exxon Mobil, Aegis Energy Advisors, Elliott, Svea, Thomson Locations: Los Angeles, Carson , California, U.S, Houston, Providence, New York, Bengaluru

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