From MarketWatch, November 29:
Phillips 66′ stock soars 6% after Elliott Management discloses $1 billion stake and says it sees 75% upside
Phillips 66’s stock PSX rose 6% in premarket trade Wednesday, after Elliott Investment Management LP said it has accrued a roughly $1 billion investment in the energy company and sees potential upside of about 75%. The hedge fund of activist investor Paul Singer published a letter to the company’s management outlining how it can remedy what it views as underperformance, including adding new directors backed by Elliott....
....MORE
Referring to a 6% move as "soars" brings to mind a Warren Buffet line—yes, a lot of people are thinking about Warren and Charlie today—a Warren Buffet comment on the action in the Dow Jones Industrial Average:
....the closing level of the Dow Jones Industrial Average:
December 31, 1964: DJIA 874.12
December 31, 1981: DJIA 875.00
“Now I’m known as a long-term investor and a patient guy, but that is not my idea of a big move.”
-Warren Buffett
We first shared that quote in 2008.
The above is from 2012's "Meet Warren Buffett, High Frequency Trader (BRK.B; INTC; WFC)" which I thought was a pretty funny headline. (maybe you had to be there)
The original was in this 1999 Fortune article "Mr. Buffett on the Stock Market"
Phillips 66 is changing hands at $122.86, up $4.86 or +4.12%
