BP Stock Tumbles on Worse-Than-Expected Q1 Results, Reduced Buyback
1. BP's Q1 earnings were $1.38 billion, below the $1.65 billion estimate. 2. The company reduced its buyback from $1.75 billion to $750 million. 3. Increased economic uncertainty is impacting oil prices and market volatility. 4. BP's shares fell an additional 4% following the earnings release. 5. Activist investor Elliott Management is pressuring BP's investment strategy.