Market Outlook For February 21-25
Last week was full of surprises! The US dollar plunged despite a better-than-expected retail sales report…
What does Warren Buffett buy?
What?
This week, Warren Buffett's Berkshire Hathaway Inc. revealed three stock acquisitions that it kept in secret. The holding company bought the stocks of American energy corporation Chevron, insurance brokerage Marsh and McLennan, and Verizon Communications Inc. It also increased investments in AbbVie Inc by 20%, Bristol-Myers Squibb Company by 11%, and Merck &Co, Inc by 28%. The announcement pushed the stocks of these companies up. At the same time, Warren Buffet's company cut its holdings in Apple by 6%. Another big change made by Berkshire Hathaway is a 59% cut in exposure to Wells Fargo &Co.
What does it mean for the stocks?
The stock of Apple reacted negatively to this news. Just in few days, it dropped from the 137.4 level to the support at 127. Despite this fact, it worth mentioning that Apple is still the largest investment of Berkshire Hathaway Inc. Thus, the downfall may be short-lived.
As for Wells Fargo stock, the change in Mr. Buffett's portfolio did not affect its performance. The stock surged to 37.6 on Wednesday, driven by the news about Wall Street’s lone bear, J.P. Morgan analyst Vivek Juneja, who said WFC is no longer a sell and changed his stock rating from underweight to neutral.
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Latest news
What’s New with Australian Unemployment Rate?
The Australian Bureau of Statistics will announce the updated Unemployment Rate and Employment Change data on Thursday, May 19, at 04:30 MT.
Can the UK CPI surprise?
The UK Office for National Statistics will publish Consumer Price Index (CPI) data on Wednesday, May 18, at 09:00 MT.
The US Retail Sales Update
The US Census Bureau will announce Core Retail Sales and Retail Sales on Tuesday, May 17 at 15:30 MT.
