|Bid||45.26 x 3200|
|Ask||45.27 x 1300|
|Day's Range||44.93 - 45.46|
|52 Week Range||43.02 - 59.53|
|Beta (3Y Monthly)||1.19|
|PE Ratio (TTM)||9.35|
|Earnings Date||Oct 15, 2019|
|Forward Dividend & Yield||2.04 (4.60%)|
|1y Target Est||48.54|
The heads of nearly 200 U.S. companies said Monday they are committing to a move away from the idea that the main purpose of a company is to maximize shareholder value, marking a break with a long-held conviction.
When folks think of the Berkshire Hathaway (BRK.B) portfolio and its collection of holdings, most of which were selected by Chairman and CEO Warren Buffett, the companies that most readily come to mind are probably American Express (AXP), Coca-Cola (KO) and, more recently, Apple (AAPL).But a deep dive into Berkshire Hathaway's equity holdings reveals a more complicated picture.Berkshire Hathaway held positions in 47 separate stocks as of June 30, according to the most recent regulatory filing (Aug. 14) with the Securities and Exchange Commission - down from 48 in the first quarter of this year, as he dumped USG Corp. (USG). But the portfolio of "Buffett stocks" isn't as diversified as the number might suggest. In some cases, BRK.B holds more than one share class in the same company. Some holdings are so small as to be immaterial leftovers from earlier bets the Oracle of Omaha has yet to completely exit.And perhaps most importantly, Berkshire Hathaway's equity portfolio is actually pretty concentrated. The top six holdings account for almost 70% of the portfolio's total value. The top 10 positions comprise 80%. Banks and airlines, to cite a couple of sectors, carry quite a load in this portfolio. Then there's the fact that several Buffett stocks actually were picked by portfolio managers Todd Combs and Ted Weschler.Here, we examine each and every holding to give investors a better understanding of the entire Berkshire Hathaway portfolio. SEE ALSO: 50 Top Stocks That Billionaires Love
Wells Fargo & Company (WFC) today released its 2018 Corporate Responsibility report, Purpose in Action, which details its progress toward social, economic and environmental goals, and announces that the company provided $23 billion in financing in the first year of its $200 billion sustainable finance commitment. Of the $23 billion, 63% went toward low-carbon solutions such as green buildings, renewable energy and clean technologies. Increased engagement on issues of climate change and sustainable finance, including becoming a founding member of the U.S. Sustainable Finance Alliance, and playing a role in important global and national stakeholder gatherings such as the Global Climate Action Summit and Bloomberg’s Sustainable Business Summit.
(Bloomberg) -- Nvidia Corp.’s second-quarter sales and profit topped analysts’ estimates, suggesting that a slump in orders may be easing amid a revival in demand for graphics chips and parts used in data centers. The stock rallied in late trading.Revenue in the quarter that ended July 28 was $2.58 billion and profit excluding certain costs was $1.24 a share, the Santa Clara, California-based company said in a statement on Thursday. Analysts, on average, had estimated adjusted earnings of $1.14 a share on sales of $2.54 billion.Sales in all business lines rose from the previous quarter, Nvidia said, a sign the company is addressing challenges that had stalled growth. Chief Executive Officer Jensen Huang has argued that a slowdown in orders for computer-gaming chips and processors for artificial intelligence tasks was temporary as customers worked through stockpiles of unused parts.Revenue has now shrunk from a year earlier for three straight quarters, and Nvidia forecast another decline of about 9% for the current period. Still, the 17% contraction in the second quarter was narrower than some analysts had projected, and the rate of decline is slowing. That may indicate customers are beginning to place new orders again.Gaming-chip sales came in at $1.3 billion, up 24% sequentially. Revenue from Nvidia’s second-biggest business, data center, climbed 3.3% from the prior period to $655 million.According to some estimates, that rebound in data-center revenue fell short. Wells Fargo analyst Aaron Rakers had predicted unit sales of $685 million, and he wrote in a note that the consensus estimate was about $669 million. On a conference call to discuss results, Nvidia executives faced multiple questions on the prospects for the business.On the call, Huang said demand for graphics chips used in servers was improving across the board, excluding a couple of so-called hyperscale data-center operators who don’t give Nvidia much insight into their plans. He declined to say when the business will return to annual growth, but maintained his optimism that artificial intelligence computing is the biggest-ever opportunity for his company.Nvidia’s detractors say that stiffer competition is the cause of the company’s struggles, but Huang said rivals aren’t eroding growth. Nvidia pioneered the use of graphics chips to run AI software in data centers, while Nvidia GeForce processors have been the main choice for PC gamers wanting the highest resolution action. Now, Intel Corp. and Advanced Micro Devices Inc. are offering rival products in these markets.“The competition should show up with something,” he said in an interview. “AI is going to be a large market for everybody and the growth is ahead of us. The bottom is behind us.”Nvidia shares rose more than 6% in extended trading following the report. Earlier, they slipped about 1% to close at $148.77 in New York.Net income in the second quarter was $552 million, or 90 cents a share, down from $1.1 billion, or $1.76, in the same period a year earlier.The company said sales in the current period will be about $2.9 billion, plus or minus 2%. That compares with an average analyst estimate for revenue of $2.98 billion, according to a Bloomberg survey. Adjusted gross margin will be 62.5%, Nvidia said.(Updates with CEO comments in eighth paragraph)To contact the reporter on this story: Ian King in San Francisco at email@example.comTo contact the editors responsible for this story: Jillian Ward at firstname.lastname@example.org, Alistair BarrFor more articles like this, please visit us at bloomberg.com©2019 Bloomberg L.P.
Plunging bond yields have sent the stock market into a tizzy. And "inverted yield curve" is the new buzzword littering news sites everywhere. In today's gallery, we'll shed light on what all the fuss is about and identify three bank stocks to sell.When investors see turbulent seas on the horizon, they seek shelter. And nothing is perceived as a safer place to hide from the storm than treasury bonds. The demand surge sends prices to the moon and yields (which move inverse to prices) into the basement. Buyers' appetite has been so voracious that the 30-year treasury yield just dipped below 2% for the first time ever.The beating in long-term rates has been so severe that they've fallen below short-term rates creating the so-called yield curve inversion. It's a signal that has precipitated every recession in the modern era and has investors justifiably spooked.InvestorPlace - Stock Market News, Stock Advice & Trading Tips * 10 Stocks Under $5 to Buy for Fall And that brings us to bank stocks. When long-term interest rates fall below short-term interest rates, it puts a damper on their earnings potential. Throw in the specter of a recession, and you have a toxic brew poisoning the performance of financial companies.Let's take a closer look at three bank stocks to sell. Bank Stocks to Sell: Bank of America (BAC)Bank of America (NYSE:BAC) has been a ship without a rudder this year. Ever since its January rally reversed the fourth-quarter beatdown, BAC stock has been chopping in a range, unable to pick a direction. This month's market bloodbath has pushed BAC 15% off its highs.The stock is now testing the lower end of its range and is threatening a breakdown that would deal a nasty blow to its technical posture. Given the speed of last year's descent and the January rebound, there isn't much support between $26.50 and $22.50. The downside follow-through could be swift if buyers don't emerge to defend the $26.50 zone.Source: ThinkorSwim Even if we don't breach support, Bank of America's stock chart is a hot mess that will need time to heal. If you want to speculate on further downside, buying the November $28/$23 put spread for $1.80 is a solid idea. The risk is $1.80, and the reward is $3.20. Wells Fargo (WFC)Wells Fargo (NYSE:WFC) has fared worse than BAC this year. It completely reversed January's strength and is fast-approaching December's pivotal low of $43. If anything, the relative weakness makes WFC a more tempting target for bear trades and a better bank to bail on if you own it.All major moving averages are pointing lower, making it impossible to spin a bullish narrative. With the price submerged beneath these trend-following indicators, rallies remain suspect and strength is made for selling.Source: ThinkorSwim A break of $43 would push WFC stock to a six-year low and complete a multi-year top on its trend. If you're holding out hope that bulls swoop in to save it, then consider $43 your abandon ship point. * 15 Growth Stocks to Buy for the Long Haul To bank on additional weakness, consider buying the November $45/$40 put spread for $1.80. The risk is $1.80, and the reward is $3.20. Regional Banking ETF (KRE)Our final pick aims for the entire banking sector via the Regional Banking ETF (NYSEARCA:KRE). Its diversified holdings offer exposure to mid-size banks across the nation. It is thus very sensitive to economic shifts that adversely impact the sector.The past six months have seen a vicious tug-of-war between bulls and bears. This week's breakdown finally declared sellers the victor and spells trouble for KRE stock's technical posture. Yesterday's drop has the fund testing the $49 support area. A breakdown could send it back to December's low at $44.Source: ThinkorSwim If you believe bears will continue to roam through year-end, then buy the December $50/$45 put spread for $2. The risk is $2, and the reward is $3.As of this writing, Tyler Craig didn't hold a position in any of the aforementioned securities. Check out his recently released Bear Market Survival Guide to learn how to defend your portfolio against market volatility. More From InvestorPlace * 2 Toxic Pot Stocks You Should Avoid * 10 Stocks Under $5 to Buy for Fall * 5 Stocks to Avoid Amid the Ongoing Trade War * 7 5G Stocks to Buy Now for the Future The post 3 Battered Bank Stocks to Bail On appeared first on InvestorPlace.
All of the changes are effective on or about October 15, 2019, with the exception of the managed distribution plan, which will be effective according to the timeline discussed below. The fund’s investment objective will remain to seek a high level of current income and moderate capital growth, with an emphasis on providing tax-advantaged dividend income.
The equity portion of the fund’s investment strategy no longer expects to invest at least 65 percent of its total assets in securities of issuers in the utilities, energy and communication services sectors. Instead, the equity sleeve expects to invest normally in approximately 60 to 80 securities, broadly diversified among major economic sectors and regions.
Can a quarter of a percent rate cut, or any amount of rate cuts for that matter, address or even alleviate the market's concerns? asks Kelley Wright, dividend expert and editor of Investment Quality Trends.
The Wells Fargo Income Opportunities Fund , the Wells Fargo Multi-Sector Income Fund , the Wells Fargo Utilities and High Income Fund , and the Wells Fargo Global Dividend Opportunity Fund have each announced a distribution.
Wells Fargo & Company (WFC) today announced that on Sept. 16, 2019 it will redeem 1,550,000 shares (the “Redeemed Shares”) of its Fixed-to-Floating Rate Non-Cumulative Perpetual Class A Preferred Stock, Series K (the “Series K Preferred Stock”). The Redeemed Shares will be selected in accordance with the standard procedures of The Depository Trust Company. The redemption price will be equal to $1,000.00 per Redeemed Share.
Matt Wysong’s banking career has centered on transformative technology companies. “Being at the center of the innovation economy is very attractive,” Wysong said. “When you are able to provide services that help these companies scale and grow while they are creating meaningful products, it’s very exciting.” In 2014, he launched Wells Fargo’s (NYSE: WFC) Mountain and Midwest technology and venture banking division.
The startup is giving a lot of thought to real estate these days as the CEO tries to accommodate the fintech's growth and hiring.
Rating Action: Moody's affirms Wells Fargo's ratings; changes outlook to stable from negative. Global Credit Research- 13 Aug 2019. New York, August 13, 2019-- Moody's Investors Service has affirmed all ...
If you're thinking of shopping for Rite Aid (NYSE:RAD) stock on its much-hyped, package pick-up collaboration with Amazon (NASDAQ:AMZN), be prepared to buy some Tylenol or Pepto Bismol for home delivery at the same time. Let me explain.Source: Shutterstock Chipotle (NYSE:CMG), Equifax (NYSE:EFX) or Wells Fargo (NYSE:WFC) -- each brand has bounced back in recent years from high profile wrongdoings. The thing is, scandals can be sorted out and time helps in healing those past wounds. Too bad, that's not the problem with RAD stock.Rite Aid's problem is the same one many once-great brick-and-mortar shops are going through or have bowed to already. More and more buying is transacted online with those goods being dropped straight to your doorstep. And chances are, Amazon has been a key player in this bearish market dynamic, even for a storefront like RAD stock.InvestorPlace - Stock Market News, Stock Advice & Trading TipsSure, Amazon has backed away from entering the prescription business. But Amazon already sells a line of over-the-counter private-label medicines. Its Basic Care line offers a range of products from ibuprofen to allergy medicine. Amazon is also pursuing the medical community to purchase common and disposable items from rubber gloves, syringes to gauze from its Amazon Business site. And that's certainly at the expense of RAD stock.RAD stock has another big problem too. Rite Aid isn't a store known to attract foot traffic from the all-important millennial demographic. Sorry … Rite Aid just isn't "cool." And sadly, even the population Rite Aid has captured is getting older and less likely to be hopping in the car or walking to Rite Aid to pick up stockings, Certs and a prescription. * 10 Real Estate Investments to Ride Out the Current Storm But before I pronounce RAD stock as being D.O.A., could Amazon be both a villain and savior for RAD stock? There are investors who believe the new Amazon Counter pick-up option for Amazon purchases at Rite Aid stores could be a prescription for success.The bull case rests on the hypothesis that influential millennials flush with cash, who otherwise wouldn't be caught stepping foot in a Rite Aid store, will now be waiting in line by the dozens and invariably be making additional impulse purchases from Rite Aid before exiting. RAD Stock Monthly ChartOn the surface, the deal sounds kind of interesting. But don't hold your breath on RAD stock. Most Amazon packages aren't going to be dropped off at Rite Aid. And for those few packages that aren't received at one's doorstep, office or neighbor's house, consumers have a choice of where they want to pick the delivery up from. And guess what? That's probably bad news for Rite Aid's service.The fact is for those few boxes, packages and envelopes which don't go to the doorstep, there's already options for picking up merchandise. Consumers have a choice of Amazon Lockers at various convenience stores and even standalone Amazon storefronts to pick up items from. Further, with the partnership just underway and starting with 100 Rite Aid stores but promising 1,500 by year end, it's still going to be a tough proposition to get Millennials, let alone anyone else that normally wouldn't be in a Rite Aid already, into a Rite Aid store and make an actual difference in RAD stock's bottom line. * 7 Stocks the Insiders Are Buying on Sale Think about this as well, what's to stop Amazon from opening up its Counter distribution network into other retailers and hindering Rite Aid's chances even more? And finally, let's be real … given today's existing and more discreet options where communication is minimized and hassle free from checkout lines, the choices for millennials to pick up packages were already in place before Rite Aid's Amazon Counter.So, before you consider investing in Rite Aid stock, take a look at the stock chart and note that while the ginormous bottoming pattern certainly holds the allure of something special, you need to be smart. Think long and hard about today's message, the obvious, existing problems the company faces and RAD's nearly 30% in short interest as fair warning.Disclosure: Investment accounts under Christopher Tyler's management do not currently own positions in any securities mentioned in this article. The information offered is based upon Christopher Tyler's observations and strictly intended for educational purposes only; the use of which is the responsibility of the individual. For additional options-based strategies, related musings or to ask a question, you can find and follow Chris on Twitter @Options_CAT and StockTwits. More From InvestorPlace * 2 Toxic Pot Stocks You Should Avoid * 10 Real Estate Investments to Ride Out the Current Storm * 7 Marijuana Penny Stocks to Consider for Those Who Can Handle Risk * 7 Safe Dividend Stocks for Investors to Buy Right Now The post Think Amazon Will Save Rite Aid Stock? Think Again. appeared first on InvestorPlace.
(Bloomberg) -- Terms of Trade is a daily newsletter that untangles a world embroiled in trade wars. Sign up here. A key measure of U.S. consumer prices unexpectedly accelerated in July in a broad-based advance, signaling inflation may be firming as the Federal Reserve debates whether to lower interest rates further.The core consumer price index, which excludes food and energy, rose 0.3% from the prior month, and 2.2% from a year earlier, according to a Labor Department report Tuesday. Both gains exceeded the median estimate of economists, while the broader CPI advanced 0.3% on the month and 1.8% annually.Faster inflation may strengthen the hand of those policy makers who are reluctant to keep lowering borrowing costs following last month’s quarter-point reduction, as employment and consumer spending remain solid. At the same time, the latest ratcheting-up of U.S.-China trade tensions and a deepening global economic slowdown are weighing on the outlook, with investors pricing in two to three more moves this year.Following the report, traders trimmed slightly the amount of Fed easing they have priced in for this year while the 10-year Treasury yield climbed to its high for the day. Those moves were amplified later in the morning, and stocks surged, after the U.S. delayed tariffs on a range of consumer goods from China by more than three months, to Dec. 15.Policy makers have struggled to lift inflation toward their 2% target, which is based on a separate Commerce Department index that tends to run slightly below the Labor Department’s CPI. President Donald Trump has repeatedly cited low inflation in his attacks on the Fed and calls for deeper interest-rate cuts, and he tweeted after the CPI data that the tariffs aren’t actually boosting prices.“While a few details suggest that the pace overstates the trend, it is clear tariffs are beginning to drive goods prices higher,” Sarah House, a senior economist at Wells Fargo & Co., said in a note Tuesday.The 2.2% annual gain in the core CPI followed 2.1% in June and marked the fastest increase since January. The index rose an annualized 2.8% over the past three months, the most since early 2018. The two-month gain of 0.6% was the most in more than a decade.What Bloomberg’s Economists Say“Firming core CPI in July is challenging the Fed’s view that a return to its 2% inflation target would take longer than previously projected.”-- Yelena Shulyatyeva and Eliza Winger Click here for the full note.While the Fed officially targets inflation including all items, policy makers look to the core measures for a better sense of the underlying trend because food and energy prices tend to be volatile.Many key measures within the Labor Department’s gauge advanced in July. Shelter costs, which make up about a third of total CPI, rose 0.3% for a second month, while medical care was up 0.5%, apparel advanced 0.4% and used cars and trucks rose 0.9%.Prices for new vehicles fell 0.2%, the first decline since February.Energy prices rose 1.3% from the prior month as gasoline prices increased 2.5%. A national gauge of retail gasoline prices was up on average during the month though it has declined since mid-July. Food costs were unchanged for a second month.Get MoreA separate Labor Department report Tuesday showed average hourly earnings, adjusted for price changes, rose 1.3% in July from a year earlier, following 1.5% in June, indicating higher inflation took a bigger bite out of wage gains. Economists surveyed by Bloomberg had forecast the core gauge would rise 0.2% from the prior month and 2.1% from a year earlier, with the broader index rising 0.3% on the month and accelerating to 1.7% on a yearly basis. (Updates with markets and latest tariff developments in fourth paragraph, adds economist comment in fifth paragraph, adds Bloomberg Economics comment.)\--With assistance from Kristy Scheuble, Benjamin Purvis and Vince Golle.To contact the reporter on this story: Katia Dmitrieva in Washington at email@example.comTo contact the editors responsible for this story: Scott Lanman at firstname.lastname@example.org, Vince GolleFor more articles like this, please visit us at bloomberg.com©2019 Bloomberg L.P.