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Why Are These Stocks on the Move Today?

Warren Buffett Amasses More Phillips 66 Shares

Phillips 66 (NYSE:PSX) is gaining ground today after a Securities and Exchange Commission filing revealed that legendary investor Warren Buffett’s Berkshire Hathaway amassed nearly 538,000 shares of the Houston based energy manufacturing and logistics company. Berkshire increased its hold on the company by 23% in the first quarter, and now owns 14.1% of the company’s total stock. Apart from Berkshire Hathaway, David Cohen and Harold Levy’s Iridian Asset Management is another notable shareholder of the company with approximately 3.9 million shares. Overall, 34 hedge funds are long Phillips 66 (NYSE:PSX) as of the end of the first quarter.

Box Beats Estimates

Box Inc (NYSE:BOX) posted better-than-expected fiscal first quarter financial results on Wednesday. The Redwood-based cloud company posted an adjusted loss of $0.18 a share, better than the analysts’ estimate of a loss of $0.24 per share, while revenue came in at $90 million, above the estimates of $88.65 million. For full fiscal 2017, the company expects EPS of $0.78 to $0.75, versus the consensus of $0.84. In a statement, Box said that billings in the quarter were hurt by increasing volatility in the business and shift to annual payment durations from multi-year prepayments. Box Inc (NYSE:BOX) plunged more than 9% this morning. As of the end of March, only 11 hedge funds from our database reported stakes in Box Inc (NYSE:BOX). Philippe Laffont’s Coatue Management has more than 3.8 million shares of the company.

E.Coli Outbreak Probably Due to General Mills’ Flour

General Mills, Inc. (NYSE:GIS) is in hot water after U.S. Centers for Disease Control and Prevention said on Wednesday that the flour produced at General Mills Kansas City plant is probably the cause of the E.Coli outbreak  that has spread across 20 states, resulting in 38 people sick, between December 21, 2015 and May 3, 2016. In a statement, General Mills said that it has not found any evidence of harmful flour in its products and Kansas City facility, which is up and running as of Wednesday. However, the company announced to “voluntarily” recall 10 million pounds of flour on Tuesday. Cliff Asness’s AQR Capital Management is one of the 25 hedge funds from our database with stakes in General Mills, Inc. (NYSE:GIS) as of the end of the first quarter of 2016. It owns more than 2.6 million shares of the company.

Disclosure: None

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