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☆ Buffett's Berkshire Hathaway gains as insurance lifts first-quarter profit and cash nears $200 billion
▼ + stars: | 2024-05-06 | by ( Sarah Min | ) www.cnbc.com time to read: +2 min

Those moves come after Berkshire posted first-quarter operating profit of $11.22 billion, up 39% from the year-ago period, mainly driven by an increase in insurance underwriting earnings. Insurance underwriting earnings rose to $2.598 billion, a 185% increase from $911 million in the year-earlier quarter. Geico earnings swelled 174% to $1.928 billion from $703 million a year prior. Cash soared to a record $188.99 billion in the first quarter, up from $167.6 billion in the fourth quarter. "We had much-improved earnings in insurance underwriting.

Persons: Warren Buffett, Martin, Cash, Buffett, Berkshire Hathaway, Brian Meredith, Edward Jones, James Shanahan Organizations: Berkshire Hathaway, Berkshire, UBS Locations: Omaha , Nebraska, Berkshire

☆ Buffett's Berkshire Hathaway trouncing the market this year and near a record heading into shareholder meeting
▼ + stars: | 2024-05-03 | by ( Sarah Min | ) www.cnbc.com time to read: +6 min

Berkshire Hathaway shares are near all-time highs ahead of the conglomerate's annual shareholder meeting, but a few worries are weighing on analysts' minds. BRK.B ALL mountain Berkshire Hathaway Class B shares But that doesn't mean the stock is without its problems. Berkshire Hathaway Energy Berkshire Hathaway has been contending with several high-profile lawsuits in recent months, including the settlement this year of a billion-dollar lawsuit with the Haslam family over how Berkshire valued Pilot Travel Centers, a truck-stop giant. Her 12-month price target of $472 implies Berkshire shares can climb roughly 18% from Thursday's closing price of $400.60 per share. "I think that the future is very bright for Berkshire Hathaway," Shanahan said.

Persons: Berkshire Hathaway, Cathy Seifert, Berkshire Hathaway Energy Berkshire Hathaway, Haslam, PacifiCorp, Warren Buffett's Berkshire Hathaway, Buffett, Edward Jones, James Shanahan, CFRA's Seifert, Seifert, Shanahan, Bull Organizations: Berkshire, Berkshire Hathaway, CFRA Research, Berkshire Hathaway Energy Berkshire, Travel Centers, Berkshire Hathaway Energy, Federal Reserve, CNBC Locations: Berkshire, Oregon, Northern California, Warren, Woodstock, Omaha , Nebraska

Berenberg increased its price target on Eli Lilly on the back of expected strong sales of its weight loss drug, Zepbound. The firm kept its $21 price target, saying shares are "ready to inflect" with hardware cost deflation and investment tax credit boosting growth. Danely's $820 price target on the buy-rated blockbuster chipmaker suggests 3.6% potential upside for shares since Monday's close. — Pia Singh 5:38 a.m.: Berenberg hikes Eli Lilly price target Eli Lilly has been on a tear this year, and Berenberg expects even more gains from here. Analyst Kerry Holford reiterated his buy rating on the stock and raised his price target to $850 from $680.

Persons: Berenberg, Eli Lilly, John Hodulik, Hodulik, — Pia Singh, Wells, Steven Cahall, Cahall, ROKU, Fred Imbert, BofA Evercore, James West, Christopher Danely, Danely, Goldman Sachs, Edward Jones, James Shanahan, Goldman, Marcus, Apiro Dounls, Sunoco, Kerry Holford, Holford, Zepbound Organizations: CNBC, pharma, Nvidia, Citi, Sunoco, NuStar Energy, Netflix, UBS, Vizio, CTV, ISI, BofA, BofA Evercore ISI, Bank of America, Micron Technology, NuStar, SUN Locations: Wells, Sunrun, Monday's

☆ Berkshire shares jump after big profit gain as Buffett’s conglomerate nears $1 trillion valuation
▼ + stars: | 2024-02-26 | by ( Sarah Min | ) www.cnbc.com time to read: +2 min

The conglomerate held $167.6 billion in cash in the fourth quarter, surpassing the $157.2 billion record the conglomerate held in the prior quarter. Berkshire on Saturday posted fourth-quarter operating earnings of $8.481 billion, about 28% higher than the $6.625 billion from the year-ago period, driven by big gains in its insurance business. Berkshire class B shares jumped 2.3% in premarket trading, set to add to their 17% gain already this year. Berkshire Hathaway shares rose on Monday after Warren Buffett's conglomerate posted strong earnings for the fourth quarter over the weekend. "BRK shares have significantly outperformed financial services peers during 2023, supported by a relatively strong earnings outlook.

Persons: Berkshire Hathaway, Warren Buffett's, Edward Jones, James Shanahan, Buffett, — CNBC's Michael Bloom Organizations: Berkshire Locations: Berkshire, FactSet, Alleghany

☆ Can Buffett’s Berkshire make the $1 trillion milestone? Analysts weigh in
▼ + stars: | 2024-02-26 | by ( Sarah Min | ) www.cnbc.com time to read: +3 min

Wall Street analysts have a cautious view on Berkshire Hathaway , though they praised a solid earnings report over the weekend from Warren Buffett 's conglomerate. Berkshire also said its cash rose to a record $167.6 billion, topping its prior high of $157.2 billion held in the previous quarter. Berkshire's stock initally rose in trading on Monday, with both classes hitting all-time highs intraday, and bringing the conglomerate closer to a $1 trillion valuation. BRK.A YTD mountain Berkshire Hathaway Class A However, many Wall Street analysts are wary on Berkshire, with many expecting that the stock is fairly valued as much of the strength is already priced into the stock. Berkshire's solid earnings reflected outperformance in auto insurer Geico, but the results were dinged by lower earnings in utilities and energy.

Persons: Berkshire Hathaway, Warren Buffett, FactSet, Edward Jones, James Shanahan, Keefe, Woods, Meyer Shields, Shields, Brian Meredith, CFRA's Catherine Seifert, Buffett, Michael Bloom Organizations: Berkshire Hathaway, Wall, UBS Locations: Berkshire, Omaha

☆ Charlie Munger's death brings home the inevitable future: Berkshire without Warren Buffett
▼ + stars: | 2023-12-03 | by ( Yun Li | ) www.cnbc.com time to read: +3 min

Greg Abel, vice chairman of Berkshire's non-insurance operations, became known as Buffett's heir apparent in 2021 after Munger inadvertently made the revelation . Ajit Jain, Berkshire's vice chairman of insurance operations, had been a top contender for the top job, but Buffett recently revealed that Jain "never wanted to run Berkshire." "All [Munger's passing] does is add to the conversation that what happens when Buffett's gone because this brings it home. Berkshire analysts believe the event won't notably alter Berkshire's transition plans. James Shanahan, Edward Jones' Berkshire analyst, also said he remains confident in the leadership of Berkshire following Munger's passing.

Persons: Charlie Munger, Warren Buffett's, Berkshire Hathaway, Greg Abel, Munger, Ajit Jain, Buffett, Jain, Abel, he's, Buffett's, Bill Stone, Warren Buffett, Catherine Seifert, James Shanahan, Edward Jones, CNBC's Becky Quick, Ted Weschler, Todd Combs Organizations: Oracle, Berkshire, Glenview Trust, CFRA's, MidAmerican Energy, Berkshire Hathaway Energy Locations: Berkshire, Omaha, Glenview, CFRA's Berkshire, Japan

☆ Citigroup considers deep job cuts for CEO Jane Fraser’s overhaul, called 'Project Bora Bora'
▼ + stars: | 2023-11-06 | by ( Hugh Son | ) www.cnbc.com time to read: +5 min

Fraser is under mounting pressure to fix Citigroup, a global bank so difficult to manage that its challenges consumed three predecessors dating back to 2007. Stock Chart Icon Stock chart icon Citigroup's stock has been mired in a slump under CEO Jane Fraser. While competitors have been cutting jobs this year, Citigroup's staff levels remained at 240,000. That leaves Citigroup with the biggest workforce of any American bank except the larger and far more profitable JPMorgan. Executives will see cuts beyond 10% because of Fraser's push to eliminate regional managers, co-heads and others with overlapping responsibilities, they said.

Persons: Citigroup Jane Fraser, Alex Wong, Jane Fraser, Fraser, JPMorgan Chase, James Shanahan, Edward Jones, Mike Corbat, they'll, Mike Mayo, Titi Cole, Citigroup's, Cole, Wells, I'm, Dana Neibert Organizations: Citigroup, Financial Services, Rayburn House, JPMorgan, Citi, Bank of America, Boston Consulting, Bank, Getty, Operations Locations: Washington , DC, U.S, Wells Fargo, Tahiti, Polynesia

☆ Berkshire Hathaway gets a rare downgrade after conglomerate shares hit a record high
▼ + stars: | 2023-09-29 | by ( Yun Li | ) www.cnbc.com time to read: +2 min

Warren Buffett 's Berkshire Hathaway has been on fire this year with shares roaring back to a record on strong earnings, and this outperformance caused one analyst to urge caution about a slowdown in the stock. James Shanahan at Edward Jones downgraded Berkshire shares to a hold rating from buy Thursday evening and removed B shares from the firm's U.S. stock focus list. "BRK shares have significantly outperformed financial services peers over the past six months, supported by a relatively strong earnings outlook," Shanahan said in a note. BRK.A YTD mountain Berkshire Hathaway Berkshire's operating earnings jumped 6.6% year over year in the second quarter, while it also posted big gains from its stock portfolio and Treasury holdings. Meanwhile, trading activity in Class A shares is relatively muted given its high price tag.

Persons: Warren Buffett, Berkshire Hathaway, James Shanahan, Edward Jones, Shanahan, —, Berkshire doesn't Organizations: Berkshire, Berkshire Hathaway Locations: U.S, Omaha, Berkshire

REUTERS/Chris Wattie/File Photo Acquire Licensing RightsTORONTO, Sept 17 (Reuters) - Bank of Montreal (BMO) (BMO.TO) is winding down its indirect retail auto finance business and shifting focus to other areas in a move that will result in an unspecified number of job losses, Canada's third-largest bank said. The bank, which announced the move on Saturday, has conducted this business in Canada and the United States. Under the indirect retail auto finance business, the bank works with car dealerships to arrange financing for buyers, who make monthly payments to the lender. "By winding down the indirect retail auto finance business, we have the ability to focus our resources on areas where we believe our competitive positioning is strongest," BMO said in a statement to Reuters. The remaining loans in this portfolio are primarily auto loans, but also include other loans, including loans for boats, recreational vehicles and motorcycles, Edward Jones analyst James Shanahan said.

Persons: Chris Wattie, Paul Hunsley, Edward Jones, James Shanahan, Nivedita Balu, Denny Thomas, Jane Merriman, Susan Fenton, Will Dunham, Diane Craft Organizations: of Montreal, BMO, REUTERS, Rights, Bank of Montreal, Reuters, The, Bank, Thomson Locations: Ottawa , Ontario, Canada, United States, California, Toronto

☆ Berkshire Hathaway shares are still cheap even at these record levels, Wall Street analysts say
▼ + stars: | 2023-08-07 | by ( Yun Li | ) www.cnbc.com time to read: +1 min

Berkshire Hathaway shares just hit a record high on the back of strong second quarter results, but Wall Street analysts believe it's still not too late to buy Warren Buffett's conglomerate. Berkshire's Class A shares climbed as much as 3.2% Monday to hit a record high of $550,660. UBS analyst Brian Meredith said Berkshire shares still trade at an 11% discount to intrinsic value even after the earnings-triggered rally. BRK.A YTD mountain Berkshire Hathaway "We believe that the current share price represents an attractive entry point for long-term investors. KBW's Meyer Shields also raised his Berkshire target price following the holding company's earnings, lifting his objective to $565,000 from $545,000.

Persons: it's, Warren, Brian Meredith, Meredith, Edward Jones, James Shanahan, Berkshire Hathaway, Shanahan, KBW's Meyer Shields, — CNBC's Michael Bloom Organizations: Berkshire Hathaway, Investors, UBS, Berkshire, BNSF Railway Locations: Omaha, Dairy, Berkshire

☆ Warren Buffett's Berkshire Hathaway revealed that consumers are cutting back - and a recession could be the result
▼ + stars: | 2023-08-07 | by ( Theron Mohamed | ) www.businessinsider.com time to read: +6 min

Rapid inflation and hikes to interest rates have fanned fears of an economic slowdown or recession. Berkshire Hathaway HomeServices - real estate brokerage revenues fell 22% and after-tax earnings fell 60%, as transaction volumes fell and revenues from mortgage services dropped. - real estate brokerage revenues fell 22% and after-tax earnings fell 60%, as transaction volumes fell and revenues from mortgage services dropped. However, the slowdown in Berkshire's consumer businesses may well signal a broader downturn in consumer spending across the US economy. The Federal Reserve responded by hiking interest rates from nearly zero to north of 5% today.

Persons: Warren, Berkshire Hathaway, Berkshire Hathaway HomeServices, James Shanahan, Edward Jones, They've, they've Organizations: Service, BNSF Railway, Berkshire, Manufacturing, Clayton Homes, Berkshire Hathaway Automotive, Federal Locations: Wall, Silicon, Berkshire, Here's, Forest, McLane

July 18 (Reuters) - Morgan Stanley's profit beat estimates as growth in its wealth management business offset lower trading revenue in the second quarter, and executives expressed optimism about the economic environment. Morgan Stanley (MS.N) shares rose more than 6%, shrugging off the 14% drop in profits. Excluding one-off items, Morgan Stanley earned $1.24 a share on revenue of $13.46 billion, comfortably beating estimates of $1.15 a share on $13.08 billion revenue, according to data from Refinitiv IBES. Still, "we expect investment banking to lead the recovery in the next quarter," she said. The Wall Street giant followed rivals including JPMorgan Chase and Citigroup in reporting tepid trading results.

Persons: Morgan, Morgan Stanley, James Gorman, Brennan Hawken‎, Sharon Yeshaya, Morgan Stanley's, James Shanahan, Edward Jones, Gorman, Ted Pick, Andy Saperstein, Dan Simkowitz, Tatiana Bautzer, Mehnaz Yasmin, Niket, Lananh Nguyen, Arun Koyyur, Louise Heavens, Nick Zieminski Organizations: UBS, JPMorgan Chase, Citigroup, Bank of America, Reuters, Thomson Locations: New York, Bengaluru

☆ Berkshire Hathaway's annual meeting is here: What to expect from Warren Buffett and Charlie Munger
▼ + stars: | 2023-05-05 | by ( Yun Li | ) www.cnbc.com time to read: +7 min

Warren Buffett is set to kick off Berkshire Hathaway 's annual shareholder meeting Saturday before tens of thousands of adoring shareholders. Berkshire's annual "Woodstock for Capitalists" will be held in Omaha, Nebraska, the second straight in-person gathering after two virtual meetings during the pandemic. The question of Buffett's Activision stake is expected to come up at the annual meeting. Geico Berkshire shareholders will also be eager to learn more about what's next for auto insurer Geico , the crown jewel of Berkshire's insurance empire and Buffett's "favorite child." ESG issues There are a few ESG-related shareholder proposals being put to a vote at the annual meeting, including requiring Berkshire to publish an annual assessment of climate-related risks and publish data on its workforce composition by gender, race, and ethnicity.

☆ Short bets against TD Bank surge 45% in two weeks to hit $6.1 billion amid investor skepticism toward its planned First Horizon takeover
▼ + stars: | 2023-04-20 | by ( Zahra Tayeb | ) www.businessinsider.com time to read: +2 min

Short equity bets against Toronto-Dominion surged to $6.1 billion on Wednesday, up 45% from two weeks earlier. That comes as the Canada-based bank faces investor skepticism over its planned takeover of First Horizon Bank. TD became the most-shorted bank in the world in early April as it faces a slew of headwinds. It comes as traders question the bank's planned takeover of US regional bank First Horizon, according to the publication. "I think that short interest was elevated by arbitrage investors betting on the (First Horizon) deal ... suggesting that the market believes that the deal is at risk of closing," James Shanahan, an analyst at Edward Jones told the outlet.

☆ Short positions on Canada's TD Bank rise to $6.1 billion, ORTEX data shows
▼ + stars: | 2023-04-19 | by ( Maiya Keidan | ) www.reuters.com time to read: +2 min

TORONTO, April 19 (Reuters) - Hedge fund bets against Canada's TD Bank Group (TD.TO) hit $6.1 billion on Wednesday, a 45% increase from 14 days ago, according to data provider ORTEX's calculations, one day ahead of the Canadian lender's annual general meeting. So-called 'arbitrage investors', many of which are event-driven hedge funds, bet on mergers and acquisitions by buying shares of the target and shorting the acquirer's stock. TD, which is awaiting regulatory approval of its takeover of First Horizon, is expected to address the $13.4 billion deal at its AGM on Thursday in Toronto. Hedge funds profit when they borrow a stock from an institutional investor and sell it back when the price falls, pocketing the difference, a practice known as short-selling. TD shares are down 0.1% since the U.S. regional banking crisis began, and up 3.4% this week.

☆ Warren Buffett's Berkshire Hathaway faces a brutal mix of economic headwinds. It will capitalize on the chaos, 8 experts say.
▼ + stars: | 2023-04-06 | by ( Theron Mohamed | ) www.businessinsider.com time to read: +10 min

Berkshire Hathaway faces high inflation, rising rates, and a potential recession and credit crunch. Warren Buffett's company will weather the storm and scoop up the bargains that emerge, experts say. Experts say Berkshire's ample cash reserves, strong brands, and prudent management will enable it to comfortably navigate a harsh economic environment. "Shareholders who plan on holding Berkshire for years into the future should hope for a near-term bear market in stocks. Brian Gongol, longtime Buffett follower and Berkshire shareholder:"It's better to be in Berkshire's shoes during challenging times than during a boom.

☆ U.S. bank crisis 'unlikely' to spill over to Canada, analyst says
▼ + stars: | 2023-03-20 | by ( Divya Rajagopal | ) www.reuters.com time to read: +4 min

read more"The U.S. contagion is unlikely to spill over to Canadian banks as the issues in U.S. are unique and specific to certain business models or lending activities," said James Shanahan, banking analyst with Edward Jones to Reuters. REGIONAL BANK SCRUTINYCanadian banks emerged stronger from the 2008 global financial crisis due to prudent regulations and since built a reputation for financial stability. The Canadian banks have kept their focus on domestic lending and majority of their earnings come from serving local clients. But in recent years, Royal Bank, BMO, TD Bank and CIBC (CM.TO) have expanded into the United States by buying regional lenders to benefit from strong growth in second-tier U.S. cities. However, last week the regional bank's stock was hit after the SVB collapse.

☆ U.S. bank crisis 'unlikely' to spill over to Canada, analysts say
▼ + stars: | 2023-03-20 | by ( Divya Rajagopal | ) www.reuters.com time to read: +4 min

"The U.S. contagion is unlikely to spill over to Canadian banks as the issues in U.S. are unique and specific to certain business models or lending activities," said James Shanahan, banking analyst with Edward Jones to Reuters. REGIONAL BANK SCRUTINYCanadian banks emerged stronger from the 2008 global financial crisis due to prudent regulations and since built a reputation for financial stability. The Canadian banks have kept their focus on domestic lending and majority of their earnings come from serving local clients. But in recent years, Royal Bank, BMO, TD Bank and CIBC (CM.TO) have expanded into the United States by buying regional lenders to benefit from strong growth in second-tier U.S. cities. However, last week the regional bank's stock was hit after the SVB collapse.

The transaction is also fraught with regulatory risks, analysts said, though RBC argues that HSBC's Canada business accounts for just 2% of Canadian banking market share. The finance minister has the authority to impose any terms and conditions, the finance department said in a statement. "This regulatory assessment isn't likely to be completed for some time," Calvin Goldman, former commissioner of Canada's competition bureau, told Reuters, referring to the latest deal. QUICK MOVEDespite the expected regulatory risks, RBC was keen to move quickly. RBC is paying 9.4 times HSBC's 2024 adjusted earnings, which KBW analysts said was a steep price, though offset by savings potentials.

☆ Buffett's billions in cash turn from stock drag to Berkshire bull case with yields topping 4%
▼ + stars: | 2022-11-07 | by ( Yun Li | ) www.cnbc.com time to read: +2 min

For years, Warren Buffett's cash fortress earned "only a pittance," but now thanks to rising rates, Berkshire Hathaway 's mountain of money is contributing meaningful earnings to the conglomerate. "The increases were primarily due to increases in short-term interest rates," Berkshire said in a statement. "While exceptionally low interest rates prevailed in recent years, interest rates increased significantly over the first nine months of 2022." The contribution to earnings from cash had been very poor due to near-zero interest rates. Berkshire acquired insurer Alleghany for $11.6 billion on Oct. 19, which was funded by existing cash balances.

☆ Berkshire Hathaway gets an upgrade as recent sell-off creates an attractive entry point
▼ + stars: | 2022-09-21 | by ( Yun Li | ) www.cnbc.com time to read: +1 min

Warren Buffett's Berkshire Hathaway got upgraded at Edward Jones as the conglomerate's recent sell-off made the conglomerate's shares attractive. Edward Jones analyst James Shanahan boosted Berkshire's rating to buy from hold Wednesday, while adding the stock to the Wall Street firm's "U.S. Stock Focus List." "We believe that the sell-off has created an attractive entry point for long-term investors, as Berkshire revenues and earnings benefit from a diverse group of operating companies and investments," Shanahan said. The conglomerate's operating business is a patchwork of companies spanning from railroads, to batteries, insurance, home furnishing and retail. "We believe that higher interest rates, additional investment activity, and an acceleration in share-repurchase activity will provide additional support for earnings per share," Shanahan said.

☆ Warren Buffett's 91st year marked by a huge focus on Berkshire Hathaway's energy empire
▼ + stars: | 2022-08-30 | by ( Yun Li | ) www.cnbc.com time to read: +4 min

Warren Buffett turns 92 on Tuesday, having spent the past year expanding further his Berkshire Hathaway energy empire, making a classic value investor's bet. Plus, many energy stocks have found themselves with torrents of cash flow since the economy reopened following Covid lockdowns. "All of this just sounds like the perfect Berkshire Hathaway stock." If Berkshire continues to ramp up its Occidental investments and makes the position a controlling one, it probably reflects the influence of Greg Abel, Buffett's likely successor who has been leading the conglomerate's energy unit Berkshire Hathaway Energy. Berkshire acquired MidAmerican Energy in 1999, and Abel became CEO of MidAmerican Energy in 2008, six years before it was renamed Berkshire Hathaway Energy in 2014.

☆ Warren Buffett's stock shopping spree slows down even during market's big pullback. Here's why
▼ + stars: | 2022-08-08 | by ( Yun Li | ) www.cnbc.com time to read: +4 min

Warren Buffett's stock-buying spree slowed down drastically in the second quarter even during the market's big correction, and analysts said the "Oracle of Omaha" could be preserving capital for other uses. Berkshire Hathaway 's net stock purchase fell to $3.8 billion in the second quarter, compared with more than $41 billion in the first quarter, the conglomerate's quarterly reports showed. Berkshire Hathaway Energy? Berkshire now owns 92% of Berkshire Hathaway Energy, with the rest belonging to the family of the late billionaire philanthropist Walter Scott who passed away last September at age 90. The bulk of the losses were within Berkshire's largest positions, including Apple ($34 billion loss on Berkshire's position during the second quarter), Bank of America ($10 billion loss) and American Express ($7 billion loss).

☆ Bank stocks, once a Buffett favorite, take a back seat at Berkshire Hathaway amid recession worries
▼ + stars: | 2022-04-28 | by ( Hugh Son | ) www.cnbc.com time to read: +5 min

In this article BRK.A Follow your favorite stocks CREATE FREE ACCOUNTWarren Buffett, Chairman and CEO of Berkshire Hathaway. David A. Grogan | CNBCWarren Buffett has begun to unleash Berkshire Hathaway 's massive cash stockpile in recent weeks, snapping up an insurer and multi-billion dollar stakes in energy and computer corporations. Like another top Buffett industry — railroads — banks are part of the infrastructure of the country, a nation he continually bets on. (Watch the 2022 Berkshire Hathaway annual shareholders meeting live on Saturday, April 30 at 9:45 a.m. Despite the industry becoming significantly cheaper to own, Buffett reversed many of his wagers, unloading JPMorgan, Goldman and Wells Fargo.

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