the third crippling credited companies like berkshire hathaway and well to do corporations and then this incredible explosion in wealth all the billionaires are making tons of wealth sitting at home and the amount of money injected into the system is un-pressokented and then really i gotth thinking that what's happened to capitalism and this is an economy and this is a country and, america that i was soat optimistic on and came to this country and i wrote such optimistic things about this country. min many the bottom are stressed out and their incomes are getting squeezed and squeezed by high inflation we've had and squeezed bier the ceiling that the rich are benefiting and they don't have the equality of opportunity and squeezed by the fact that all of the liquidity led to incredible increase in property p prices but it's put a new home for the average american out of reach. >> secondly the same big companies are able to lobby in washington given their power and the money to write regulations is in such a wayi try to show the regulate state is hurting the average person and benefiting t

. >>> berkshire hathaway continues to trim its position in bank of america. berkshire selling another 9.6 million shares in recent days for about $383 million. b of a is the third largest holding behind apple and american express at just about 10% of the portfolio. that is right above the threshold required for berkshire to report its stock moves around that bank. frank. >> silvana, thank you very much. >>> turning attention now back to the markets. the u.s. bull market is about to turn two years old and the gains coming faster than the opt optimistic of investors could expected. despite a few blips, it is expected to post back-to-back gains which is something it hasn't done since 1998. joining me now is malcolm ethridge. malcolm, good morning. congratulations are due right now. same company, new name and new role for you. congratulations. >> i appreciate it. good to see you, man. >> good to see you. let's get into this. bull market. kind of going better than most of us expected. ahead of the fed minutes today, kugler would like to see more cuts. dh does that

let's get a check of the corporate stories and new moves by warren buffett and berkshire hathaway.. berkshire hathaway is increasing its stake in sirius xm buying 6 million more shares of the radio operator. it holds 110 million sirius shares. 32% of the company stock. that makes it berkshire's 15th largest position. sirius stock is down 15% for the year right now. in the pre-market, we are seeing it up slightly higher. >>> headlines just crossing. microsoft will expand copilot c chatbot. the feature will enter a public preview phase after access was limited to a small group of testers. microsoft is releasing features for the salesforce competitor dynamic 365. >>> and per flexpfperplexity s fundraising talks for a valuation of $8 billion or in a push to capitalize on openai's recent investment. perplexity has had three funding rounds over the last year with the valuation hovering around the $3 billion mark. >> thank you, silvana. >>> we kickoff earnings this week with s.a.p. after the bell today. revenues forecast to increase 9%. yesterday, dan ives out with a new note saying oracl

the name is newbank, under the radar winner for berkshire hathaway this year. on't talk about it every day, but it is outperforming counterparts in north america. it's up three times better than the s&p. jeffries is the runner up in berkshire's portfolio, up 55%. amex in the top five. n newbank has 105 million customers across brazil, mexico, and colombia. the ceo used to be an investor in the u.s. he was a partner at sequoia. they were able to leapfrog incumbent banks in brazil by going fully digital. he was surprised when warren buffett initially got interested. he says the team was able to look past some of the headwinds of operating in latin america, invested pre-ipo, and doubled their bet. navigating an uncertain market kept them more nimble. >> there is political volatility, interest rates happening. there's scandals all the time. i think what this creates, frankly, is a continuous nare k paranoia you can't get comfortable because things are going to change. it forces a level of speed in how you make decisions inside the organizations. it forces you to be

propping up an unseasonednf market was buying commercial paper off tripoli, credit quality such as berkshire hathaway and all these t other corporations. and then you had this incredible explosion of wealth which took place with people shuttered at home. the stock market just surged in thee billionaire or wealth which took place in the year 2020 was extraordinary. people are sitting at home. you shut the economy down. but the stock market is surging. all of these billionaires were there sitting at home. because the amount of money being injected into the system is unprecedented. got me thinking what's happened to capitalism? this, is an economy and the country, and america so optimistic on pretty came to this country. i wrote such optimistic things about this country. i saw the way capitalism was being distorted and connectedh t with the fact in 2020 the average american is not feeling satisfied. today we have in 2024 the top 20% of americans see they are doing wellll. they are stressed out in terms of their incomes getting squeezed. the gettinge squeezed by the hh inflation he had. there's a feeling

. >>> warren buffett's berkshire hathaway sells more bank of america shares according to a filing lastight disclosing the sale of 9.5 million shares that was split between tuesday, wednesday and yesterday. berkshire holds 775 million shares, that's a stake of 9.987% in the company. since that holding is now under the key 10% threshold, berkshire no longer has to report the transactions and the stock in a time ly manner. three days within doing the sales. buffett watchers will have to wait and see any transactions until they get the quarterly filings. the next filing due in mid-november will cover the equity holdings as of september. bank of america shares have been under pressure since the selling. trading at $39.91. again, despite the sales, more than $10 billion of sales, they still own more than $30 billion. closer to $35 billion at this point. >> you get a snapshot of how that company is doing and the other banks and see where we are going or maybe it takes longer to be borne out. >> he sold a lot of apple shares, too. >>> this is getting a little more acrimonious, it seems like, t

countering that what is interesting is the trump trade, highly taxed companies like apple and berkshire hathaway are higher with apple hitting at all-time high. one reason to think it is connected to the markets saying they think that former president donald trump could have a better chance of winning in november, the predicted odds we have followed since july that have whipsawed up and down come up with donald trump leading 42% compared to kamala harris at 50%. in addition when we look at republican stocks versus democratically linked stocks republican stocks are hgher. i think that has a lot to do with the expectation the former president may in fact want to cut taxes instead of letting it go to the 35 percent it could reach if nothing is done next year. kailey: that's something to watch. we are up three weeks from the election. at what point would you expect a tick up in market activity other than what you have outlined for us? when will we see real attention being paid beyond the typical trump trades? maybe what we are already seeing in the vix? when does it set in? abigail: if there was a t

they're propping up and unfreezing was buying commercial paper off tripoli credit quality such as berkshire hathaway and all these really well-to-do corporations so and then you had this incredible explosion wealth which took place with people shattered at home that the stock market just surged and the surge in billionaire wealth, which took place in the year 2020, was that people are sitting at home. you've shut the economy down, the economy is contracting, but the stock market is surging and. all these billionaires who are there are making tons of wealth sitting at home because amount of money which has been injected into system is unprecedented. so it's then really which you know, like i got me thinking that what's happened to capitalism, this is an economy and this is a country, america, that i was so optimistic on. i came to this. i wrote such optimistic about this country. but then when i saw that the week was being distorted and connected it with the fact in 2020 that the average american is not feeling satisfied. and today here we are in 2024 and the top ten, 20% of americans feel that they'

. >>> berkshire hathaway once again trimming its position in bank of america unloading another 13.6 million that brings the conglomerate stake in the bank to below 10%, mention berkshire will no longer have to report its stock moves within days of any transaction. bank of america is still b berk berkshire's third largest holding at $31 billion. >>> the u.s. government announcing new quality ratings for the medicare health and prescription drug plans. the ratings are a first indication of which insurers will get bonus payments in 2026. you can see humana shares are facing a big drop pre-market down .75%. this on concerns about its medicare plans, frank. >> taking a look and a mixed result from the pre-market from the stocks. thank you, silvana. >>> now turning to investor ideas in q4. some of the guests naming the stock ideas in the opportunities for the year. you see the picks right there. now malcolm ethridge closes out the week with capital area planning group. malcolm, great to have you back. >> good to see you, frank. >> let's get into your picks. one of them i want to talk about is roc

. >>> berkshire hathaway is increasing its stake in sirius xm.ought more than 3 million shares last week and holds a 32% share in the satellite radio provider. >>> and spacex made a dramatic first catch of the more than 20-story tall booster. a major milestone to the company's goal of making starship a fully reusable system. >>> it is all about earnings season and four remaining big banks and citi and bank of america and goldman with regionals and super regionals as well as united health and johnson & johnson reporting. risk assets putting in a good performance with the s&p with a fifth straight week of gains. banks powering higher. the kbw index jumping 3% on friday. let's bring in matt orton at raymond james asset management. matt, good morning. >> good morning, frank. great to see you. >> matt, what's your word of the day? >> my word of the day is dispersion. we have a big week for earnings and it will only pick up from here. i think the trend we have seen over the past couple earnings season where rising tide hasn't lifted all boats whill pla

. >>> berkshire hathaway raising $2 billion in a yen denominated bond offer or samurai bond. could lay the ground for berkshire to boost exposure to the japanese assets. this is the largest sale in the yen for berkshire in five years. berkshire, which has invested in the top five brokerages in japan, said proceeds will be used for general purposes. shares down in the pre market. >>> and shares of gxo surging on the company is exploring a potential sale after receiving takeover interest. the report adding suitors include rivals. >>> coming up, the rally's next test with the cpi report. why my next guest is bracing for a surprise. >>> and as we head to break, we celebrate hispanic heritage month. here is carlos gutierrez. >> hispanics have made a great contribution to this country. i'm not talking about just low-skilled workers, but high-skilled workers and c-suite. i would urge corporate america to understand the skills of hispanic americans, their history and experiences have given them skills they can use in business. pete g. writes, "my tween wants a new phone. how do i not

. >> shares of sirius xm climbing after berkshire hathaway said it bought 3.6 million more shares lastffett likes stern. berkshire was already sirius' largest shareholders and it is now holding top -- excuse me, 108 million shares. sirius hit a new low, and now up 18% since then. "the exchange" will be right back. you get comfortable being uncomfortable. ♪♪ the enemy is always adapting... deepfake: hey handsome. ♪♪ [inner monologue] ...always iterating. ♪♪ at ameriprise financial our advice is personalized based on your goals, whatever they may be. all that planning has paid off. looks like you can make this work. we can make this work. and the feeling of confidence that comes from our advice... i can make this work. that seems to be universal. i can make this work. i can make this work. no wonder more than 9 out of 10 clients are likely to recommend us. because advice worth listening to is advice worth talking about. ameriprise financial. (man) these men of means with their silver spoons. is advice worth talking about. what will become of them when they discover robinhood gold allows

you're seeing berkshire hathaway and chubb and travelers and aig seeing enormous gains because they'vele to raise rates. >> that's exactly right. and they're making up for losses. but what we're likely to see with even -- take all-state, which is the number four auto insurer in florida. but remember, auto insurance, when you issue a comprehensive policy, you're responsible for paying on flood claims as well as wind and trees falling on cars and things like that -- >> for cars. >> only for cars. all-state might this as an earrings event. it might disrupt the earrinings. it might be so big that all-state can turn around to its re-insurer and file a claim. but re-insurers, who might also get hit this season, will turn around on january 1st, hike the rates again most likely, and we all start the cycle again of rising rates. >> it goes back to the consumer, and we end up having to pay more ultimately, because the insurers is having to pay more for the reinsurance. >> we have to watch this. it's a complicated situation and we don't have a great handle on what private insured losses are. >> y

berkshire hathaway bought $87 million worth of the stock and that stock is up 6%. next case.n accused of using taxpayer money to mask medicare premium hikes. critics say they want to keep costs low, before the election. edward lawrence joins us from the white house. can you explain this to us? reporter: it's basically sort of a money shell game what's happening is the administration is using money from the inflation reduction act to minimize the payments or the increases in payments on medicare part d before the election. now vice president kamala harris is saying that she wants to protect medicare and says that the inflation reduction act caps certain medicines at a lower price. listen to this. >> we will expand medicare to cover home healthcare for seniors. >> [applause] >> so more seniors can live at home with dignity. >> [applause] >> and give more support to the generation to those of you who are raising young children and taking care of your parents. reporter: so the inflation reduction act also allowed for substantial increases in medicare part d premiums to pay for al

okay, berkshire hathaway unloading more bank of america stock bringing the total holding to marginallyhen we say marginally, we're going to tell you by how much. billionaire warren buffett's firm sold 9.5 million shares in three transactions, ranging from october 8 to october 10. now that stake stands at 9.99%. okay that's marginally which means berkshire is no longer required to report its transactions to the sec within two business days. much more on big bank earnings, we talked about wells fargo, jpmorgan, blackrock came out. blackrock stock is charging higher we'll get that later in the show. the state of florida had a record breaking 34.2 million visitors in the second quarter but has the calculus changed after this , on your screen. two monster storms slamming into the sunshine state. the ceo of price line.com is here to discuss the impact mother nature could have on tourism. and mother may not always know best. steven wang's mom was furious when he told her he was dropping out of high school to run a business he had started and then when he later got into harvard, mom's happines

i could have bought oneshare of berkshire hathaway for $225 when i started this business.nk about that. what makes texas pacific land corp. a little tricky is the fact no analysts currently cover this company. this tl was one analyst that previously covered it, stifel's derek whitfield but he suspended coverage earlier this year. no earnings estimates. but i can tell you through the first six months of 2024tpl delivered 9% revenue growth, 19.5% operating income and 22.8 person earnings per share growth. i find it a bit tough to value. for quick reference it earned $52.77 per share last year. if we assume it keeps going at a 22.8% clip like it did in the first half we get a rough 2024 earnings estimate of just under $65. that means the stock trades at the envelope earnings estimate for 2024. if you want to be extra conservative tpl selling for 19 times last year's numbers. but is that a good price? sure seems like it to me. for reference exxon moelk and chevron trade at 15.4 and 14 times this year's earnings estimates. so tpl's right in that same neighborhood even though i

sirius xm stock is trading on news berkshire hathaway has increased its stake to 32% in the company. they bought 3.6 million shares in sirius xm in multiple transactions wednesday through friday of last week. warren buffett has not commented on the stake. sirius xm still down around 50% so far this year. and flutter entertainment also getting a boost from wells fargo, upgrading the stock to overweight from equal weight and upgrading the price target. saying to buy the dip on the fanduel parent company, the upgrade comes after a sell-off last week that saw the stock shed around 7% but it's up about 5% apthis hour. >> thank you. see you in a bit. >> we're just getting started. up next, warren is revealing where he sees the rally heading from here. he'll join me at post nine after this break. we're live from the new york stock exchange. you're watching "closing bell" cc.onnb you might wonder, john legend, how do you keep your voice sounding so... ...legendary? honey! and how do i keep my protection against covid-19 up to date? with a covid shot this season, designed for recent variants.

at times it's been berkshire hathaway and visa and mastercard and the fintech type things inside thatex, but there's no doubt they will matter and the credit situation, there will be a window on all that. >> we'll see you tomorrow. see all of you as well. we'll go out red. bells are ringing. decidedly so on the bell. i'll see you tomorrow in overtime. >> that bell means the end of regulation, the nyse tech council ringing the closing bell. microsoft doing the honors at the nasdaq. stocks selling off to start the week as bond yields jump, oil surges, and volatility roars back. winners stay late. welcome to "closing bell" overtime, i'm jon fortt with morgan brennan. >> a number of magnificent seven stocks catching downgrades. we'll talk to dan niles and get his take

. >>> berkshire hathaway is increasing its stake in sirius xm. n shares. that is 32% of the company stock. that makes it berkshire's 15th largest position. the stock is down 15% year to date. this morning, up 3.1%. >> can you explain to me why i pay for sirius in four cars still? >> i do the same. >> are you a howard listener? >> no. i'd rather stick needles this my ears. >> howard stern is actually a very good interviewer. i listen to news on the way in. >> maybe you are listening to cnbc? that would be a reason that you subscribe. >> that's what i listen to. >> do i have to say i am? >> you should right about now. >> he offered you that moment. >> this would be a good moment. good moment. >> do i have to tell the truth? >> do you not. >> okay. yes, i'm listening. listening to cnbc all the time. >> good. >> i'm listening to i don't know, outlaw nation and bbc. i listen -- >> a couple of country stations. >> alt nation. i won't cut my cord. it's like a have a cable cord. all of the things you know about. spotify. >> yacht rock. >> no. no. not. out

they're propping up and unfreezing was buying commercial paper off tripoli credit quality such as berkshire hathaway and all these really well-to-do corporations so and then you had this incredible explosion wealth which took place with people shattered at home that the stock market just surged and the surge in billionaire wealth, which took place in the year 2020, was that people are sitting at home. you've shut the economy down, the economy is contracting, but the stock market is surging and. all these billionaires who are there are making tons of wealth sitting at home because amount of money which has been injected into system is unprecedented. so it's then really which you know, like i got me thinking that what's happened to capitalism, this is an economy and this is a country, america, that i was so optimistic on. i came to this. i wrote such optimistic about this country. but then when i saw that the week was being distorted and connected it with the fact in 2020 that the average american is not feeling satisfied. and today here we are in 2024 and the top ten, 20% of americans feel that they'

meanwhile, berkshire hathaway increasing its stake in siriusxm. ghly 32% of the stock. it's been a big under performer this year up next we will check on a different berkshire name. apple 230, almost 236 on new data on iphone demand. stay with us. >>> from economic data to earnings it's big a big week of the wholistic view of the consumer. find out how that -- find out how to follow the money tune in to our market navigator segment on "power lunch" at 2:00 p.m. earp time. you have... the fearless investor. the type a cpa. the bootstrapper. the bootmaker. yeehaw [narrator] but many do have something in common. we all trust schwab with our wealth. [narrator] thanks to our award-winning service, low costs and transparent advice. every day, over a million multi-millionares trust schwab with more than two trillion dollars of their wealth. i can't believe you corporate types are still at it. just stop calling each other rock stars. and using workday to put finance and h.r. on one platform. tim, you are a rock star. using responsible ai doesn't make you a

know you got this question at the barclays conference when we were there a few weeks ago, but berkshire hathaway sell shares of bank of america, now under 10%. it doesn't have to disclose more. but it's been going on for months. you said you haven't spoken to buffett. have you since and do you have any sense of why? >> you'd have to ask mr. buffett and berkshire that question. you know, i haven't spoken to him about it. he's been a great shareholder. he invested 700 million share equivalent in 2011 and another 300 million in 1819. he sold down. he still has a lot of shares and he's been a great investor and helped our company in 2011 at a difficult time. if you invest in our common stock, you would have fared the same as he did. he's been a great investor and supporter of our company. i'll let you ask him that question. >> i'm sure we will. thank you for joining us on earnings and talking through all those things. >> thank you, sara. good to see you. >> good to see you, too, brian moy moynihan, ceo and chairman of bank of america. the big headline is he got the headline, no landing from brian mo

ceo of berkshire hathaway?mocrats in the year 2008, in the year 2012, and in the year 2016. but he announced last week not going to do it. not endorsing in this race. mark zuckerberg founder and ceo of meta, claims he left politics, staying out entirely, chose this year to do it, all while making overtures to donald trump and other republican political leaders who previously attacked him and targeted his businesses and workforce. "new york times" reports that this guy, titan, jpmorgan ceo jamie dimon, "new york times" reports that he supports vice president kamala harris. he wants her to be president but doesn't want to tell anybody. quote, he's fearful that if trump is victorious he could retaliate against the people and companies who publicly opposed his run. so the fear doesn't appear to be unfounded given that trump repeatedly targets companies who have opposed him and promised to aid business leaders who back him i guess until they don't. case in point, hours after the post announce td would not endorse a

. >>> and berkshire hathaway selling more stake in bank of america. bank of america shares first three days of the week earning about $340 million the average selling price per share was just under $39.50. berkshire still owns 7 94 million shares 10.2% stake in the firm. anything below 10% once they get below the threshold, if they go there, berkshire would not be required to tell the s.e.c. with two or three business days if it changed holling holdings in the >>> and nike shares, the company retracting full year 2k3w50idens l guidance ahead of a new ceo taking the helm. time to ask, can nike make a quick comeback jon fortt is here to weigh in. >> hi, becky yes. nike can make a comeback and won't take a decade. first review how we got here before john donahoe arrived ceo january 2020 direct to consumer was all the rage in retail warby parker glasses, kasper and harry spence donahoe previously a silicon valley service now and ebay wanted to make sure nike wasn't tethered to that obsolete ball and chain of brick-and-mortar stores within months reorganiz

meantime, berkshire hathaway further trimming its position in bank of america. an s.e.c. 6 million shares in recent days for about $383 million. the conglomerate now owns a little more than 10% of b of a. that's right above the threshold where berkshire has to report its stock moves around the bank. b of a remains berkshire's third largest holding behind apple and american express. how much do you think these moves are aimed at trying to stay within a certain ratio, or do you think they're actually a sign of the way warren may be thinking about b of a? >> i don't know. i do know once it falls below 10%, he will not have to report it. you will not get the information quickly. he still owns far more than bank of america shares than he's sold. i think it's north of 10 billion. and when you look back to july, that's when he started selling. i don't know how much the stock is down from then. september -- i don't know if we can see a longer term chart. over three months, yeah, it's come down since he started selling and it's been under pressure most of that time, i believe. >> i

berkshire hathaway's stake is 9.99% to shares outstanding, just below the 10% regulatory threshold thats rapid disclosure. buffet cannot provide quarterly updates. berkshire has reaped about 10.5 billion dollars for sales of bank of america. even with recent disposals, berkshire remains the bank's biggest holder. i management shakeup at stellantis. the carmaker replacing its finance chief as part of a broad management overhaul. the cfo natalie knight will be replaced by doug osterman. knight faced backlash over last month's profit morning a week after she characterized the company's margin target as ambitious. shares are down 3.4% in the italian trade. the boeing strike now heading into its fifth week. the company is taking a harder line with the union reps filing unfair labor practice charges, saying the other side has bargained in bad faith and undermined its own deal. the union has said it is willing to talk but boeing needs to meet them at the table and urged the ceo to insert himself more directly into the process. that is your brief. jonathan: thank you. up next, earnings season k

when asked for comment on that story he said, quote separately, buffett posted a notice on the berkshire hathaway website saying, quote. buffett explained that post to cnbc saying i'm worried about people empercent nating me and that is why we put that on the berkshire website and nobody should believe anybody saying i'm telling them how to invest or how to vote the rise of artificial intelligence is trying to influence the election has been of concern to mr. buffett and others buffett was alerted to a fake post of a political endorsement of him on instagram recently and he told me i don't even know how to get on instagram. >> makes two of us. >> he added people to realize anything they see with my image or my voice, it just ain't me. >> i wonder what the cutoff is for that he is 90. >> 94. >> it comes down to me, i don't know how to get on instagram either i guess below me, everybody knows how to get on instagram. >> probably. >> probably. >> you may disagree with what i'm about to say i don't know it seems to me that something is happening in this country which is very possibly troubling, which

a new filing shows warren buffett the berkshire hathaway bought stock. liberty sirius xm.to re-use rockets to get to the moon and mars. chopsticks caught that rocket. talk about this later this hour with elon musk biographer walter isaacson. >>> meantime, look at futures this morning. red on the dow, about eight points off. nasdaq higher. 4 47 points higher. bond market closed today for the holiday despite this being a markets found little fear this month so far. for more on this get down to our own mike santoli at the new york stock exchange. mike, midway through october. unfortunately still have got a ways to go. >> no. absolutely. always the opportunity for further payback. i do think, though, this is how the market trades, andrew, when you're anticipating volatility but the fundamentals strong enough to really support things up almost 1% in the s&p month to date. it has slowed down. i keep pointing out the last three months since mid-july that peak. up 2.5% of the 22% year to date gains. clearly it's become less generous, a little more sector rotation below the service

it does fly in the face of this idea that berkshire hathaway is hoarding cash rather than investing ins for earnings on wall street. markets also looking ahead to thursday's data points including retail sales, another round of jobless claims. sonia meskini writing the next market will come with retail sales. it follows up a street of robust september data. we continue to see upside risk to initial claims from storm strikes and seasonality. sonia joins us for more. storm strikes and seasonality. general cyclical weakness in the economy. is that fair? sonia: yes, it's fair. it would be difficult to disentangle the temporary factors from the underlying trajectory of both the consumer and of course the labor market. so we would expect the initial claims to begin to rise simply because of those factors that you have cited. but of course we believe the market will be focused on the underlying trend as well. jonathan: you have to come up with a jobs number for the month of october. i feel your pain. how are you going to do that? sonia: it will be hard. we working through it right now. of cour