berkshire hathaway cuts exposure to more stocks outside of bank of america.hat it could mean for broader investor sentiment. we'll be right back after this break. your skin is ever-changing, take care of it with gold bond's healing formulations of 7 moisturizers and 3 vitamins. for all your skins, gold bond. ( ♪♪ ) feel the power of osteo bi-flex®. taken every day, it's clinically shown to improve joint comfort in 7 days, with significant improvement over time. ( ♪♪ ) >>> welcome back to "worldwide exchange." look at u.s. futures. take a look. this is the percentage basis. down on the s&p at 2.8%. the dow would open 670 points lower. nasdaq is down 4% in the pre-market. we are looking at the laggards on the dow. shares are down 8% for apple. intel down 5.7%. amazon following with weak earnings last week. down 7% in the pre-market. as we monitor the selloff, we continue with the "wex wrap-up." nvidia's blackwell chips have been delayed and not expected until q1 of 2025. the commerce department is expected to propose the chinese software in the cars in the coco

warren buffets warren berkshires — built. warren buffets warren berkshires sold _ built. nearly - built. warren buffets warren berkshires sold nearly half. built. warren buffets warren | berkshires sold nearly half of its apples take this year. it is a surprising move for the investor who has famously focused on long—term gains. according to the companies earnings its holding in the iphone maker was valued at 80 or $.2 billion at the end of march tojune quarter. that would mean it off—loaded a little more than 49% of its stake. scams seem to be everywhere nowadays. well, a bbc reporter has been given an insight into one type of financial scam — "pig butchering" where victims are romantically befriended on social media and then tricked into investing in fake crypto schemes. cyber correspondentjoe tidy was targeted on instagram and played along for more than two months to find out what psychological tricks the scammers employ. so that's how it all started. it was a direct message on my personal instagram, but i of course knew straightaway this was some sort of scam. it had

that lie is simply berkshire divided by the s&p and of course what you see is that berkshire's relative performance, the market peak in the dotcom was in a lull. you see the peak which was a financial crisis lull. everyone was throwing everything away, and of course they were hiding in berkshire. so berkshire's peak performance for the market actually goes all the way back to the financial crisis it's never exceeded that relative high. we think ultimately berkshire will make new relative highs to the market, offering both an offensive and defensive trade. >> if i'm understanding you correctly here, carter, we looked in those first couple of charts at a stock that is breaking higher relative to its -- breaking higher in that last chart, what we saw was a stock that does better relative to the s&p in times of stress >> well, essentially that's right. it's a defense -- one look at year to date, outperforming the market if once like the cyclicality of berkshire which it has, tied very much to financials, but it's also a big railroad, has a lot of consumer brands, we think it, again, because

still $36 billion at berkshire. >> they had a lot more banks in general a few years back. bank of america is one of the last remaining holdings as opposed to to a long tail they used to have with the regionals and wells fargo as well. >> and they've held it since 2011, i believe. it's a long-standing position for them. bought around when the shares were about $5 a piece. and you know, they've obviously been selling. >> the headline of the profit when they sell makes it sound bigger because it's all profit. oh, booking another billion dollars of profit. how much of the overall holding are they selling and it's basically pure profit? >> a lot of the original stake came during the crisis when they took a deal only warren buffett could get. >> yes. >> he used to do those converts in the warrants and they were incredible and obviously able to benefit enormously from that. that helped to build the position to the level it was over time. i come back to their cash position. as a percent of market cap it has to be up there.

berkshire's cash pile rose to $277 billion.erkshire has also starting paring back in bank of america and trimmed holdings in chevron. it did hold on to coca-cola and american express. let's get you a check on apple, tesla and nvidia are trading pre market. you see they cooled down significantly. apple off 7 percentage points and tesla off 5.21%. microsoft, amazon and alphabet also called lower here when trading gets back under way. microsoft down 4%. amazon down 3% and alphabet down 4.42%. let's unpack this with dan ives from wedbush. dan, great to have you on today. thank you for being here. look, last time you were on, we spoke on july 18th. you said this market wasn't necessarily breaking. it was just taking a breather. it looks a lot like a break to me, dan. now what's your view? >> look, it's clearly white knuckles what we are seeing here in tokyo in the nikkei. i just look at what we saw with earnings. if you look at tech earnings, tech earnings overall are actually very strong. i think the a.i. piece is playing out with

more from berkshire hathaway. the sell down a bank of america last week and now apple, cutting that stake by 50%. significant on multiple fronts. this is involving the french bank, socgen selling private banking units in the u.k. and switzerland. socgen has signed agreements with ubp for the sale of two of its units. the transactions are to be implemented at a total price of about 900 million euros. in terms of the value of the deal including equity. and in terms of the timeframe, they expect the deals to be completed by the end of the first quarter of 2025. socgen selling its private banking units in the u.k. and switzerland. here is what else to be thinking about. today we will get u.s. ism services index which will be published stateside giving you a clearer picture of the service sector in the u.s. services costs and inflation have been a key point for this federal reserve. how things have changed in terms of expectations. the expectation from the likes of steady that they will cut up to 50 basis points in sep

>> berkshire is over invested in apple. any company that has 30% of a company in its portfolio that has always been a problem. i'm glad they got out of the problem before it was too late. i think they were dealing with a portfolio concentration problem and i don't think of it as a signal that they think apple is over valued. i think it's a signal having 30% of your portfolio in one company is never a good idea. >> well, i mean they certainly enjoyed the fruits of the run on the way up. >> yeah. but i think it is -- you don't want to risk an entire company on one stock, and i think that's always -- even when times are good it's never a good idea, so the fact that they made money on it doesn't take away from the fact that strategically and tactically it was a bad idea to have that much in one stock. >> do you think there was a direct relationship and maybe as extreme a relationship as appears to have existed between the carry trade and the move in these tech stocks? >> you know what, any time you have a correction, we look fo

we'll tell you about it by berkshire hathaway >>> we now know what starbucks is paying brian niccol topay package. it's thursday, august 15th, 2024 and "squawk box" begins right now. >>> good morning welcome to "squawk box" here on cnbc we are live from the nasdaq market site in times square. i'm andrew ross sorkin along with kelly evans and mike santoli. welcome. joe and becky are both off look at equity futures at this hour we have green on the screen. 94 on the dow. nasdaq opening 49 points higher. treasury yields right now, the ten-year yield at 3.843% the two-year at $3.959 that cpi number we'll talk more about as we discuss how and req why we are where we are. >> and where we are is interesting.

berkshire hathaway trimming more shares of its top holding. which one?ll tell you. >>> and nfl holders letting more players into the club, with deep pockets, looking to spread the cash around the fielding. it's wednesday, august 28th, 2024. "squawk box" begins right now. ♪ >>> good morning, everybody, and welcome to "squawk box" right here on cnbc. we are live from the nasdaq market site in times square. i'm becky quick along with joe kernen. andrew is off today. all right. we're watching to see what's happening with u.s. equities. >> how does it happen>>>? >> that we match? >> yeah. it happens so often. is that orange? >> orangey. close enough. >> great minds. >> we did not plan it. >> i think it's evolution because we've been sitting together for your so long. >> yes. scary. work wife. >>> let's take a look at what's been happening with the equity futures. dow futures up by 25 points,

but i'm with that said, you know, there's berkshire and there's berkshire b shares and he's the greatest investor of all time. he's recently been selling a lot of positions and bank of america and tremendous positions. apple, i think more about that. i as referred to ms warren buffet i think you can read your tire. he's raising a lot of cash. it's time to to turn of the car keys to younger men charlie munger passed away last year. who was partner? so i'm gonna cry the day he dies and they do a whole segment dies down or when he passes or when he retires. one of greatest investments all time, he's all about cash the dairy queen who sounds like a big ol frosty for 4 or $5 cost pennies to make, i called freezes. but any turned upside down. now, the geico cash loans, all about cash flow. looks okay. you mentioned frosty. let's talk a little bit of fast food yesterday. story out of san jose. there's this new burger joint called campus burgers. >> and they're differentiators. they're offering burgers for a $1.99. they lines around the block. so that kind of bucking the trend against other fast

. >>> and warren buffett's berkshire hathaway builds a new stake in ulta beauty. >>> july retail saleslows out expectations. walmart jumps on this quarterly beat. comps 4.2%. sam's club, 5.2. >> the electronics on this number, up 1.6, building materials up, you wouldn't have gotten that from home depot yesterday. the assembly -- the mosaic of what's going on at walmart is extraordinary. we've got overall boxes now deflated, food's been rolled back so i know there's a big move in washington. let's go after price gougers. well, certainly isn't walmart. frozen veggies for a dollar sell really well. rebok, free assembly, chaps, polo usa all showing strength. it's not just about the basics anymore. if you didn't know anything, david, we were coming out of a recession. coming out of one. >> i know. the way that reads. and yet, i think the question was asked and answered by the analyst just on the end of "squawk" there which is, is it a sign of broad strength or is it coming at the expense of other retailers? she seemed to believe that it was coming at the expense of other retailers. >> targe

berkshire hathaway topped $ trillion in market cap. one of serve's u.s.ompanies in a very exclusive club and the only non-tech stock in that club. berkshire on a roll with class a shares up nearly 30% over the past year. warren buffettal stake in the company 15%. worth $145 billion. many happyetns. rur >>> we're back in just one minute. (vo) what does it mean to be rich? maybe rich is less about reaching a magic number... and more about discovering magic. rich is being able to keep your loved ones close. and also send them away. rich is living life your way. and having someone who can help you get there. the key to being rich is knowing what counts. craig here pays too much for verizon wireless. so he sublet half his real estate office... [ bird squawks loudly ] to a pet shop. meg's moving company uses t-mobile. so she scaled down her fleet to save money. and don's paying so much for at&t, he's been waiting to update his equipment! there's a smarter way to save. comcast business mobile. you could save up to 70% on your wireless bill. so you don't have to

the move dropped berkshire's holdings in the back to 12% over the last month berkshire has sold overillion shares, dan. thoughts here, it's lightning the load but is it a bad sign? >> when you put in context of selling some of that apple, looks like some of the big winners over the last fewyears and apple is a ten-year hold, i think, you know, bank of america just doesn't seem like with that overhang you want to take a shot here because they seem to be reloading on the sell side. >> book value in bank of america i think came out at $34.70, when they reported earnings was trading $44. we talked about it on the desk saying it will trade down to book value, it did, that's where you reload but not here at 38 and change. >> what do we think, katie? >> i have a four-month sell signal in bank of america and it suggests it will be range bound at best but very strong support around 34. >> tim? >> i'm long. i've been long it for a long time. i recognize this has been a slow process of rerating, part of it's been some relief on the regulatory pressure side, also capital give back, it's a story

and berkshire hathaway hits a major milestone. we got all the details this hour. good evening, everybody, i'm tyler mathieson, in tonight for melissa lee, from studio b at the nasdaq market site. on the desk tonight, steve grasso, bonawyn eison, dan nathan, guy adami. we start with the most important earnings report of the quarter. it's not nsync, it's nvidia. as much as 8%, despite beating estimates. the chipmaker also off thorizing a $50 billion buy-back. not really all that big, i guess, in a trillion dollar plus company. the conference call kicked off at the top of the hour. our seema mody has all of the details and will be monitoring the call. >> hey, tyler. shares are falling here after nvidia's second quarter earnings beat estimates. some questions around the q-3 guide. i would point out that gross margins on a sequential basis decreased, driven by what the company says inventory provisions for a higher mix of new products within data centers. in an effort to quiet concerns around blackwell's launch, nvidia's cfo says she expects to ship several billion dol

programs it's not unimportant given how large a stake that was for them at berkshire.ion in cash. >> not just apple but bank of america. you pair these two together and you think, during that runup, what did buffet see coming? did he anticipate some market turbulence? i don't know. >> here we are right now in the midst of some turbulence. we'll have a lot more coverage of that right after this. it's time to grow your business. create a website. how? godaddy. coding... nah. but all that writing... nope. ai, done, built. let's get to work. create a beautiful website in minutes with godaddy. ah, these bills are crazy. she has no idea she's sitting on a gold part of it to coventry for cash. even a term policy. even a term policy? even a term policy! find out if you'rei sitting on a goldmine. call coventry direct today at the number on your screen, or visit coventrydirect.com. i. >>> good monday morning. welcome to "money movers." we're live from post 9 of the new york stock exchange. markets are down. well off the lows. nasdaq 100 is tracking for what would be its third co

so, berkshire went active, okay? and the top three holders now are vanguard, blackrock, and state street. all passive investors. they own 3 billion shares between the three of them. there's 15 billion shares outstanding. you can't get out of this. the fact that he got out of this, that's why the stock underperformed all spring while everything else was going crazy about generative a.i., and the last point, this product stinks. buffett might have -- it -- he might have been a beta tester. he might have said, you know what i mean? this is not good. and they're pushing out a lot of those offerings, so, to me -- i don't know. >>> do not miss a cnbc special on today's major market selloff, that is tonight, 7:00 p.m. eastern time, right here on cnbc. >>> coming up, japanese stocks plummeting. what it means for global markets an the understood winding of the yen carry trade. >>> plus, a huge spike in the vix touching its highest levels since the pandemic. how options traders are handling the volatility ahead. "fast money" i

he will have full coverage on apple as berkshire slashes its stake. it is an ugly day but we are off session lows start become asia, to the european and now the united states. looking at the s&p 500 3% decline. on the track for the biggest drop since september. the chip stocks feeling aopbgs site. you saw the two-year treasure below the 10-year for the first time sense 2022. the crypto markets are interesting. show me bitcoin and look at the severity of declines. we are in an asset class trading 24-7 if wac bring that up. there's is technique anxiety in the single names. you look at bitcoin down 8.8%, 24-7 trading. apple and nvidia off some things lows but famous leading declines from a month perspective or percentage change drive. we have our reporters here. i think this data on friday started then the news through the weekend and here we are through the asia, european and u.s. session. >> starting friday we had we can jobs data so it feels under pressure but over the weekend i was trying to figure out what was going wrong and we have new york to lon

berkshire knownfor its old economy focus, as the owner of companies like geico insurance, dairy queene is sitting on $277 at the end of june, sparking worries among some investors that buffet might see something coming down the pike. >>> key retailers plummeting after earnings reports, despite decent results. abercrombie saw revenue grow but warned of an uncertain economic environment. shares off 18% on the day. foot locker, its first same store sales growth in six quarters. it reported an adjusted quarterly loss but beat expectations. bath & body works trimmed its forecast due to economic uncertainty. you're seeing shares down 7%. >> really, a lot of sort of plummeting stocks in retail. >> additionally what you see is even with nordstrom, which the stock went up -- >> and it had a good report. >> it says that customers are looking for value. >> folks, great to be with you. >> nice to be with you. >> thank you for watching "power lunch." >> "closing bell" starts right now. >>> welcome to closing bell. i'm scott wapner at the new york stock exchange. what dan ives calls the most import

for the first time ever and i see berkshire hathaway as a proxy for the s&p.omething worth noting about berkshire, currently their cash holding is 45% of the portfolio. they are not market timers but the last 6-8 months they have been selling apple, their biggest stake. they've been selling it. you have to wonder why they have so much cash. yes, interest rates are high but there are storm clouds -- not market timing but coming through in the portfolio. either way, this stock doing very well, a $1 trillion market cap. vonnie: they haven't found anything for years. that's abigail. thank you. looking at the overall market, john hancock's emily rowland talked about the markets. emily: it's been helped a ton on a weaker dollar on the idea the feds will cut aggressively and helped cyclical assets outperform. this quarter those risk on asset classes have been the winner but at the same time you have other market participants pricing in the bad news scenario with areas like gold and long dated treasuries outperforming and we're in this very strange period now where th

warren buffett's berkshire hathaway sold nearly half of its apple shares last quarter that, according to its second quarter earnings report, berkshire hathaway says its holdings in apple were valued at $84.2 billion at the end of the quarter, dropping from 790 million shares down to 400 million shares. this is notable because buffett is known for holding on to stocks for long periods of time. analysts say the sell off could mean buffett is not confident in apple's growth. >> one of the most popular gay bars in san francisco hosted a ribbon cutting this weekend to celebrate its new renovations. the ribbon cutting for bow on market street yesterday featured several elected city officials and a private reception, where guests could enjoy the new dance floor under new lights, sampled the new cocktail menu and catch a drag queen performance. >> a san francisco neighborhood losing its beloved hardware store, glen park hardware is closing after 61 years in business and only six months after its most recent ownership. the glen park association says the store has not been the same since 2016,

. >> a warren buffett's berkshire hathaway sold nearly half of its apple shares last quarter.hat's according to a second quarter earnings report that was released just yesterday. berkshire hathaway says its holdings in apple were valued at $84.2 billion at the end of the quarter, dropping from 790 million shares to 400 million shares. it's notable because buffett is known for holding on to stocks for long periods, and analysts say this selloff could mean that buffett is not confident in apple's growth. >> new rankings shows san francisco is in the top five most expensive cities in the world to live in. the number one spot going to geneva, switzerland, followed by zurich and then new york city. san francisco coming in at four, boston at five, los angeles was number nine on that list. this list was compiled by a cost of living database, which looked at rent prices of groceries and restaurants, as well as local purchasing power. >> well, a water main burst in a martinez neighborhood happened overnight near valley and truitt avenues, a few blocks from nancy boyd park. firefighters

meantime we told you how berkshire hathaway has taken up a pretty good position in beauty store ulta,at they dumped. berkshire jettisoned snowflake, trimmed investments in bank america, capital one, t-mobile and chevron. that energy name happens to be one pick our "countdown" closer says do not toss away. joining us with 85.7 billion in assets under management, wealth enhancement green senior portfolio manager. great to see you. you like chevron. let me hear your case. people think oh, buffett is trimming. forget it. let's hear what you have to say? >> thanks so much for having me. with chevron we still think we're getting a discounted high energy company and solid balance sheet that still yields over 4%. i think over the long term energy will be in high demand, oil will be in high demand so we like having a stable company like chevron in the portfolio mixed other energy companies. liz: they do have a good yield. they do have a very solid management team and you look what they're doing, they're also expanding into other areas, correct? >> absolutely. i know it gets caught up in the ac

but then, i also have a chart of berkshire hathaway.berkshire does well in major market swoons, historically, and that is the case right now day-to-day. berkshire broke out, and is now checked back to the level from which it broke out, i would put some money to work there. and finally, we have the ultimate safe haven, gold. gold, if you look at every instance, we'll spend a little bit of time on this, 20, 30 seconds, anyway, the columns speak for themselves. these are instances where the market dropped more than 20%, 2007, 2009 selloff, right? the covid selloff and then the bear market of 2022/-23. and lthere have been 15 instancs where the s&p has dropped more than 15%, more than 20 from an all-time high, and gold has outperformed the market every single time, except the 1980s. >> wow. carter, thank you for that. up next, final trades. your shipping manager left to “find themself.” leaving you lost. you need to hire. i need indeed. indeed you do. indeed instant match instantly delivers quality candidates matching your job description.

the interesting thing about this is that berkshire is really known for its old economy focus.in railways and insurance and coca-cola and tomato sauce and beyond. and all of this coming as warren buffett, the oracle of omaha, one of wall street's best known names, turns 94 years old. he's still got it. >> yeah, happy birthday, one could say. cnbc's dan murphy live from london, thank you. >>> still ahead, the congressional task force investigating the assassination attempt on former president trump has put in a slew of new records requests from multiple federal organizations. we'll talk to a member of the task force, congressman madeleine dean of pennsylvania. "way too early" comes right back. of pesylvania "way too early" comes right back o) switch to the partner businesses rely on. (restaurant noise) allison! (restaurant noise) ♪♪ [announcer] introducing allison's plaque psoriasis. she thinks her flaky, gray patches are all people see. otezla is the #1 prescribed pill to treat plaque psoriasis. over here! otezla can help you get clearer skin and reduce itching and flaking. wit

warren buffett's berkshire hathaway sold nearly half of its gigantic apple stake earlier this year.stor, who is famously focused on long term gains. according to the company's earnings, its holding in the iphone maker was valued at $84.2 billion at the end of the march tojune quarter. that would mean it offloaded a little more than 49% of its stake. we are keeping a close eye on markets here in asia which have just opened after the big sell—off in asia last week, especially in tech stocks investors are concerned about the health of the us economy after the jobs report last week and actually activity fuelling fears of recession as well. we will keep a watch on that. here is a special report. scams seem to be everywhere nowadays. a bbc reporter has been given an insight into one type of financial scam — �*pig butchering' — where victims are romantically befriended on social media and then tricked into investing in fake crypto schemes. cyber correspondentjoe tidy was targeted on instagram and played along for more than two months to find out what psychological tricks the scammers emplo

berkshire hathaway has joined a small club of businesses with a market value of over a trillion dollarsnon—technology related company to do so, joining the likes of microsoft and amazon.shares of the warren buffett—led firm closed almost 1% higher in new york.mr buffet is credited for transforming the once failing textile maker into an investmentjuggernaut. the boss of ryanair says passengers should be limited to two alcoholic drinks at airports. michael 0'leary said this will help tackle a rise in disorder on flights.he told the daily telegraph that violent outbursts were occuring every week due to alcohol, especially when it is mixed with other substances. staying with the aviation industry, australia's national carrier qantas has just released its latest report card.it posted a i6% drop in annual profit, due to rising fuel costs and lower fares. just earlier this week, the airline made headlines for mistakenly selling first—class tickets at a steep discount to hundreds of customers. qantas has since refunded or downgraded passengers affected by the mishap.>brendan sobie from sobie av

berkshire sitting on a record cash pile 277billion.hey trimmed stake in bank of america selling about $4 billion. i remember i was sitting in omaha during the meeting. by the way, tim cook was in the audience during that meeting. warren has a way of saying praised by name and criticized by category. if he is getting out of the stock, he said it is the largest position and has the confidence in tim cook. i'm not saying he doesn't have confidence in tim cook considering he is the largest shareholder. i'm just saying he is a very discreet and polite man publicly. >> yeah. it wouldn't have helped if he showed his hand. >> well, that, too. >> that's what i mean. you are calling discreet and kindly. i'm calling it crafty. >> you think he was planning to get out the entire time from may on? >> right. >> you think it had nothing to do between everything may and now and where jobs are -- >> i think he had a good idea. when you are selling that much, it is good if no one knows your true intentions. >> i don't disagree. if people know your intent

berkshire hathaway shocking investors. shares are having their worst day, apple, i mean. >>> plus, brent crude turning negative for the year. around $73 a barrel. we'll look at the pricing levels to watch, and also talk geopolitical risks. they are well off their session down 6.36%. the s&p down 4.25, the dow down 1238 points. keep an eye on the next 90 minutes, though. "the exchange" is back after this. [disconcerting stomach gurgle] not again. maybe i should get this looked at? [suggestive stomach gurgle] zocdoc? [talkative stomach gurgle] you're right, i bet they deal with this all the time. dr. finley really puts you at ease. let's do it! you've got more options than you know. book now. with so much entertainment out there wouldn't it be great... ...if you could find what you mo want, all in one place?. show me paris. xfinity internet customers can enjoy the ultimate entertainment experience and save on some of the biggest names in streaming, all for just $15 a month. get the fastest connection to paris with xfinity. >

lauren: berkshire hathaway took a $266 million taken the comedy, major stamp of approval from warrentt. he's going to be 94 years old in two weeks time. he likes to buy companies on the cheap. stuart: would you call him an old dog? don't do it. cisco had a great report last night. lauren: hardware selling well. they are trying to cut reliance on that and pivot to services. ai, cybersecurity and part of the restructuring include 7% job cuts. stuart: $50 a share almost. rfk junior reportedly trying to meet with kamala harris to talk about a role in her cabinet. looks like he is playing both sides. trump says he will conduct the largest deportation operation on day one if he wins in november. the border guys next. stuart: on the market this morning the rally holds, dow is up 350, nasdaq is up 274, solid gains. take a look at sirius xm surging after warren buffett's berkshire hathaway raised at stake in that company. warren owns 133 million shares, up 6%. %. donald trump vowed to take action on the migrant crisis on day one of elected. >> of kamala wins you will have mass amnesty and cit

mosques and hotels, housing asylum seekers attacks leaving minority communities on edge dw, rosie berkshire. it has this report from liverpool. they said they're here to keep racist hundreds through delta based refugee support center in liverpool when they learn h might be targeted by more far, right? riots after a week of unrest in the u. k. and the tax on similar facilities. i think the last government for instance, the policies that onto mind of the season day a full night, which is people angry the people that they call to get a national health appointment like national health system. no says when they'd be in an even worse state to demonstrate to say they want to show the world. the preaching is a welcoming milton pulse where they're head today to get communities together. i did lots of people here today. i've never seen because many bridges muslims are living in most of them. asylum seekers after racist attacks is huge. community leaders have now come up with a nationwide cool for most lives not to retaliate. so if you're fight firewood fire, if i criminal it through the terminal dise

clearskies celsius in london and parts of berkshire.locally below 20 celsius, it will feel warm and sticky and uncomfortable for sleeping. here comes that fresher air on monday. the two air masses meet, the hot—air streaming in from what has been a very warm southern europe, thunderstorms breaking out mostly through the early part of the morning in northern ireland and scotland anywhere from north yorkshire and north lincolnshire northwards. further south largely dry and an improving picture of everybody with a lot of sunshine through the afternoon. very hot in southern and eastern areas of england, parts of england and cambridgeshire could get as high as perhaps 3a celsius. it will still be won here on tuesday but not quite as hot. here come those atlantic fronts then pushing further eastwards, some sunshine developing behind and fresher feeling sunshine developing behind and fresherfeeling airfor sunshine developing behind and fresher feeling air for most of the uk. still 28 or 29 degrees out was he some parts of england, full cooler

berkshire has trimmed it stake by almost 13% in a series of sales since mid july.gest stockholder with almost 904 million shares worth nearly $36 billion. u.s. mortgage rates fell again last week to the lowest level since april of 2023. according to the mortgage bankers association, the contract rate on a 30 year fixed mortgage went to 6.44%. drop lead to a small rise in home purchase applications last week. that is your bloomberg brief. jonathan: thank you. we are hoping that will unlock real supply in this market and hopefully people leave rentals and start buying houses and things get more competitive with landlords as well and attendance saying go fish. hopefully for people who might be renting in the next six month or so. lisa: what did you do this summer? jonathan: up next, the morning calls and reviewing -- previewing nvidia earnings. that is next. ♪ jonathan: the estimate for next friday at the moment is 155. only a handful of estimates in so far. citi just published theirs. they are looking for a 50 basis point cut from the federal reserve. these are the n

i cannot imagine that the apple position at berkshire, even with mr. to turn 94 in a few days, august 30th, i cannot imagine that he would not have some say in that. >> well, let's say he had a say. the idea that the stock should drop dramatically on him having a say, i think, is going to turn out to be something you don't want to follow. and i would mention bank of america because the trim of bank of america after a total home run makes a lot of sense. >> yeah. >> but that has knocked bank of america to 40 when i think that bank of america has every reason to be all the way up there at $44. people may say, jim, so what? i'll take those $4. >> it is amazing. the respective market values of bank of america and jpmorgan, almost exactly it's a double. jpmorgan is $622 billion. bank of america is half that. >> that doesn't make sense to me. >> i know. it is an interesting question. >> bank of america is a very interesting franchise. the travel trust owns wells fargo. that was knocked back. they had an issue with sweeping the cash and how much money they ha

we ran into a berkshire grove and hid.reported to commander said one but they did not react they said well, there is nothing we can do about it. that is the russians realizing giving up over mandate overpowered. >> ukraine found a soft spot and took the fight to the enemy. the biden administration needs to embrace the unexpected but when we did not expect you going to go on the offensive. vladimir putin didn't. but embrace the unexpected and let's not apologize for being the -- reportedly the united states is not approving the ukrainians to use it british long-range artillery storm shadows or attack comes in russia. let's open up the aperture and let ukraine finish the job. again russia took this war on themselves and they have killed an inordinate amount of ukrainian civilians and maternity wards and neighborhoods and hospitals. it has got to stop the best way to stop is for ukraine to carry on fighting so successfully as they are. eric: finally do you think britain should send the storm shadows and we should send long-ra

this is the rating of all financials, berkshire, met life, aflac and everything else. still below the '09 financial crisis low. these are cyclical businesses. up and down and they're trading tables. with the exception of a few, they are not good long-term investments. >> karen, you own a lot of banks. >> the exceptions that are few. >> are any of them on your shopping list? i know you've got a shopping list for tuesday, next week. >> yeah, i bought a little bit of citibank today. would have more to buy. i like jpmorgan still. this isn't just a bank business. there's so many other parts of the business, right? i think interestingly, this move in bonds is actually good for bank of america, which -- because of their bond portfolio that has long duration. so, i don't know, it seems a little overdone to me here as well. not that it can't go lower, they can. but we'll see. >>> coming up, hedging against more volatility. how you can protect your portfolio heading into next week. the professor lays out some strategies. "fast money" is back in two. (reporters) over here. kev! k

that's a stock berkshire has recently gotten into. intel higher after a bloomberg report said the company is considering splitting off its foundry business. intel's long-time bankers morgan stanley and goldman sachs have been advising on these possibilities that could also include potential m&a. intel up more than 11.3%, rising through the course of friday's trade and marvel shares rising amid relentless ai hardware demand. reporting earnings results beating expectations and analysts responding positively to the report spurring up target prices already with the stock up more than 10.7% on today. another big story is openai's latest funding round, drawing interest from three of the most valuable technology companies, apple, microsoft and nvidia. for more we we bring in our bloomberg technology cohost in the heart of the story, the perfect person to talk to about this and many other things. ed, can you explain more about the funding round. besides thrive capital, what are you expecting from the biggest players in the space, the big tech

american players behave in the same way, in particular berkshire hadaway, warren buffett is actively transferring money into cash. their volume increased to a record 276 billion dollars. globally, stock exchanges are falling now because of what happened in america. a number of negative news related to the fact that weak numbers on new jobs were published and the fact that many technology companies announced worse-than-expected corporate results for the first half of 2024. as for the asian markets, they are certainly interconnected, especially the largest japanese index with america, and they react linearly to changes in the american stock market. and many high-tech american companies are heavily dependent on asian markets. the reason for panic was the publication of weak data on the us economy, a decline in the number of jobs, negative forecasts for production, an increase in the number of corporate bankruptcies, all this makes analysts talk about the risk of recession. in goldman-sachs, its probability is estimated at 25% at jp morgan, even at 50. one of the main reasons for the eco

. >> yeah, we're receiving ulta climbing after berkshire hathaway reviewed they added 690,000 shares. and pershing square revealed a new stake in nike. 3 million shares. consumer discretionary getting a little love here, melissa. >> contessa, thank you. contessa brewer. these are consumer discretionary stocks we talk about a lot. there can be similarities, maybe drawn to a starbucks situation where these were great brands, declining a little bit. >> yes. >> under pressure. >> although -- well, yes, for nike and having some of the same global issues, as well. the ulta one, to me, was more interesting. if you look, these -- this is a 13 13f, and from june 30. ulta closed at $329 today. if they liked it there, they probably like it here. so, ulta's stumbled a bit. the valuation is really low. they report shortly, i forget the date, but they've had same-store sales that have been a little bit anemic and we saw elf that really missed, and that traded poorly and ulta was down with that. and this is at the same time that se fphora is doing very we. very happy to have warren there. >> august

american players are behaving in the same way, in particular warren buffett's berkshire hadaway is actively getting rid of shares and transferring money into cash. their volume has grown to a record 276 billion dollars. stock exchanges are falling globally now due to a whole series of negative news items coming out in america, related to the fact that weak figures were published on new jobs and that many technology companies announced worse-than-expected corporate results for the first half of the twenty-first century. fourth year. as for the asian markets, of course they... especially the largest japanese index, it is not linked to america and does not react linearly to changes in the american stock market, and many american technology companies are heavily tied to asian markets, the reason for the panic was the publication of weak data on the us economy, a decrease in the number of jobs, negative forecasts for production, an increase in the number of corporate bankruptcies, all this makes analysts talk about the risk recession. goldman sachs estimates its probability at 25%, jp morgan eve

it is still berkshire's number one position by far. and if you go back to his roots, he's a value investor. apple is a 30 times p/e company today. that's not exactly a value stock. so, he's been public about saying that there's support -- or he has support for apple. he thinks the business model is strong. to me, this is him taking some chips off the table with a 10 banger effect. >> are you comfortable with 30 times? >> i am. i am. so, the way that we think about it is twofold. one, we are predicting a multi-year upgrade cycle. historically, that is what dr drives multiple expansion. so, that's the first point. second to that is if you look back over time, there's a very clear, positive correlation between services gross profit dollar mix and apple's valuation. we continue to see services outgrowing the product business, which ultimately means services is becoming a greater proportion of apple's gross profit dollar mix. that would support, kind of, a long-term tail wind to apple's valuation. historically back in 2021, the stock peaked

thanks so much for your expertise, james nikki in berkshire, england. thank you so much thank you.l several hours from now, a funeral ceremony will be held from the political leader of hamas. we'll have details on that and how his assassination was carried out. that's just ahead. plus happy reunions in maryland, three americans are now back on us soil following the largest prison it's an exchange between washington and moscow since the end of the cold war our breaking news coverage continues, stay with us used car shopping two roles, two dogs are sold. oh, whoa, whoa, let's are the facts like nearly half of all us cars, this puppy has been in an accident, but car facts.com shows how an accident impacts price. >> so you don't have to overpay this is, cool they shot with the facts at the all new car facts.com you know what's brilliant boring. >> think about it. >> boring is the unsung catalyst for bhole. >> what's drops mold to a rocket and hurdles and into space? >> oren does. >> boring makes vacations happened, early retirements possible, and startups start off because it's smart,

also strengthen homebuilders and banks and a shout out to warren buffett who is a berkshire hathawaynd hit a record on friday, buffett turns 94 on august 30 which is coming up in the stock market cap is approaching a trillion dollars and a great birthday present and it's only 2% away from that. >> i'm guessing he's blushing. >> e number is going to be nvidia earnings report on wednesday and nvidia is about whether tech stop in investors the earnings are supposed to be around 67 cents per share -- tears number of people interested in the resident expert on nvidia with bullish on a.i. and he likes what's going on with the stock. jack: we haven't heard a lot of details about the candidates economics plans, we have heard something about what kamala harris would like to do on housing. what's on the table what are the chances of a happening. >> i would like to say there's a ton of detail on the table. even with housing she's been more specific, we haven't quite narrowed it down all that much. the big issue that housing is unaffordable, everyone can agree on that. she is propose giving twit

according to cnbc, his financial conglomerate berkshire has sharply increased sales of stocks, including portfolio was halved. as the billionaire explained, it is now necessary to pay tax at a rate of 21% on investment profits. however, many investors interpreted this as uncertainty about the iphone maker's prospects. it was economic news. short. we continue our news review. as it became known, american spies evna gershkovich and. the facts completely refute the west’s version that these are allegedly not intelligence agents, but evidence from the russian side, allegedly fictitious. anton potkovenko will tell you more. march twenty -third, yekaterinburg, correspondent of the moscow bureau of the wall street journal, evan gershkovich arranged a meeting with a representative of the ural wagon plant. referring to the editorial assignment, he asked to provide him with information about... the activities of the defense enterprise in the context of the northern military district, to disclose state secrets. well, what's the best way to do this? i did everything so beautifully, i have it with me

but temperatures widely in the low to the mid 20s, maybe 29 or 30 celsius for london and parts of berkshire skies the heat continues to build humidity ahead of this weather front which brings thunderstorms to flatus on sunday night and it will be a really uncomfortable in it for sleeping. these are the minimum temperatures for sleeping, you have the high humidity for eastern areas of england and could be a few storms overnight and we are looking at wetter weather and funded lightning on monday. it looks as if it is mainly affecting the non—half of the uk. there will be some showers but what the south—west still dry and sunny and the heat and humidity will be at its worst across the midlands and lincolnshire and east anglia and the south—east stop 3a degrees likely, the hottest day of the year. that heat may get pushed away overnight and there are more weather fronts coming into the picture on tuesday which will bring some cloud and rain away from northern ireland and rain away from northern ireland and pushing into scotland and heading into western parts of england and wales but what are so

berkshire hathaway, which reported over the weekend, talking about selling much of that apple position, much of that selling starting at the end of last year with the stock in a correction. apple in april of this year, this stock down about 2.7%, despite the stockpile. really a sell on the s&p 500 overall. but it's also healthcare. it's energy. it's also retail. investors selling. but you made that interesting point about the stocks turning green. let's look at some of the stocks that are helping out the s&p come off the lows, and it's all about the chips. lam research now up 3%. advance microdevices, which had been down shortstoply earlier, up about 5%. you see some bargain hunting in here, so to speak. and then there's one stock on this board that's not like the others. sonali, they're up, so it's not all bad. we have some green, but for the most part we're still under pressure. sonali: we're going to discuss this more. we've been talking about some of the sentiment over the surface. we've been talking about that slow drip of selling we've seen in the prior weeks. has something chang

warren buffett, berkshire hathaway unloading some of the apple steak and continuing to unwind bank oftters but it's mostly about the economy and the sudden weakness that might be in the u.s. economy. >> i totally agree i think were seeing the pivot from bad news is good news to bad news is just bad news this is interesting the lower-than-expected jobs that started the whole train on the station. we will see the mixed-signal from the economy and that's going to happen in jobless claims. obviously at the start of the month those were a little bit down and that sent folks into a little bit of a worry signal but they didn't do so bad this week and help the markets rebound. we will definitely get the latest inflation next week that may be the mixed signals but this will be something that we have to monitor and it could create volatility in the near future. >> economist told me this past week it's too late to panic we can skip panicking but what else should investors do. >> they can it on monday you to want to panic at a time like this. you want a levelheaded approach. this is the time to l