Finance
Market fear signals are flashing red as stocks pull back from record highs
Warren Buffett poses with Martin, the Geico gecko, ahead of the Berkshire Hathaway Annual Shareholder’s Meeting in Omaha, Nebraska on May 3rd, 2024.
David A. Grogan | CNBC
Warren Buffett went on bit of a shopping spree in the stock market before Christmas, picking up shares of Occidental Petroleum among others during a swift December sell-off.
Berkshire Hathaway purchased additional 8.9 million shares in the Houston-based energy producer for $405 million through transactions Tuesday, Wednesday and Thursday, pushing its stake above 28%, according to a regulatory filing late Thursday night.
During the same time frame, the Omaha-based conglomerate also bought about 5 million shares of Sirius XM for around $113 million as well as about 234,000 shares of VeriSign for roughly $45 million. These two stakes are much smaller in size, so these transactions could be made by Buffett’s investing lieutenants Todd Combs and Ted Weschler.
All told, Berkshire bought over $560 million worth of stocks over the last three sessions.
The 92-year-old legendary investor appeared to have taken advantage of a broad market pullback that made these stocks much cheaper.
Occidental shares have dropped more than 10% this month, bringing its 2024 losses to 24%. The energy company, once known for being founded by legendary oilman Armand Hammer, is Berkshire’s sixth-biggest equity holding. Buffett has ruled out a full takeover.
Occidental Petroleum
The sell-off in Sirius XM has been more dramatic. The New York-based satellite radio company is currently in its six-day losing streak, falling 23% this month and 62% this year.
Berkshire started hiking this bet after billionaire John Malone’s Liberty Media completed its deal in early September to combine its tracking stocks with the rest of the audio entertainment company. Now, Berkshire’s stake has risen to about 35%. SiriusXM has been grappling with subscriber losses and unfavorable demographic shifts.
Internet name VeriSign has also had a rough year with its stock down 6% in 2024, significantly underperforming the tech sector. Berkshire first bought the tech stock in 2013 and hasn’t adjusted the stake in years.
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