🦉 Buffett's Berkshire Increases Stake In Occidental Petroleum (OXY)
Warren Buffett's Berkshire Hathaway (NYSE: BRK.A) (NYSE: BRK.B) disclosed in a filing late Wednesday that it purchased an additional 2,138,250 shares of Occidental Petroleum (NYSE: OXY). Buffett's Berkshire acquired the additional shares between June 26 and June 28 for about $122.1 million. Berkshire's total ownership now stands at 224.1 million shares. The most recent purchase boosts Berkshire's stake in Occidental to more than 25% of outstanding shares.Buffett's involvement with OXY began almost three years ago when Berkshire funded Occidental's takeover of Anadarko with $10 billion in equity. .
Equity markets advanced last week as the bear market rally gains momentum. The rally was driven by a trio of good news that amounts to news that is not as bad as expected or news that points to additional rate hikes this year. The takeaway is that the economy and the market remain in transition and will likely top out soon. The question is when and how bad the next correction will be. As it is, the S&P 500 could reach new all-time highs by the start of the peak Q2 reporting season.
This week will be a holiday-shortened week, with the 4th of July on Tuesday. The market volume will be light, but action may be volatile, specifically on Friday when the NFP report is released. The labor data should confirm that labor markets remain tight, but other data, such as wage gains and layoffs, may darken the picture.
Warren Buffett's Berkshire Hathaway (NYSE: BRK.A) (NYSE: BRK.B) disclosed in a filing late Wednesday that it purchased an additional 2,138,250 shares of Occidental Petroleum (NYSE: OXY). Buffett's Berkshire acquired the additional shares between June 26 and June 28 for about $122.1 million. Berkshire's total ownership now stands at 224.1 million shares. The most recent purchase boosts Berkshire's stake in Occidental to more than 25% of outstanding shares.Buffett's involvement with OXY began almost three years ago when Berkshire funded Occidental's takeover of Anadarko with $10 billion in equity.
It's time to face the harsh reality: the stability of the dollar is no longer guaranteed. The national debt is spiraling out of control, inflation is on the rise, and the government seems powerless to rein it in. These warning signs strongly suggest an impending collapse of the dollar, with catastrophic consequences looming over us. By clicking link you are subscribing to The Darwin Investor Network and may receive up to 2 additional free bonus subscriptions. Unsubscribing is easy. Full disclosures found here.
A man has officially been identified in the search for a tourist that defaced the Colosseum in Rome by carving names into a brick wall at the historical landmark.Italy's Culture Minister, Gennaro Sangiuliano, took to social media on Thursday to report that the Italian police (the Carabinieri) had "identified the person presumed to be responsible for the uncivilized and absurd act committed at the Colosseum."2/2 Ora auspico che la giustizia faccia il suo corso applicando rigorosamente le leggi. Se si arriverà a un processo il Ministero della Cultura si costituirà parte civile.#vandalo #sfregio ...
Sometimes the stock market can really make you scratch your head. As investors, we’re used to being always told to follow a trend, buy into a good thing, don’t catch the falling knife. This is why the recent run of downgrades to Tesla Inc’s (NASDAQ: TSLA) stock is so perplexing. For context, shares of the electric vehicle (EV) king have been having their best first half of a year since 2020. They’ve rallied as much as 170% from the first week of January, in a move that has seen them reclaim much of the territory they lost last year. But that hasn’...
Markets are down... But Jeff Clark couldn't care less because he ignores almost every stock in the market except ONE. He lives financially free trading this One Stock Once per month...
In a long-awaited ruling by the Supreme Court on President Joe Biden's student loan forgiveness program, the court blocked the plan in a 6-3 decision on Friday.The program would have allowed eligible borrowers to eliminate up to $20,000 in debt but was deemed an unlawful overreach of executive power. The plan carried an estimated cost of $400 billion.The Supreme Court's decision is significant for Biden, who made tackling student loan debt a key pillar of his 2020 campaign. However, the court's decision hinges on the plan being an overstep of authority, arguing that such a program cannot be im...
The S&P 500 (NYSE: SPY) extended its summer rally after softer-than-expected PCE price data. The data is the latest in a string of good news that will help lift the market into mid-summer. The caveat is that inflation remains high, the Fed is on track to hike rates again, and the earnings outlook is declining. This combination is not a solid foundation for the market to rally and may lead to a significant correction by the end of the summer. The PCE price index cooled more than expected to 0.1% compared to last month. That is 30 basis points more than expected and suggests the cooldown of inflation is real.
The Wall Street Journal reports that this medical breakthrough is "Transforming Medicine." One analyst calculated that it could be worth $1 Trillion, making the upside potential of this small-cap 66,000% above today's price.
The U.S. Securities and Exchange Commission charged Amit Dagar, a former Pfizer employee, and his friend Atul Bhiwapurkar for trading on insider information. The illegal trades were based on inside knowledge of Pfzier's successful trial for Paxlovid, the antiviral drug that is used to treat Covid-19.The two also were hit with charges from the U.S. Attorney's Office for the Southern District of New York.Related: Doctor Makes Millions Performing Bizarre Implant SurgeryAs explained in a press release from the Southern District office, on November 4, 2021, Dagar learned that Paxlovid, a drug to treat Covid‑19 infections, had successful trial results.
SMART Global Holdings (NASDAQ: SGH) is part of the semiconductor family, a sector that has taken on the spotlight during the past few weeks; the attention to the space was drawn after NVIDIA (NASDAQ: NVDA) reported optimistic outlooks and bullish results around its artificial intelligence departments. As demand for chips and semiconductor remains, emphasized by NVIDIA's market and sales expansion, SMART Global is well positioned to keep riding on the momentum its stock has built by merit and association. Luckily for investors in the stock, markets are still placing further po...
UPS workers have authorized their union, the Teamsters, to strike with an "overwhelming" 97% vote in favor, the organization announced in mid-June.Now, the union is saying a strike is imminent. The Teamsters said that after stepping away from the bargaining table with UPS on Tuesday, it gave the company until Friday to return with its "last, best, and final offer.""The largest single-employer strike in American history now appears inevitable," said Teamsters president Sean M. O'Brien in a statement on Wednesday. "Executives at UPS, some of whom get tens of millions of dollars a year, do not ca...
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