Jonathan Wong
The Latest
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Buffett’s Berkshire Hathaway Sells $982 Million in Bank of America Shares, Reducing Stake Significantly
Warren Buffett's Berkshire Hathaway Inc. has executed a substantial sell-off of Bank of America (BofA) stock, with recent transactions totaling approximately $982 million. The sales, which occurred between August 23 and August 27, reflect a broader strategy of divesting from the banking sector. The moves, disclosed in a regulatory filing on Tuesday, are part of a larger trend of reducing Berkshire Hathaway's stake in the second-largest bank in the U.S. 
Warren Buffett's Berkshire Hathaway Inc. has executed a substantial sell-off of Bank of America (BofA) stock, with recent transactions totaling approximately $982 million. The sales, which occurred between August 23 and August 27, reflect a broader strategy of divesting from the banking sector. The moves, disclosed in a regulatory filing on Tuesday, are part of a larger trend of reducing Berkshire Hathaway's stake in the second-largest bank in the U.S. -
Abercrombie & Fitch Sees 21% Sales Surge, Raises Outlook Despite Market Volatility
Abercrombie & Fitch Co. (ANF) has reported a robust 21% increase in revenue for its fiscal second quarter, continuing a trend of impressive growth. The company's net income surged to $133 million, or $2.50 per share, up significantly from $57 million, or $1.10 per share, in the same period last year. The results were driven by strong sales performance, with comparable sales rising 18%-a notable increase that exceeded analysts' expectations of 15%. 
Abercrombie & Fitch Co. (ANF) has reported a robust 21% increase in revenue for its fiscal second quarter, continuing a trend of impressive growth. The company's net income surged to $133 million, or $2.50 per share, up significantly from $57 million, or $1.10 per share, in the same period last year. The results were driven by strong sales performance, with comparable sales rising 18%-a notable increase that exceeded analysts' expectations of 15%. -
BYD Posts 33% Profit Surge as It Eyes Global Dominance Despite Trade Barriers
Chinese electric vehicle (EV) manufacturer BYD (002594.SZ) has reported a striking 33% increase in net profit for the second quarter of 2024, signaling robust growth despite a slowdown in consumer spending on high-cost items in its home market. The company's net profit reached 9.1 billion yuan ($1.3 billion) for the April-June period, while revenue surged by 25.9% year-on-year to 176.2 billion yuan, according to a recent stock exchange filing. 
Chinese electric vehicle (EV) manufacturer BYD (002594.SZ) has reported a striking 33% increase in net profit for the second quarter of 2024, signaling robust growth despite a slowdown in consumer spending on high-cost items in its home market. The company's net profit reached 9.1 billion yuan ($1.3 billion) for the April-June period, while revenue surged by 25.9% year-on-year to 176.2 billion yuan, according to a recent stock exchange filing. -
Super Micro Stock Slips After Hindenburg Research Alleges Serious Accounting Irregularities
Shares of Super Micro Computer Inc. (SMCI) fell sharply on Tuesday following a critical report from short seller Hindenburg Research, which accused the company of persistent accounting irregularities and governance issues. The stock, which had already been volatile, experienced an initial drop of up to 8.7% in premarket trading before stabilizing at a 2% decline by mid-morning. 
Shares of Super Micro Computer Inc. (SMCI) fell sharply on Tuesday following a critical report from short seller Hindenburg Research, which accused the company of persistent accounting irregularities and governance issues. The stock, which had already been volatile, experienced an initial drop of up to 8.7% in premarket trading before stabilizing at a 2% decline by mid-morning. -
Edgar Bronfman Drops Paramount Bid, Clearing Way for Skydance Merger
Edgar Bronfman Jr. has officially withdrawn his bid for Paramount Global, paving the way for Skydance Media to finalize its acquisition of the storied media empire. The decision marks the end of a tumultuous bidding process that has captivated the industry for months. 
Edgar Bronfman Jr. has officially withdrawn his bid for Paramount Global, paving the way for Skydance Media to finalize its acquisition of the storied media empire. The decision marks the end of a tumultuous bidding process that has captivated the industry for months. -
Eli Lilly Slashes Zepbound Price by Half, Introduces Single-Dose Vials to Address Demand
Eli Lilly has unveiled a new, more affordable form of its weight loss drug Zepbound. The company is offering single-dose vials of the popular medication at approximately half the usual monthly list price, aiming to make the drug more accessible to a wider range of patients. 
Eli Lilly has unveiled a new, more affordable form of its weight loss drug Zepbound. The company is offering single-dose vials of the popular medication at approximately half the usual monthly list price, aiming to make the drug more accessible to a wider range of patients. -
Red Lobster to Close Additional 23 Locations Amid Bankruptcy
Red Lobster, the storied seafood chain struggling through bankruptcy, has announced the closure of 23 more restaurants across the United States. This latest wave of closures will further reduce the chain's footprint, bringing its total number of outlets down to approximately 500-a significant drop from the 650 locations it boasted just a year ago. 
Red Lobster, the storied seafood chain struggling through bankruptcy, has announced the closure of 23 more restaurants across the United States. This latest wave of closures will further reduce the chain's footprint, bringing its total number of outlets down to approximately 500-a significant drop from the 650 locations it boasted just a year ago. -
Uber Slammed with Record $324 Million Fine in Netherlands for Violating EU Data Protection Laws
Dutch privacy regulators have imposed a record €290 million ($324 million) fine on Uber for violating the European Union's stringent data protection laws. The penalty, announced on Monday, marks the most substantial fine ever issued by the Dutch Data Protection Authority (DPA) and highlights growing concerns over the handling of personal data by global tech companies. 
Dutch privacy regulators have imposed a record €290 million ($324 million) fine on Uber for violating the European Union's stringent data protection laws. The penalty, announced on Monday, marks the most substantial fine ever issued by the Dutch Data Protection Authority (DPA) and highlights growing concerns over the handling of personal data by global tech companies. -
Biden Administration’s Fight Against Grocery Giants Kroger and Albertsons Heads to Court
The Biden-Harris administration's most significant antitrust battle to date is unfolding as the Federal Trade Commission (FTC) takes on the $25 billion merger of two of the nation's largest grocery chains, Kroger and Albertsons. The trial, which began on Monday in Portland, Oregon, represents a critical moment in the administration's broader efforts to curb rising grocery prices and protect unionized workers' rights. 
The Biden-Harris administration's most significant antitrust battle to date is unfolding as the Federal Trade Commission (FTC) takes on the $25 billion merger of two of the nation's largest grocery chains, Kroger and Albertsons. The trial, which began on Monday in Portland, Oregon, represents a critical moment in the administration's broader efforts to curb rising grocery prices and protect unionized workers' rights. -
Delta COO Mike Spanos Exits Amid Post-Cyber Outage Turmoil
Delta Air Lines is facing a significant leadership change as its Chief Operating Officer, Mike Spanos, is set to leave the company at the end of the month, according to a securities filing made by the airline on Friday. The departure comes just over a year after Spanos joined the Atlanta-based carrier, marking another shake-up for the airline following recent operational disruptions. 
Delta Air Lines is facing a significant leadership change as its Chief Operating Officer, Mike Spanos, is set to leave the company at the end of the month, according to a securities filing made by the airline on Friday. The departure comes just over a year after Spanos joined the Atlanta-based carrier, marking another shake-up for the airline following recent operational disruptions.
