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☆ Berkshire Hathaway cuts Apple position: Here's what you should know
▼ + stars: | 2024-08-05 | by ( ) www.cnbc.com time to read: 1 min

In this videoShare Share Article via Facebook Share Article via Twitter Share Article via LinkedIn Share Article via EmailBerkshire Hathaway cuts Apple position: Here's what you should knowJosh Brown, CEO of Ritholtz Wealth Management, joins CNBC's "Halftime Report" to discuss Berkshire cutting its Apple position.

Persons: Berkshire Hathaway, Josh Brown Organizations: Berkshire, Ritholtz Wealth Management

☆ Nvidia, Super Micro Computer lead AI trade carnage with both stocks down more than 12%
▼ + stars: | 2024-08-05 | by ( Samantha Subin | ) www.cnbc.com time to read: +2 min

With investors in a risk-off mood, AI shares with high valuations were among the first to be dumped from portfolios. Nvidia and Super Micro Computer shed about 12% each before the bell, while Advanced Micro Devices lost about 5%. Megacap technology stocks also sold off during premarket trading, with Alphabet , Meta Platforms and Amazon falling more than 5% each. Major technology stocks — with the exception of Nvidia — wrapped up a busy earnings stretch last week. Nvidia, Alphabet and Meta Platforms pulled back more than 5%, while Microsoft dropped more than 6%.

Persons: Tesla, Warren Buffett's Berkshire Hathaway, Nvidia —, Mark Haefele, Jefferies Organizations: Federal Reserve, Nvidia, Computer, Super, VanEck, Microsoft, Apple, UBS Global Wealth Management

☆ Here are Monday's biggest analyst calls: Nvidia, Netflix, Apple, Walmart, Disney, Boeing, Robinhood, Berkshire Hathaway and more
▼ + stars: | 2024-08-05 | by ( Michael Bloom | ) www.cnbc.com time to read: +6 min

Morgan Stanley reiterates Disney as overweight Morgan Stanley lowered its price target on the stock to $110 per share from $130 but said it is sticking with Disney shares. Morgan Stanley upgrades Prosperity Bancshares to overweight from equal weight Morgan Stanley said the regional bank has "best in class capital and growing liquidity." Morgan Stanley initiates MKS Instruments as overweight Morgan Stanley said the controlling and measuring device manufacturing company is well positioned. Morgan Stanley reiterates Apple as overweight Morgan Stanley said it is sticking with the stock following its quarterly 10-Q report. " Morgan Stanley reiterates Walmart as overweight Morgan Stanley said it is sticking with its overweight rating on the stock following Walmart+ membership hitting a record high according to its survey checks.

Persons: Mizuho, Morgan Stanley, Disney, Lockheed Martin, Berkshire Hathaway, HOOD, Apple, Jefferies, Mars, Bernstein Organizations: Bank of America, Nvidia, Disney, Gulfport Energy, RBC, Lockheed, UBS, Berkshire, Berkshire Hathaway, Citi, RBC downgrades Moderna, Moderna, Walmart, underperform Bank of America, Netflix, Reuters, Kellanova, Boeing Locations: China, Gulfport, Berkshire, Underperform

☆ Dow plunges more than 1,000 points as global stock rout deepens on recession fear
▼ + stars: | 2024-08-05 | by ( Matthew Fox | ) www.businessinsider.com time to read: +3 min

The stock market crashed Monday, with the Nasdaq 100 dropping nearly 6%. AdvertisementUS stocks crashed on Monday, with the Nasdaq shedding nearly 6% as the global market rout that kicked off late last week accelerated. AdvertisementThe losses accelerated on Monday after Japan's stock market experienced its worst decline since the Black Monday crash in 1987, falling 12%. Berkshire Hathaway now holds a record $277 billion in cash, leading to some investors worrying that Buffett has soured on the stock market. The bigger question is whether this bloodletting will prove sufficient to provide a basis for a resumption of the stock market rally, and ultimately fresh record highs.

Persons: —, nonfarm payrolls, Jamie Cox, Warren, Berkshire Hathaway, Buffett, bitcoin, David Morrison Organizations: Nasdaq, Berkshire Hathaway's Apple, Service, Dow Jones, Amazon, Intel, Bank of Japan, Federal Reserve, Harris Financial, Berkshire Hathaway's, Berkshire, FCA Locations: Berkshire

Stocks, cryptocurrencies, the dollar, oil — they’re all down sharply again on Monday on concerns that the U.S. economy is slowing faster than expected. It comes after a rough week for global markets. That has reignited criticisms that the Fed is moving too slowly to cut rates as economic conditions look shakier. Mega-cap tech stocks, which have driven much of the market’s gains this past year, were especially bruised: Nvidia was down 11 percent premarket, while Apple was off 7.5 percent. The yield on the 10-year Treasury note fell to a one-year low.

Persons: Berkshire Hathaway, Bitcoin, Brent, Goldman Sachs, Goldman Organizations: Nvidia, Apple, Berkshire, Nikkei, Bank of Japan, . Investors Locations: U.S, Japan

☆ Monday, August 5, 2024: Cramer explains where to find opportunity amid the market sell-off
▼ + stars: | 2024-08-05 | by ( ) www.cnbc.com time to read: 1 min

Monday, August 5, 2024: Cramer explains where to find opportunity amid the market sell-offJim and Jeff discuss why they like this financial stock. They also talk about Berkshire Hathaway selling its shares in this mega cap tech stock. Finally, they break down the demand for this semiconductor stock.

Persons: Cramer, Jim, Jeff Organizations: Berkshire Hathaway

☆ Dow crashes 1,000 points and the Nasdaq loses 3% as recession fears fuel market panic
▼ + stars: | 2024-08-05 | by ( Matthew Fox | ) www.businessinsider.com time to read: +3 min

US stocks plunged Monday amid recession fears and the yen carry trade unwind. AdvertisementUS stocks plunged on Monday as investors worried about a potential recession and the knock-on effects from the unwind of the yen carry trade. All of those factors have drummed up fears that a recession could be imminent, especially given that the Federal Reserve could be "behind the curve" in its failure to cut interest rates last month. AdvertisementHere's where US indexes stood at the 4:00 p.m. closing bell on Monday:Some believe the Fed should implement an emergency interest rate cut, including Wharton professor Jeremy Siegel. AdvertisementBut perhaps the biggest driver of Monday's stock market decline was the unwind of the yen carry trade.

Persons: Dow Jones, —, payrolls, Warren, Berkshire Hathaway, Jeremy Siegel, Siegel, LPL, Ed Yardeni Organizations: Nasdaq, Bank of, Service, Dow Jones, Apple, Amazon, Intel, Federal, Here's, Bank of Japan, Yahoo Finance Locations: Japan

☆ Why the stock market is freaking out again
▼ + stars: | 2024-08-05 | by ( David Goldman | ) edition.cnn.com time to read: +6 min

The Dow tumbled more than 1,000 points at the open, and the broader market plunged 3% Monday. The Nasdaq, full of risky tech stocks, dropped 3.7%. Although that’s not in and of itself an unhealthy unemployment rate, its sudden march higher is alarming: Last year, the unemployment rate was at its lowest level since the moon landing. Traders are beginning to unwind big trades on Apple, Nvidia, Microsoft, Meta, Amazon, Alphabet and other tech stocks that had been surging since the beginning of last year. Monday’s rout, if it ends at current levels, wouldn’t even crack the top 100 worst days in market history.

Persons: Dow, that’s, Goldman Sachs, That’s, Jeremy Siegel, “, ”, Siegel, Stocks, it’ll, Warren Buffett, Berkshire Hathaway Organizations: CNN, Nasdaq, Nikkei, Federal Reserve, of Labor Statistics, Citigroup, JPMorgan, CNBC, Traders, Apple, Nvidia, Microsoft, Meta, Berkshire Locations: Wall

☆ Berkshire's selling of Apple was 'risk management' decision, says Glenview's Bill Stone
▼ + stars: | 2024-08-05 | by ( ) www.cnbc.com time to read: 1 min

In this videoShare Share Article via Facebook Share Article via Twitter Share Article via LinkedIn Share Article via EmailBerkshire's selling of Apple was 'risk management' decision, says Glenview's Bill StoneBill Stone, chief investment officer at Glenview Trust Company, joins CNBC's 'The Exchange' to discuss Berkshire Hathaway's selling of half of their stake in Apple.

Persons: Bill Stone Bill Stone Organizations: Apple, Glenview Trust Company, Berkshire Locations: Glenview

☆ Stocks making the biggest moves premarket: Nvidia, Apple, Kellanova and more
▼ + stars: | 2024-08-05 | by ( Pia Singh | In | ) www.cnbc.com time to read: +2 min

Check out the companies making headlines before the bell: Chip stocks — Nvidia shares fell roughly 12.5% in premarket trading as the artificial intelligence trade continues to unwind, dragging down once-hot semiconductor plays. Apple — Apple shares sank more than 6% after Warren Buffett's Berkshire Hathaway revealed it sold nearly half its stake in the iPhone maker. Tech stocks — Major tech stocks were among the biggest losers of Monday's global market sell-off. Analysts polled by FactSet forecast a loss of 27 cents per share for the second quarter on $190.3 million in revenue. Crypto — Stocks tied to the price of bitcoin were among the hardest hit in premarket trading as the flagship cryptocurrency dropped below $50,000 for the first time this year.

Persons: Warren Buffett's Berkshire Hathaway, Tesla, Crypto, Stocks, Coinbase, MicroStrategy, Palantir, Macheel, Samantha Subin, Jesse Pound, Brian Evans Organizations: Nvidia, Broadcom, Computer, Arm Holdings, Apple, Tech, Facebook, Microsoft, FactSet, Reuters, Street Journal, Marathon

☆ Warren Buffett's decision to sell stocks and raise record cash before sell-off sends wake-up call
▼ + stars: | 2024-08-05 | by ( Yun Li | ) www.cnbc.com time to read: +5 min

The selling activity picked up significantly last quarter though with Berkshire offloading more than $75 billion in stocks in the period and raising the conglomerate's cash pile to a record $277 billion. Many Buffett followers view the accelerated sale of his top holdings as a pessimistic call on markets and the economy. Buffett was selling stocks last quarter when the S & P 500 rose to an all-time high in anticipation that the U.S. would skirt a recession while squashing inflation. When Buffett trimmed the Apple stake by 13% in the first quarter, he hinted at the Berkshire annual meeting in May that it was for tax reasons. But the magnitude of this selling last quarter suggests it could be more than just a tax-saving strategy.

Persons: Warren Buffett, Berkshire Hathaway, Buffett, James Shanahan, Edward Jones, Barbara Goodstein, You've, Shanahan, Ted Weschler, Todd Combs, Tim Cook's, It's, Warren, Jim Reid, Deutsche Organizations: Apple, Berkshire, America, Oracle, Dow Jones, Nikkei, U.S Locations: Berkshire, Omaha, U.S

☆ Why Wells Fargo is the most attractive bank stock as the sell-off continues
▼ + stars: | 2024-08-05 | by ( Morgan Chittum | ) www.cnbc.com time to read: +2 min

Every weekday the CNBC Investing Club with Jim Cramer holds a "Morning Meeting" livestream at 10:20 a.m. As a subscriber to the CNBC Investing Club with Jim Cramer, you will receive a trade alert before Jim makes a trade. Jim waits 45 minutes after sending a trade alert before buying or selling a stock in his charitable trust's portfolio. THE ABOVE INVESTING CLUB INFORMATION IS SUBJECT TO OUR TERMS AND CONDITIONS AND PRIVACY POLICY , TOGETHER WITH OUR DISCLAIMER . NO FIDUCIARY OBLIGATION OR DUTY EXISTS, OR IS CREATED, BY VIRTUE OF YOUR RECEIPT OF ANY INFORMATION PROVIDED IN CONNECTION WITH THE INVESTING CLUB.

Persons: Jim Cramer, Warren Buffett's Berkshire Hathaway, Buffett, Jim, We're, Wells, Jim Cramer's Organizations: CNBC, Dow Jones Industrial, Big Tech, Apple Locations: Wells Fargo, Wells

☆ Apple shares drop 7% after Warren Buffett's Berkshire Hathaway slashes stake by half
▼ + stars: | 2024-08-05 | by ( Yun Li | ) www.cnbc.com time to read: +1 min

Warren Buffett walks the floor ahead of the Berkshire Hathaway Annual Shareholders Meeting in Omaha, Nebraska on May 3, 2024. Warren Buffett sent shockwaves through the investing world over the weekend by slashing his big Apple stake by half, causing the tech stock to crater on Monday amid the intensifying global sell-off. Berkshire Hathaway disclosed in its earnings filing that its Apple holding was valued at $84.2 billion at the end of the second quarter, indicating that the Oracle of Omaha dumped a little more than 49% of the tech stake. Global stock markets are on the brink of a major correction, triggered by concerns of an economic slowdown. Buffett also started selling his second biggest holding Bank of America in July.

Persons: Warren Buffett, shockwaves, Berkshire Hathaway, Buffett Organizations: Berkshire, Apple, Oracle, Global, of America Locations: Omaha , Nebraska, Omaha

☆ Apple leads tech rout after Berkshire Hathaway sells more than half of its stake
▼ + stars: | 2024-08-05 | by ( Matthew Fox | ) www.businessinsider.com time to read: +2 min

Apple stock plunged as much as 11% on Monday on news that Berkshire Hathaway sold about 50% of its stake. Warren Buffett's conglomerate sold about 390 million Apple shares in the second quarter. The decline in Apple shares, which was double the Nasdaq 100's decline of about 5%, came after it was revealed over the weekend that Warren Buffett's Berkshire Hathaway sold about 50% of its Apple stake. According to its second-quarter earnings report, Berkshire Hathaway sold about 390 million Apple shares during the quarter, which is on top of the 115 million Apple shares it sold during the first quarter of the year. This is an opportunity, especially going into what I view as a really historic upgrade cycle for Apple," Ives said.

Persons: Berkshire Hathaway, Warren Buffett's, —, Warren, Buffett, Cathy Seifert, Dan Ives, Ives, It's Organizations: Apple, Berkshire, Service, CFRA, CNBC Locations: Berkshire, Cupertino

☆ Tech stock sell-off may herald the long-awaited AI reckoning
▼ + stars: | 2024-08-05 | by ( Hasan Chowdhury | ) www.businessinsider.com time to read: +5 min

download the appSign up to get the inside scoop on today’s biggest stories in markets, tech, and business — delivered daily. AdvertisementThe tech slide follows a dramatic sell-off in Asia, with Japan's main stock market index, the Nikkei 225, ending 12.4% lower and other AI heavyweights such as SoftBank slid hard. By the end of the year, the company expects to spend up to $40 billion on AI research and product development. That's because AI's been touted as a technology as revolutionary as the internet and smartphones by tech luminaries like Bill Gates. If others really start to believe that's the case, it could mark the beginning of the end for the AI rally.

Persons: —, Jensen, Warren Buffett's Berkshire Hathaway, SoftBank, Sundar Pichai, Susan Li, AI's, Bill Gates, Goldman Sachs, Jim Covello, Daron Acemoglu, it's, Blackwell, Elliott, Dan Ives Organizations: Service, Tech, Business, Nvidia, Apple, Microsoft, Nikkei, Google, Big, Investors, Meta, Elliott Management, Financial Times Locations: Asia

☆ The stock market is in no man's land. Here's what investors should expect next
▼ + stars: | 2024-08-04 | by ( Jim Cramer | ) www.cnbc.com time to read: +16 min

Anything above 4% indicates the market is overbought, anything below a minus 5% means the market is oversold.) I am just prematurely predicting other investors fleeing the stock because they think Warren knows more than them. Many investors thought that Amazon was the best set up of the Mag Seven going into earnings. We are right smack in a most perilous moment because the Fed doesn't want to move too fast but the stock market does and the Fed does not care about that. I don't think a presidential election is all that conducive to the market.

Persons: Warren Buffett's Berkshire Hathaway, Apple, Warren, That's, Buffett, Tim Cook, Cook, Carl Icahn, I'd, Donald Trump, don't, Jerome Powell, Meta, It's, Pat Gelsinger, Andy Grove, Gelsinger, Craig Barrett, that's, Pat, Let's, Mark Zuckerberg, Jim Cramer's, Jim Cramer, Jim Organizations: Nasdaq, Dow, of America, Apple, Microsoft, Bank of America, Amazon Web Services, Investors, Comcast, Walgreens, CVS, Federal, whimpers, Amazon, Nvidia, Meta, Intel, Lenovo, Dell, HP, CNBC, Jim Cramer's Charitable, Traders, New York Stock Exchange Locations: Friday's, China, —, Wells, U.S, humorless, Taiwan, Brookfield, Arizona, NBCUniversal

☆ Joe Biden Stepped Aside. a Lot of Aging CEOs Should Do the Same.
▼ + stars: | 2024-08-04 | by ( Rob Price | ) www.businessinsider.com time to read: +13 min

Less discussed, however, is a parallel crisis in corporate America: a wave of aging business leaders who refuse to step aside. The average retirement age is similarly increasing: to 62 in 2024 from 57 in 1991. Using public data from 1992 to 2018, they assessed the relationship between a CEO's age and their "managerial ability," as measured by how they turned company resources into revenue and profit. "A 10% increase in CEO age is associated with a 1.9% decrease in managerial ability," they wrote. And older workers, both above and below the traditional retirement age, already face unwarranted discrimination in the workplace.

Persons: who'd, Joe Biden's, Donald Trump, Ruth Bader Ginsburg, Sen, Dianne Feinstein, It's, Rosemond Desir, Scott Seavey, Seavey, what's, Mark Fisher, Sumner Redstone, —, David Ekerdt, Olivia S, Mitchell, Desir, Warren Buffett, Rupert Murdoch, Fisher, Biden imbroglio, they're Organizations: Business, Supreme, California, Florida Atlantic University, University of California, CBS, Viacom, Barclays, gerontology, University of Kansas, Wharton, Chevron, Caterpillar, Berkshire Hathaway, News Corp Locations: America, Irvine, Southern California, United, Berkshire

☆ Here are 4 things we're watching closely in the stock market this week
▼ + stars: | 2024-08-04 | by ( Zev Fima | ) www.cnbc.com time to read: +9 min

Stocks had a rough week, topped off with a pummeling Friday after the July jobs data came in weaker than expected. Until then, bad economic news was good news for the stock market, because it meant the Federal Reserve would start cutting interest rates sooner. On Thursday, a drop in U.S. manufacturing activity for July and a jump in initial jobless claims dragged down the market. Next week is light on economic data, so expect earnings reports and CEO commentaries to drive the market action. Jim waits 45 minutes after sending a trade alert before buying or selling a stock in his charitable trust's portfolio.

Persons: Stocks, Dow Jones, Jim Cramer, would've, Eli Lilly, Mounjaro, Berkshire Hathaway, Krystal, Tyson, BAX, Owens, Walt, Oscar Health, CRON, Krispy, Papa, Jim Cramer's, Jim Organizations: Nasdaq, Dow, Reserve, Broadcom, Devices, Palo Alto, PMI, Wynn Resorts, Investors, Wynn, Wynn Palace, U.S . Disney, Management, and Drug Administration, Carlyle Group, Krystal Biotech, Tyson Foods, TSN, Alpha Metallurgical Resources, BioCryst Pharmaceuticals, Axsome Therapeutics, Technologies, Clover Health, Realty Income Corp, Avis Budget Group, CSX Corp, CSX, Simon Property Group, Sterling Construction Company, Teradata Corp, Yum China Holdings, ZoomInfo Technologies, Holdings, Caterpillar, Baxter International, Vulcan Materials Company, Allegheny Technologies Incorporated, Constellation Energy Group, Marathon Petroleum Corp, Owens Corning Inc, Duke Energy Corp, GXO Logistics, Brands, Builders, Wynn Resorts Ltd, WYNN, Rivian Automotive, Devon Energy Corp, GigaCloud Technology Inc, Lumen Technologies, VF Corp, Walt Disney Co, Novo Nordisk, CVS Health, Aurora Cannabis Inc, Emerson Electric Co, Sony Group Corporation, SONY, Inc, ODP Corporation, Icahn Enterprises, MannKind Corp, ACM Research, Brink's Company, AppLovin Corporation, Digital Turbine, Sarepta Therapeutics, Occidental Petroleum Corp, Bros, SolarEdge Technologies, Aspen, Coeur D'Alene Mines Corp, Co, Vistra Energy, Cheniere Energy, Cronos, Himax Technologies, Properties Trust, Papa John's, Paramount Global, Trade, Lab, B2Gold Corp, Honest Company, Gilead Sciences, Growth, Nikola Corporation, Embraer, New Fortress Energy, Construction, Jim Cramer's Charitable, CNBC, Disney, Pixar Locations: Palo, Macau, Las Vegas, Boston, Vegas, Wynn Macau, China, Novo, Coeur, Gilead

☆ Dow futures slide nearly 200 points after Nasdaq falls into a correction: Live updates
▼ + stars: | 2024-08-04 | by ( Sarah Min | ) www.cnbc.com time to read: +2 min

Traders work on the floor of the New York Stock Exchange during afternoon trading on August 02, 2024 in New York City. U.S. stock futures fell Sunday night following a volatile week for Wall Street, in which the Nasdaq Composite dropped into correction territory. S&P 500 futures and Nasdaq-100 futures dipped 0.7% and 1.1%, respectively. On Friday, the Nasdaq capped a third straight week of losses, bringing the tech-heavy index down more than 10% from a record set last month. The S&P 500 also posted a third straight losing week, down 2% for the week.

Persons: Dow, Keith Lerner, CNBC's, It's, Warren Buffett's Berkshire Hathaway, Mary Daly Organizations: New York Stock Exchange, Wall, Nasdaq, Dow Jones Industrial, Dow Jones, Treasury, Federal Reserve, PMI, San Francisco Fed Locations: New York City . U.S, Hawaii

☆ Warren Buffett’s Berkshire Hathaway sold nearly half its stake in Apple
▼ + stars: | 2024-08-03 | by ( Yun Li | ) www.nbcnews.com time to read: +3 min

Warren Buffett’s Berkshire Hathaway dumped nearly half of its gigantic Apple stake last quarter in a surprising move for the famously long-term-focused investor. Even after the selling Apple remains the largest stock stake by far for Berkshire. Buffett had trimmed the Apple stake by 13% in the first quarter and hinted at the Berkshire annual meeting in May that it was for tax reasons. Berkshire’s Apple holding was once so big that it took up half of its equity portfolio. Berkshire began buying the stock in 2016 under the influence of Buffett’s investing lieutenants Ted Weschler and Todd Combs.

Persons: Warren, Berkshire Hathaway, Buffett, Ted Weschler, Todd Combs Organizations: Apple, Oracle, Berkshire, U.S, Apple . Berkshire, Bank of America, Buffett Locations: Omaha, Berkshire, U.S

☆ Warren Buffett's Berkshire Hathaway sold nearly half its stake in Apple
▼ + stars: | 2024-08-03 | by ( Yun Li | ) www.cnbc.com time to read: +1 min

Warren Buffett's Berkshire Hathaway dumped nearly half of its gigantic Apple stake last quarter in a surprising move for the famously long-term-focused investor. Even after the selling Apple remains the largest stock stake by far for Berkshire. Buffett trimmed the Apple stake by 13% in the first quarter and hinted at the Berkshire annual meeting in May that it was for tax reasons. But the magnitude of this selling suggests it could be more than just a tax-saving move. Berkshire's Apple holding was once so big that it took up half of its equity portfolio.

Persons: Warren, Berkshire Hathaway, Buffett Organizations: Apple, Oracle, Berkshire, U.S Locations: Omaha, Berkshire

☆ Here are Warren Buffett's top stock holdings, revealed in Berkshire's latest quarterly earnings
▼ + stars: | 2024-08-03 | by ( Yun Li | ) www.cnbc.com time to read: +1 min

Warren Buffett is turning heads after Berkshire Hathaway disclosed it sold nearly half of its Apple stake last quarter. About 72% of Berkshire's equity portfolio is concentrated in five stocks, according to the conglomerate's latest earnings report. Meanwhile, Berkshire held onto longtime bets Coca-Cola and American Express , worth $25.5 billion and $35.1 billion, respectively, at the end of the second quarter. Buffett was in a selling mood overall in the second quarter with Berkshire shedding more than 75 billion in stock, raising its total cash level to an eye-popping $277 billion. After the sales, these holdings remain same top five holdings Berkshire disclosed in the first quarter.

Persons: Warren Buffett, Berkshire Hathaway, Buffett Organizations: Apple, Oracle, of America, Bank of America, Chevron, American Express, Berkshire Locations: Omaha, Berkshire

☆ Warren Buffett’s Berkshire Hathaway cuts stake in Apple by nearly 50%
▼ + stars: | 2024-08-03 | by ( Robert Ilich | ) edition.cnn.com time to read: +1 min

CNN —Warren Buffett’s Berkshire Hathaway slashed its stake in tech giant Apple by nearly 50%, according to Berkshire’s second quarter earnings report released on Saturday. Berkshire Hathaway disclosed its holdings in Apple were valued at $84.2 billion at the end of the quarter, dropping from 790 million shares to 400 million shares. Berkshire Hathaway has previously downsized its stake Apple, which has a market cap over $3.3 trillion. In the final three months of 2023, Berkshire Hathaway sold off 10 million shares of Apple stock, representing about 1% of its holdings in the company. Along with Apple, Berkshire cut its stake in its second largest position, Bank of America, to $41.1 billion.

Persons: CNN — Warren, Berkshire Hathaway, Buffett Organizations: CNN, Berkshire, Apple, Bank of America, American Express, Chevron Locations: Apple, Berkshire, Omaha , Nebraska

☆ Warren Buffett raises Berkshire cash level to record $277 billion after slashing stock holdings
▼ + stars: | 2024-08-03 | by ( Yun Li | ) www.cnbc.com time to read: +2 min

Warren Buffett walks the floor and meets with Berkshire Hathaway shareholders ahead of their annual meeting in Omaha, Nebraska on May 3rd, 2024. Berkshire Hathaway 's cash pile swelled to a record $276.9 billion last quarter as Warren Buffett sold big chunks in stock holdings including Apple . The Omaha-based conglomerate's cash hoard jumped significantly higher from the previous record of $189 billion, set in the first quarter of 2024. For the second quarter, Berkshire's operating earnings, which encompass profits from the conglomerate's fully-owned businesses, enjoyed a jump thanks to the strength in auto insurer Geico. Operating earnings totaled $11.6 billion in the second quarter, up about 15% from $10 billion a year prior.

Persons: Warren Buffett, Berkshire Hathaway, Tim Cook, Buffett, I've Organizations: Berkshire Hathaway, Berkshire, Apple, Oracle, Buffett, Bank of America, Federal Reserve, Dow, Industrial Locations: Omaha , Nebraska, Omaha, Berkshire

☆ Berkshire’s Cash Stockpile Soars as It Cuts Its Stake in Apple
▼ + stars: | 2024-08-03 | by ( ) www.nytimes.com time to read: +1 min

Cash at Berkshire Hathaway, the conglomerate run by Warren E. Buffett, soared to nearly $277 billion in the second quarter as it sold a large chunk of its stake in Apple. It still owned about 400 million shares worth $84.2 billion as of June 30. The cash stake grew to $276.9 billion from $189 billion three months earlier largely because Berkshire sold $75.5 billion in stocks, including shares in Bank of America. It was the seventh straight quarter Berkshire sold more stocks than it bought. Second-quarter profit from Berkshire’s dozens of businesses rose 15 percent to $11.6 billion from $10.04 billion a year earlier.

Persons: Cash, Warren E, Buffett Organizations: Berkshire Hathaway, Apple, Berkshire, Bank of America Locations: Apple . Berkshire

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