US Stock Market Move | Elliott, a radical investor, plans to drive operational changes to boost the stock price of Phillips 66 (PSX.US), which has surged nearly 4% against the trend.

On Tuesday, Phillips 66 (PSX.US) rose nearly 4% against the trend to $128.32 per share. According to Reuters, sources say that activist investor Elliott holds over $2.5 billion worth of shares in U.S. refiner Phillips 66 and plans to push for operational changes to increase its stock price. Elliott plans to push for Phillips 66 to sell or spin off its midstream business. Last March, after Elliott disclosed holding $1 billion worth of Phillips 66 shares, it accepted the latter's performance improvement plan aimed at increasing shareholder returns and stock price.