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Check out the companies making headlines in midday trading: Flutter Entertainment — The sports betting stock rose more than 6% after the FanDuel parent announced a share buyback program of up to $5 billion. Hewlett Packard Enterprise — The tech stock jumped more than 5% after Barclays upgraded the firm to overweight from equal weight. KB Home reported $2.04 in earnings per share, or 2 cents short of consensus estimates, according to analysts surveyed by LSEG. Analysts had expected $1.14 in earnings per share on revenue of $176.2 million, according to FactSet. The workplace uniform company sees revenue of $10.22 billion to $10.32 billion for fiscal 2025, compared to its prior guidance of $10.16 billion to $10.31 billion.
Persons: HPE, Morgan Stanley downgrades, Adam Jonas, Ford, Bilibili, Warren Buffett's Berkshire Hathaway, Cintas, — CNBC's Sean Conlon, Yun Li, Alex Harring, Hakyung Kim, Lisa Han, Pia Singh Organizations: Hewlett Packard Enterprise, Barclays, Juniper Networks, General Motors, Ford —, JPMorgan, . Bank of America, LSEG, Trump Media & Technology Locations: Bilibili —
A new ETF uses AI to emulate Warren Buffett's investment style
  + stars: | 2024-09-22 | by ( Yun Li | ) www.cnbc.com   time to read: +3 min
Investment startup Intelligent Alpha is working on launching the Intelligent Omaha ETF , with the ticker AIWB, that relies on AI to emulate the Berkshire Hathaway CEO's investment philosophy and create a portfolio of 25-30 stocks that it thinks Buffett might buy. It remains to be seen how deeply AI could understand Buffett's unique investing style that has evolved significantly over seven decades. All about AI Intelligent Alpha has been testing its Buffett strategy for six months and the portfolio AI puts together would overlap Berkshire's by anywhere between 30 to 60%. "The vision for Intelligent Alpha is to build the AI-powered BlackRock," Clinton said. "There are two big pillars, serving retail investors [through Registered Investment Advisors], and then there's serving institutional investors."
Persons: Warren Buffett, Buffett, Claude —, he's, Doug Clinton, Charlie Munger's, Clinton, Stanley Druckenmiller, David Tepper Organizations: Alpha, Berkshire Hathaway, Intelligent Alpha, Apple, Livermore, Nvidia, Advisors Locations: Omaha
And so it is with Warren Buffett's Berkshire Hathaway slashing its holdings in Apple and Bank of America in recent months. Buffett himself has indicated in recent years that he doesn't see an abundance of compelling value on offer in the public markets. But this in itself isn't much of a clue about future market prospects or the macroeconomic moment. Borgato says he believes "Buffett wants to leave a Berkshire behind that requires [fewer] future cash allocation decisions, not more." I'm not a buyer of the "cash on the sidelines" case for expecting money market assets to drain into stocks.
Persons: , Warren Buffett's Berkshire Hathaway, Buffett, Ed Borgato, it's, pare Berkshire's, Greg Abel, Berkshire Hathaway, BRK.B QUAL, Ajit Jain, Trump, Borgato, Jared Woodard Organizations: Apple, Bank of America, Bank of, Buffett, Berkshire, Berkshire Hathaway, Washington Locations: Berkshire's, Berkshire, Apple,
This story is available exclusively to Business Insider subscribers. On the positive side, he's not creating private wealth dynasties. But his children will become philanthropic titans by wielding taxpayer-subsidized private power through enormous charitable foundations upon his death. A progressive annual wealth tax, with rates becoming steeper as wealth goes above $1 billion. A cap on the charitable deduction so that wealthy people, like Buffett, don't get to opt out entirely of paying taxes.
Persons: , Warren Buffett, Berkshire Hathaway, he's, Chuck Collins, Buffett, Collins, Bill Gates, don't Organizations: Service, Business, Institute for Policy Studies, Berkshire Locations: Berkshire
Top bosses at Berkshire Hathaway are usually tight-lipped about their market outlook, but recent investment actions from the executives are saying a lot. News broke earlier this week that Ajit Jain, the conglomerate's insurance chief for nearly 40 years, sold more than half of his Berkshire stake worth $139 million. That marked the biggest sale of Berkshire stock by the 73-year-old vice chairman of insurance operations since he was hired by Warren Buffett in 1986. He believes it would be "value-destroying" if he overpaid for Berkshire shares. But the magnitude of the sales could also suggest a bearish attitude toward the market and stock valuations.
Persons: Berkshire Hathaway, Ajit Jain, Warren Buffett, Jain, Ajit, Steve Check, Buffett, Brian Meredith, Meredith Organizations: Berkshire, Berkshire Class, Check Capital Management, Berkshire Hathaway, UBS, BNSF Railway, of America, Apple, Buffett, Bank of America Locations: Berkshire, Omaha, U.S
In this videoShare Share Article via Facebook Share Article via Twitter Share Article via LinkedIn Share Article via EmailKKM Financial CEO on Chubb, Occidental, Ulta Beauty, Apple, and Berkshire HathawayJeff Kilburg, KKM Financial founder and CEO, joins CNBC’s ‘The Exchange’ to discuss his moves on these stocks: Chubb, Occidental, Ulta Beauty, Apple and Berkshire Hathaway.
Persons: Berkshire Hathaway Jeff Kilburg, Berkshire Hathaway Organizations: KKM, Chubb, Berkshire, KKM Financial, Apple Locations: Occidental
Ajit Jain, Berkshire's vice-chair sold $139 million of the company's shares on Monday. Jain will have $112 million left in shares, owned by himself, his family trusts, and his nonprofit. Go to newsletter preferences Thanks for signing up! download the app Email address Sign up By clicking “Sign Up”, you accept our Terms of Service and Privacy Policy . AdvertisementAjit Jain, the vice-chair of Berkshire Hathaway and the head of its insurance operations, cashed out big from the company, selling over half his stake in Warren Buffett's empire.
Persons: Ajit Jain, Jain, Warren Buffett, , Berkshire Hathaway Organizations: Service, Securities and Exchange Commission, Business Locations: Warren Buffett's
Ajit Jain, Warren's Buffett's insurance chief and top executive, sold more than half of his stake in Berkshire Hathaway , a new regulatory filing showed. The 73-year-old vice chairman of insurance operations dumped 200 shares of Berkshire Class A shares on Monday at an average price of $695,418 per share for roughly $139 million. That left him holding just 61 shares, while family trusts established by himself and his spouse for the benefit of his descendants hold 55 shares and his nonprofit corporation, the Jain Foundation, owns 50 shares. Monday's sale represented 55% of his total stake in Berkshire. "This appears to be a signal that Ajit views Berkshire as being fully valued," said David Kass, a finance professor at the University of Maryland's Robert H. Smith School of Business.
Persons: Ajit Jain, Ajit, David Kass, University of Maryland's Robert H Organizations: Jain Foundation, Berkshire, University of Maryland's, Smith School of Business Locations: Berkshire Hathaway, Berkshire
Occidental Petroleum shares have dropped 29% since mid-April, impacting Warren Buffett's stake in the company. Berkshire Hathaway's $13 billion stake in Occidental Petroleum may be underwater, based on estimates. The price decline in Occidental shares has coincided with a 23% decline in crude oil prices since mid-April. AdvertisementTo be clear, the average price Berkshire Hathaway paid for its Occidental Petroleum stake is only known by Berkshire Hathaway itself. Another sign that Berkshire Hathaway's Occidental Petroleum bet is souring is based on the warrants it owns to purchase additional shares.
Persons: Warren Buffett's, , Warren, Warren Buffett's Berkshire, Buffett, Berkshire Hathaway, Chris Bloomstran, Semper Augustus, Bloomstran, Vicki Hollub, it's, Hollub Organizations: Occidental Petroleum, Berkshire Hathaway's, Service, Warren Buffett's Berkshire Hathaway, Berkshire, Berkshire Hathaway's Occidental Petroleum, Apple, Bank of America, Occidental, Occidental Petroleum's Locations: Berkshire, Occidental
Financials have been on a tear lately, and some stocks in the space could break out. The S & P 500 financial sector has advanced more than 16% this year and nearly 4% over the past month. It's also jumped 7% during the third quarter, outperforming the S & P 500's 0.3% increase. The S & P 500 and the Nasdaq Composite are both down more than 2% in September. KKR YTD mountain KKR stock.
Persons: It's, Wells Fargo, Nicholas Watts, there's, Matt O'Connor Organizations: Nasdaq, CNBC, Stock, KKR, Atlantic, Global, LSEG, Deutsche Bank, Bank of America, Deutsche, Berkshire Hathaway Locations: U.S, financials, Wells Fargo, Berkshire
Trump Media & Technology — The stock fell more than 13% following Tuesday's debate between majority shareholder former President Donald Trump and Democratic Vice President Kamala Harris. Novartis — U.S.-listed shares of the Swiss pharma company slipped nearly 2% on the heels of Bank of America's downgrade to hold from buy. Crypto stocks — Crypto stocks were dragged downward after the price of bitcoin fell slightly overnight, as crypto traders considered central bank policy in Japan . Morgan Stanley — The bank stock lost 1% following a downgrade at Goldman Sachs to neutral from buy. Solar stocks — Solar stocks rose as a group after Vice President Kamala Harris's performance at Tuesday's debate raised confidence in a Democratic victory at the U.S. presidential election.
Persons: Donald Trump, Kamala Harris, Rentokil, it's, bitcoin, Morgan Stanley, Goldman Sachs, Goldman, Morgan, Warren Buffett's Berkshire Hathaway, Kamala Harris's, — CNBC's Sean Conlon, Michelle Fox, Alex Harring, Yun Li, Sarah Min, Samantha Subin Organizations: Trump Media & Technology, Democratic, Trump Media, Nasdaq, GameStop, Novartis — U.S, Swiss pharma, of, Therapeutics, JPMorgan, Viking Therapeutics, Goldman, Bank of America, U.S, Clean Energy, SolarEdge Technology, Sunnova Energy Locations: North America, Japan
CNBCWarren Buffett's Berkshire Hathaway offloaded another chunk of Bank of America shares, bringing its total sales to more than $7 billion since mid-July and reducing its stake to 11%. The latest action extended Berkshire's selling streak to 12 consecutive sessions, matching the 12 consecutive sessions from July 17 to Aug. 1. Berkshire has sold more than 174.7 million shares of the Charlotte-based bank for $7.2 billion, with 858.2 million shares remaining, or 11.1% of shares outstanding. BofA CEO Brian Moynihan made a rare comment about Berkshire's sales Tuesday, saying he has no knowledge of Buffett's motivation for selling. Stock Chart Icon Stock chart icon Bank of America
Persons: Warren Buffett, Berkshire Hathaway, BofA, Moynihan, Buffett Buffett, Brian Moynihan Organizations: Berkshire, CNBC Warren, of America, Apple, American Express, Oracle, Barclays Global Financial Services, Bank of America Locations: Omaha , Nebraska, Omaha, Berkshire, Charlotte, BofA
Alliance Bernstein is behind the AB US Low Volatility Equity ETF. For comparison, FactSet lists the top holdings for Invesco's Low Volatility ETF as stocks that are traditionally more stable: Berkshire-Hathaway , Coca-Cola and Visa . Archard notes there's still a place for historically less volatile stocks such as consumer staples and financials . For example, FactSet shows that Alliance Bernstein's low-volatility ETF also includes exposure in names including Procter & Gamble and Fiserv . The AB US Low Volatility ETF is up 16% so far this year as of Wednesday's close.
Persons: Bernstein, FactSet, Noel Archard, CNBC's, there's Organizations: Big Tech, Microsoft, Apple, Hathaway, Cola, Visa, Procter & Gamble Locations: Berkshire
I probably do not have to tell you that Nvidia has really blown up over the past few years. "If people were going to be going crazy about a stock, wouldn't it be this one?" Jack, a moderator of a subreddit dedicated to Nvidia's stock, finds some of the memes around Nvidia irksome. He said ChatGPT's capabilities reinforced his belief in his thesis around Nvidia and AI. I'm not a Nvidia true believer, but I'm apparently Nvidia curious.
Persons: Jensen Huang, Angelo Zino, Jim Cramer, Josh Brown, fanboys, Kamala Harris, I'm, Dan Ives, Huang, Daniel Williams, Williams, David, Goliath, Christopher Schwarz, that's, Axios, Felix Salmon, he's, Jack can't, It's, Berkshire Hathaway, Warren Buffett, Buffett, There's, Schwarz, Brown, Ted Mortonson, Baird, They've, cooly, they're, Mortonson, Ives, Elvis, Zack Morris, Taylor Swift, Chappell Roan, Emily Stewart Organizations: Nvidia, Wall Street, Woodstock, CFRA Research, CNBC, Ritholtz Wealth Management, Elon, NFL, Democratic, People, Wedbush Securities, Lebron, Davids, University of California, Paul Merage School of Business, Nvidia irksome, GameStop, GameStop —, Cisco, Department, Justice, ChatGPT, Business Locations: New York City, New York, Jack, Maine, Omaha , Nebraska,
"It doesn't make any difference what the headlines are, it doesn't make any difference what the Federal Reserve is doing, it doesn't make any difference what's going on in Europe. "If we're right about the business, the macro factors aren't going to make any difference. And if we're wrong about the business, macro factors are not going to bail us out," he said. ... Everybody thinks we sit around and talk about macro factors. We don't have any discussions about macro factors."
Persons: Warren Buffett, it's, Buffett, Benjamin Graham, Lehman Organizations: Federal, Oracle, Berkshire Hathaway's, Federal Reserve, Columbia University, Cuban Missile, New York Times, Lehman Brothers Locations: Omaha, one's, Europe, Berkshire, America
Warren Buffett has donated more than half his wealth to five foundations since 2006. He's gifted Berkshire Hathaway stock to the Gates Foundation and four of his family's foundations. Go to newsletter preferences Thanks for signing up! AdvertisementWarren Buffett has given more than half his vast fortune to five foundations since 2006. The 94-year-old investor is worth $145 billion thanks to a 15% stake in his Berkshire Hathaway conglomerate.
Persons: Warren Buffett, He's, Berkshire Hathaway, Here's, , Susan, Buffett Organizations: Berkshire, Gates Foundation, Service, Berkshire Hathaway, Business Locations: Berkshire
Top 10 people most likely to reach trillionaire status
  + stars: | 2024-09-06 | by ( Robert Frank | ) www.nbcnews.com   time to read: +3 min
According to a new report from Informa Connect Academy, which predicts trillionaire status based on average annual growth rate in wealth, Tesla CEO Elon Musk will likely be the first trillionaire. Musk is currently the world’s richest person, with $251 billion, according to the Bloomberg Billionaires Index. The second to reach trillionaire status, according to the report, will be India’s Gautam Adani, founder of the Adani Group conglomerate. If Adani maintains his recent annual growth rate of 123%, the report says he will be a trillionaire in 2028. The report predicts Pangestu could reach trillionaire status by 2028.
Persons: , John D, Rockefeller, Berkshire Hathaway, Warren Buffett’s, Elon Musk, Musk, Gautam Adani, Adani, Jensen Huang, Pangestu, Bernard Arnault, Mark Zuckerberg, Jeff Bezos, wouldn’t, Larry Page, Sergey Brin Organizations: , New York Times, Berkshire, Nvidia, Informa Connect Academy, Bloomberg, Connect, Adani Group, Barito, Meta, Google
The Invesco S & P 500 Low Volatility ETF (SPLV) has advanced close to 13% in 2024, while the Nasdaq Composite is up 13.8%. SPLV follows the S & P 500 Low Volatility Index, which is based on 100 stocks within the broad market index with the lowest realized volatility over the past 12 months. SPLV YTD mountain Invesco's S & P 500 Low Volatility ETF (SPLV). On Tuesday, the S & P 500, Nasdaq and Dow Jones Industrial Average posted their worst session since the early-August slide as a batch of weak manufacturing data spurred investors' worries over the economy. Elsewhere, the ‎CBOE Volatility Index has ticked up above 20 since September has started, and it surged over 65 during the early-August rout, which was its highest level since 2020.
Persons: SPLV, Warren Buffett's Berkshire, Morgan Stanley, Charles Schwab Organizations: Nasdaq, Warren Buffett's Berkshire Hathaway, Mobile, Dow Jones Locations: Warren
United States Steel — The industrial stock plunged 6% after Vice President Kamala Harris opposed the planned sale of United States Steel to Japan's Nippon Steel. She made these statements during a Labor Day rally in front of union members in Pittsburgh, Pennsylvania, where she said that United States Steel was "an historic American company and it is vital for our country to maintain strong American steel companies." NetApp — The data storage stock added 1.6% following an upgrade to buy from hold at Loop Capital. Loop analyst Ananda Baruah listed several catalysts, including NetApp's cloud storage software partnerships and a recent pullback. Bank of America — The bank stock was down fractionally.
Persons: Kamala Harris, Wells, Matthew Akers, Morgan Stanley, Ananda Baruah, Jefferies, Peter Welford, Warren Buffett's Berkshire, Merck's Keytruda, — CNBC's Michelle Fox, Jesse Pound Organizations: United States Steel, Japan's Nippon Steel, Labor, Boeing, Software, Novartis —, Novartis, Bank of America, Warren Buffett's Berkshire Hathaway, Merck, European Commission Locations: Pittsburgh , Pennsylvania, American, Warren
Warren Buffett speaks during the Berkshire Hathaway Annual Shareholders Meeting in Omaha, Nebraska on May 4, 2024. (This article is from the Warren Buffett Watch newsletter. Warren Buffett has added around $6 billion to Berkshire Hathaway's sizable cash pile this summer with a string of Bank of America stock sales since mid-July. Berkshire has sold Bank of America shares for six straight sessions. Since it began to reduce its holding on July 17, it has sold shares during 21 of the past 33 sessions.
Persons: Warren Buffett Organizations: Berkshire, Warren, Warren Buffett Watch, of America, Bank of America Locations: Omaha , Nebraska, Berkshire
An Ulta Beauty store in New York, US, on Monday, Aug. 19, 2024. Ulta Beauty shares sank 7% in extended trading Thursday as the company fell short of second-quarter expectations and trimmed its full-year guidance after a decline in same-store sales during the most recent period. The company now forecasts full-year same-store sales in a range of flat to 2% down, compared with prior guidance of 2% to 3% growth. Earlier this month, Warren Buffet's Berkshire Hathaway disclosed a $266 million stake in the beauty retailer, sending Ulta shares surging. Clarification: This story has been updated to clarify that Ulta Beauty forecast full-year earnings per share of $22.60 to $23.50, down from a previous forecast of $25.20 to $26.
Persons: Dave Kimbell, Kimbell, Paula Oyibo, Ulta, Warren Buffet's Berkshire Hathaway Organizations: LSEG Locations: New York
In today's big story, viewers are opting for free TV, and that's throwing a massive wrench in Hollywood's plans . AdvertisementBut first, what's on (free) TV? The big storyChanging channelsGetty Images; iStock; Natalie Ammari/BIIf the best things in life truly are free, Hollywood is about to learn a brutal lesson. But what's really caught people's attention over the past year has been "free, ad-supported TV" or FAST services. Figuring out how to make money from free TV is a big enough problem.
Persons: , Natalie Ammari, upend, Insider's Lucia Moses, what's, Andy Kiersz, Fox's Tubi, Gen Z, that's, Jenny Chang, Rodriguez, cofounders, John Overdeck, David Siegel, Carter Lyons, Scott Hoffman, Warren Buffett's, Berkshire Hathaway, Buffett, Noah Berger, Chelsea Jia Feng, Jensen Huang, Alyssa Powell, Banks, Sam Altman's, Kamala Harris, Tim Walz's, Dana Bash, Dan DeFrancesco, Hallam Bullock, Milan Sehmbi, Amanda Yen Organizations: Service, Business, Tech, Hollywood, Nielsen, Netflix, Paramount, Pluto, Comcast, Warner Bros . Discovery, YouTube, Getty, Big Tech, Chelsea, Menlo Ventures, CNN Locations: Berkshire, A16z, New York, London
Shares of the five trading firms in Warren Buffett-backed Berkshire Hathaway 's portfolio — Itochu Corp , Marubeni Corp , Mitsubishi Corp , Mitsui & Co , and Sumitomo Corp — have surged, with one rising as much 30% in 2024. These five names are also the biggest of Japan's so-called sogo-shosha, or general trading companies, in which Berkshire placed big bets in 2020 and subsequently increased stakes in later years. Japan's trading houses, which trade in a wide range of products and materials, played a big role in Japan's economic growth. Though it holds Japanese and Chinese equities, it mostly invests in American companies, with Apple, American Express, Bank of America Corp. and Coca-Cola Co forming the bulk of its portfolio. Here are the Asian companies which Berkshire has invested in:
Persons: Warren Buffett, Berkshire Hathaway, Buffett Organizations: Berkshire, Itochu, Marubeni Corp, Mitsubishi Corp, Mitsui & Co, Sumitomo Corp —, Apple, American Express, Bank of America Corp Locations: U.S, Omaha , Nebraska, Berkshire
The company was acquired by private equity firm Berkshire Partners in 2014 from the founder for approximately $1 billion. The non-Chicago locations have achieved AUVs of $6 million to $7 million, more than double quick service restaurants and fast casual industry averages. While Portillo's has much larger AUV than its peers, the company has an even larger average footprint than peers. Closing this gap will take significant capital allocation improvements, technology initiatives, marketing plans, real estate restructurings and operational advancements. Engaged is supportive of management and expects they will recruit a strong operator into the presently vacant COO role.
Persons: Portillo's, , Ken Squire Organizations: Berkshire Partners, Berkshire, Management, NFL, Del, Shake, 13D Locations: Berkshire, Chicago, Portillo's, That's, Del Frisco's
Warren Buffett's Berkshire Hathaway recently debuted a new stake in beauty retailer Ulta Beauty , a deep value bet that validated a belief that the stock was significantly oversold. The Omaha-based conglomerate unveiled a $266 million bet on Ulta Beauty in a regulatory filing late Wednesday, prompting the shares to climb 11% the next day. Many view the purchase as a classic value buy after the beauty supply chain's stock suffered a big sell-off this year amid slowing demand and increased competition. ULTA YTD mountain Ulta Beauty shares in 2024. Before Buffett's purchase boosted the stock, Ulta had tumbled 32% in 2024, trading at just 12 times forward earnings, according to FactSet.
Persons: Warren, Berkshire Hathaway, Oppenheimer, Rupesh Parikh, Ulta, it's, Stephanie Link, I've, Ted Weschler, Todd Combs, Buffett, Kraft Heinz Organizations: Hightower Advisors, Berkshire, Kroger Locations: The Omaha
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