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.
JPMorgan Chase & Co said on Thursday it would commit $30 billion to address racial inequality over the next 5 years, marking one of the largest corporate pledges related to race since the death of George Floyd. Freddie Joyner has more.
On Tuesday, JPMorgan's Grace Peters told CNBC's "Squawk Box Europe" the S&P 500 could hit 3,750 by September 2021. Business Insider reports that would represent a 12% premium over Tuesday's closing price of 3,335.47. On the outlook for US stocks, she said, "We can see around a 10% upside over a 12-month view." Peters said investors should look at areas that have seen "structural growth" like construction, healthcare, and digital-transformation.
Irene Jiang/Business Insider This story is available exclusively to Business Insider subscribers. Become an Insider and start reading now. McDonald's is a top restaurant pick from analysts at Wells Fargo and Stifel, thanks in part to the chain's successful Travis Scott partnership. Well's Fargo's Jon Tower writes that McDonald's "is the best positioned restaurant to re-capture sales and re-establish habits as consumers resume food-away from home spending.
Business Insider reports that US stocks are on course to close lower for a third consecutive week. The S&P 500 has lost nearly 9% since early September's record high. That decline was mainly driven by losses in the technology sector. But Goldman Sachs, Wells Fargo and Deutsche Bank are upbeat the US stock market sell-off is mostly over. Goldman Sachs kept its end-of year S&P 500 target to 3,600 by year end.
On Tuesday, Wells Fargo said stock markets should prepare for volatility to balloon after Election Day. Wells Fargo head of rates strategy Michael Schumacher told CNBC's Trading Nation that options are showing greater volatility. "The big takeaway is three month options vol is still quite high, and it has not really come down." According to Business Insider Schumacher thinks investors will flock to US Treasuries due to greater volatility. The US-10 year yield may fall to 0.40% from around 0.68%.
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.
Black Friday is coming November 27. Business Insider reports that Best Buy is one of the major retailers to keep an eye on for deals. Best Buy's Black Friday 2020 sale features a Black Friday price guarantee to help shopper save all season long. It's a perk limited to My Best Buy members. Year after year, Best Buy provides significant price drops on everything. There will be deals on the latest TVs, speakers, headphones, laptops, gaming gear, and more.
On Friday, Apple shares fell as much as 5.6%. The drop comes after the tech giant's fiscal fourth-quarter figures failed to meet analysts' expectations. Business Insider reports the slide saw as much as $111 billion erased from Apple's market cap. The company beat estimates for overall revenue and profit. iPhone sales were well below Apple's expectations. Apple's updated phone lineup was released roughly one month later than usual.
Going through the mortgage approval process can be tedious, time-consuming, and stressful. But working hard to get a lower interest rate is totally worth it. According to Business Insider, prospective homebuyers should give themselves at least a few months to get prepared for the rigamarole. First, get your credit score up as high as you can. Second, get your debt-to-income ratio as low as you can. Always pay on time, and pay off any credit card balances before applying for a new mortgage.
Housing prices show no price of dropping, and overall, US wages have remained stagnant for years, if not decades. But according to Business Insider, there are still a few ways one can purchase a home without having to come up with a downpayment--if you're prepared to put in the work. Active and former members of the military can get a Veterans Affairs loan of up to $484,350 in 2019, often with a lower interest rate than a conventional mortgage.
iPhones are probably not the cleanest devices. But how can they be cleaned without getting damaged? Steve John told Business Insider how to clean an iPhone without damaging it. 1. Remove your phone case. 2. Turn the phone off and disconnect any attached cables. 3. Gently moisten your lint-free cloth with water. 4. Wipe lightly at the phone, applying minimal pressure. 5. Dry the phone with another clean cloth as soon as you are done.
According to Elle, Shawn Mendes rarely talks about his girlfriend, Camila Cabello, in interviews. But that recently changed, after speaking with SiriusXM. In two separate interviews, the musician was open about how quarantining with his girlfriend of over one year brought them closer. Shawn explained, "The quarantine brought us together and now we've kind of become one, where we're doing our thing." Shawn Mendes released "Wonder," his first new single of the decade on Thursday.