A group of Apple's critics - including Spotify Technology, Match Group and "Fortnite" creator Epic Games - have joined a nonprofit group that plans to advocate for legal and regulatory action to challenge the iPhone maker's App Store practices. Fred Katayama reports.
Warren Buffett's Berkshire Hathaway has cut its Wells Fargo. Its stake in Wells Fargo is now at a 17 year low. On Friday, Berkshire Hathaway said it owns 3.3% of the company, its slimmest ownership position since 2003. In 1994, Berkshire owned 13.3% of the bank. It held more than 500 million shares worth more than $27 billion in 2016. Buffett's company now holds fewer than 140 million shares, worth about $3.4 billion.
Regulatory filings show Warren Buffett's Berkshire Hathaway has sold about 101 million Wells Fargo shares in recent weeks. The billionaire investor's company cut its holdings by about 43% to 136 million shares, slashing its stake to 3.3%. The sales come after Berkshire sold 25% of its Wells Fargo position in the second quarter. Berkshire was previously Wells Fargo's largest shareholder. Business Insider reports that Wells Fargo was one of its five most valuable positions earlier this year.
Warren Buffett's Berkshire Hathaway saw the value of its Apple stock tumble as much as $19 billion in two days. On Thursday, Apple's stock price dropped 8%. On Friday, Apple dropped as much as 7%. That cut the value of Berkshire's roughly 981 million shares in the tech titan to below $110 billion. Berkshire has still more than tripled the value of its Apple investment, as it spent about $35 billion to build the 5.7% stake.
Warren Buffett's Berkshire Hathaway disclosed a $6 billion bet on five of Japan's biggest trading companies. The news was released Sunday night in a press release. The billionaire investor's company revealed that it owns just over 5% of Mitsubishi, Mitsui, Itochu, Marubeni, and Sumitomo. Business Insider reports that all five firms rose between 4% and 10% on Monday.
Business Insider reports that Warren Buffett's Apple position is worth more than Starbucks, Boeing, or IBM. Buffett's Berkshire Hathaway has a 5.7% stake worth $123 billion. His stake surpasses the market capitalizations of Starbucks ($92 billion), Boeing ($101 billion), and IBM ($112 billion). Berkshire's Apple stake is worth almost as much as Philip Morris ($124 billion) and Lowe's ($125 billion). Apple's stock price has soared by more than two-thirds to an all-time high this year.
Warren's Buffett's Berkshire Hathaway made a $570 million bet on Snowflake. According to Business Insider, the move shoes Buffett trusts his two portfolio managers, Todd Combs and Ted Weschler. "Buffett has given full agency to his lieutenants," Jake Taylor, CEO of Farnam Street Investments and cohost of the "Value: After Hours" podcast, told Business Insider. "A high-profile tech IPO is a resounding confirmation that his actions match his words," he added.
Just like in the workplace, domestic partnerships feature gendered division of labor. But according to Business Insider contributor Melissa Petro, divvying up chores into 'his' work and 'her' work is counter-productive. Whereas men do more work that is outdoors and considered recreational, like yard work, women tend to do indoor work like cooking, cleaning, and laundry. But because men's chores happen weekly or less often, the ones women do happen daily, or several times a day.
Last week, a federal judge issued an injunction requiring the US Postal Service to reverse changes made by Postmaster General Louis DeJoy. The judge called the changes an 'an intentional effort' by President Donald Trump and DeJoy to disrupt and challenge the legitimacy of upcoming elections. But according to Business Insider, the USPS claimed in a court filing Wednesday, 'no can do.
A new report reveals two-thirds of imported respirator masks from China into the US failed to meet safety standards. According to Business Insider, the report was produced by ECRI, an independent nonprofit organization that monitors the safety and quality of healthcare equipment. After testing nearly 200 KN95 masks from 15 different manufacturers, ECRI found a significant majority filtered out fewer than 95 percent of particles.
Sen. Rand Paul, R-Ky. and Dr. Anthony Fauci went head to head on Capitol Hill on Wednesday about the issue of 'herd immunity' and the COVID-19 pandemic. Business Insider reports that Paul argued that the 210,000 Americans who have died from the novel coronavirus had nothing to do with public health. Instead, Business Insider reports he argued that the same number of Americans would've died of COVID-19 even if states hadn't enforced any shutdown measures.
Hi! Welcome to the Insider Advertising daily for September 22. I'm Lauren Johnson, a senior advertising reporter at Business Insider. Subscribe here to get this newsletter in your inbox every weekday. Send me feedback or tips at [email protected] Today's news: Walmart and Instacart chip away at Amazon's ad dominance, Quibi mulls a sale, and Suzy raises $34 million.
Economists at Bank of America lifted their forecast for third-quarter US GDP growth to 27% from 15% on Friday. Business Insider reports better-than-expected trends in retail sales, the housing market, and hiring. BoA lowered its fourth-quarter projection to 3% from 5%. Failed stimulus negotiations are growing increasingly likely. No new aid could be a speed bump for the American economy. BoA made the adjustment after Senate Democrats blocked Republicans' $500 billion measure on Thursday.
On Friday, Bank of America upgraded Tesla to "neutral" from "underperform." It raised its price target to $1,750 from $800. The firm's new price target implies an 8% upside for Tesla shares over the next year. Business Insider reports that shares of Tesla ticked up as much as 4% on Friday. Morgan Stanley also boosted its price target and rating on the automaker.
Business Insider reports that banks' and tech giants' earnings largely impressed Wall Street. Bank of America says discount stores are set to post similarly positive results, according to Bank of America. BoA analysts expect the sector's second-quarter figures to hold strong thanks to rising food sales and improvement in general merchandise revenue. Thanks to momentum in higher-profit categories and successful online operations Walmart, Target, and Dollar Tree are in good positions.
On Wednesday, Bank of America analysts downgraded Apple, Inc. To BoA, Apple's surging stock price doesn't present the strong risk-reward profile it once did. BoA downgraded Apple to "neutral" in a note. It said Apple's recent rally to record highs faces too many risks to recommend buying more shares. Business Insider said Apple's future performance could slip if 5G iPhones miss expectations or sell worse than estimated. Services may also shrink after several quarters of "unsustainable" growth.
Warren Buffett's investment in his Apple has easily exceeds his personal fortune.
Buffett owns investment conglomerate Berkshire Hathaway.
The company spent about $35 billion to buy 245 million Apple..
Warren Buffett's Berkshire Hathaway has Apple shares and cash worth 52% of its entire market capitalization. The billionaire investor's company owned $113 billion in Apple stock. He has $147 billion in..
Morgan Staley reports that Warren Buffett's Berkshire Hathaway equity portfolio value increased about 15% in the second quarter. According to Business Insider that could be in part due to the company's..
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