Author: therawinformant

Berkshire, which acquired Precision for $32.1 billion in 2016 in its largest acquisition, said COVID-19 caused airlines to slash aircraft orders, resulting in significantly less demand for Precision’s products and revenue to fall by about one-third. It also said results may continue suffering as the unit undertakes an “aggressive restructuring” to shrink operations to meet lowered demand. Precision was not the only drag on Berkshire, which said the pandemic has caused “relatively minor to severe” damage to most of its more than 90 operating businesses, which include the BNSF railroad, Geico auto insurer and See’s candies.

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Senior Analyst at Aviation Data Specialist OAG John Grant joins joins Yahoo Finance’s Zack Guzman to discuss the airline industry as CNBC reports that Delta is asking flight attendants to take unpaid leave amid COVID-19.

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(Bloomberg) — Warren Buffett’s Berkshire Hathaway Inc. spent a record $5 billion buying back Berkshire’s own stock in the second quarter.Berkshire’s Class A shares, which fell in line with the S&P 500 in the first three months of the year as the pandemic spread in the U.S., fell another 1.7% last quarter while the broader index rallied 20%. Buffett said in May that repurchases weren’t more compelling, but the buybacks in the quarter suggest his thinking shifted.Key InsightsEven with buybacks that more than doubled the previous quarterly record, Berkshire’s cash pile kept growing and hit $146.6 billion. Buffett has struggled to find ways to deploy large chunks of funds into higher-returning assets.Berkshire ended up taking a more cautious approach to the broader stock market in the quarter. He sold a net $12.8 billion of shares in the quarter, including dumping his airline holdings in April.Berkshire’s businesses felt the sting of the fallout from the pandemic, with operating profit slumping 10% in the second quarter. The company also took $10 billion of impairment charges related to its Precision Castparts unit, which has been hit by the slump in air travel amid the pandemic.Unrealized gains and losses in Berkshire’s massive stock portfolio count toward the bottom line. So the S&P 500’s rally in the second quarter pushed net income to $26.3 billion.Get MoreBerkshire’s press release is here.Berkshire Class A shares were down 7.4% for the year through Friday’s close, compared with the 3.7% gain in the S&P 500.For more articles like this, please visit us at bloomberg.comSubscribe now to stay ahead with the most trusted business news source.©2020 Bloomberg L.P.

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Microsoft and Facebook are hitting at Apple as antitrust investigations into the iPhone maker ramp up.

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Here's how to avoid high closing costs that can eat up your savings.

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There are a few key trends to look for if we want to identify the next multi-bagger. Firstly, we'll want to see a…

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When you buy shares in a company, it's worth keeping in mind the possibility that it could fail, and you could lose…

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Stephen Weiss said on CNBC's "Fast Money Halftime Report," that Micron Technology, Inc. (NASDAQ: MU) has been down because of the memory being down. He owns the stock and he didn't sell any. He is looking to buy some more if it drops to the low $40s.Pete Najarian bought Las Vegas Sands Corp. (NYSE: LVS), but it hasn't moved as he expected. He continues to own the stock and he is selling calls against his long position. He likes the casino stocks, but they are currently under a lot of pressure.If you are looking for bonds to produce return above equities, you should be bearish on bonds, said Liz Young. But if you are looking for a correlation benefit, stay in them, she added. She is a little bit more comfortable owning bonds than she was three months ago.Jim Lebenthal sees Caterpillar Inc. (NYSE: CAT) as a longer-term play. He expects it to trade above $160 in a year or so.Weiss would buy Inseego Corp (NASDAQ: INSG) after it dropped on earnings.Najarian thinks that there is some upside in United States Steel Corporation (NYSE: X). He owns calls in the name.Young said that she would own the industrials, consumer discretionary, health care and Europe.See more from Benzinga * Pete Najarian Sees Unusual Options Activity In Snap And Jumia * Todd Gordon's Peloton Options Trade * Mike Khouw Sees Unusual Options Activity In Lyft(C) 2020 Benzinga.com. Benzinga does not provide investment advice. All rights reserved.

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