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Warren Buffett’s Berkshire Hathaway scoops up Occidental and other stocks during sell-off

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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.

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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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Jamie Dimon on Trump’s tariffs: ‘Get over it’

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Jamie Dimon on tariffs: If it's a little inflationary but good for national security, so be it

JPMorgan Chase CEO Jamie Dimon said Wednesday the looming tariffs that President Donald Trump is expected to slap on U.S. trading partners could be viewed positively.

Despite fears that the duties could spark a global trade war and reignite inflation domestically, the head of the largest U.S. bank by assets said they could protect American interests and bring trading partners back to the table for better deals for the country, if used correctly.

“If it’s a little inflationary, but it’s good for national security, so be it. I mean, get over it,” Dimon told CNBC’s Andrew Ross Sorkin during an interview at the World Economic Forum in Davos. “National security trumps a little bit more inflation.”

Since taking office Monday, Trump has been saber-rattling on tariffs, threatening Monday to impose levies on Mexico and Canada, then expanding the scope Tuesday to China and the European Union. The president told reporters that the EU is treating the U.S. “very, very badly” due to its large annual trade surplus. The U.S. last year ran a $214 billion deficit with the EU through November 2024.

Among the considerations are a 10% tariff on China and 25% on Canada and Mexico as the U.S. looks forward to a review on the tri-party agreement Trump negotiated during his first term. The U.S.-Mexico-Canada Trade Agreement is up for review in July 2026.

Dimon did not get into the details of Trump’s plans, but said it depends on how the duties are implemented. Trump has indicated the tariffs could take effect Feb. 1.

“I look at tariffs, they’re an economic tool, That’s it,” Dimon said. “They’re an economic weapon, depending on how you use it, why you use it, stuff like that. Tariffs are inflationary and not inflationary.”

Trump leveled broad-based tariffs during his first term, during which inflation ran below 2.5% each year. Despite the looming tariff threat, the U.S. dollar has drifted lower this week.

“Tariffs can change the dollar, but the most important thing is growth,” Dimon said.

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