tl;dr
Warren Buffett has sold $10.5 billion of Berkshire Hathaway’s stake in Bank of America in recent months. New SEC filings show the firm sold an additional 8.54 million shares in September and October, worth $337.86 million. This marks 15 rounds of relentless BofA sales, dropping Berkshire’s stake in ...
Warren Buffett has sold $10.5 billion of Berkshire Hathaway’s stake in Bank of America in recent months. New SEC filings show the firm sold an additional 8.54 million shares in September and October, worth $337.86 million. This marks 15 rounds of relentless BofA sales, dropping Berkshire’s stake in the bank to below 10%. This allows Berkshire to report its BofA trades every quarter instead of every few days. Buffett has not disclosed specific reasons for reducing exposure to Bank of America, citing concerns with the banking sector as a whole.
Despite the sell-off, Berkshire remains the top shareholder of Bank of America, with its position in the financial giant now worth about $31 billion. Warren Buffett has now sold a staggering $10.5 billion of Berkshire Hathaway’s stake in Bank of America in a matter of months. New filings with the U.S. Securities and Exchange Commission shows the firm just sold an additional 8.54 million shares in September and October, worth $337.86 million.
The move follows Berkshire’s complete exit from JPMorgan Chase and Wells Fargo positions in recent years and marks 15 rounds of relentless BofA sales. The selling has dropped Berkshire’s overall stake in the bank to below 10%, reports Fortune. The threshold is significant, as it will allow Berkshire to report its BofA trades every quarter instead of every few days. That means investors won’t know if Berkshire continues to sell until mid-November.
Buffett has been tight-lipped on why he’s specifically reduced the firm’s exposure to Bank of America, although he outlined his concerns with the banking sector at large last year. “You don’t know what has happened to the stickiness of deposits at all. It got changed by 2008. It’s gotten changed by this. And that changes everything. We’re very cautious in a situation like that about ownership of banks.” Despite the sell-off, Berkshire is still the top shareholder of Bank of America, with its position in the financial giant now worth about $31 billion.
More about
Technical Analysis: Unveiling Market Trends
In the current market environment, the S&P 500 index has exhibited a strong bullish trend, supported by the 50-day moving average. The Relative Strength Index (RSI) stands at 65, indicating a potential continuation of bullish momentum. However, caution is advised as the index approaches overbought territory.
Apple Inc. (AAPL) has shown a breakout above its key resistance level, signaling a potential upward movement. The RSI is at 70, suggesting a slightly overbought condition. Traders should monitor for a sustained move and potential retest of the breakout level.
The head and shoulders pattern on the chart of Amazon.com Inc. (AMZN) raises concerns as the stock approaches the neckline support. A breakdown from this level could indicate a trend reversal with bearish implications.
Overall, while bullish momentum is prevalent in the market, investors should remain vigilant as overextended conditions and potential trend reversals pose inherent risks. Technical analysis provides a valuable framework for decision-making, but it's essential to acknowledge the uncertainties inherent in market forecasting.
More about Atomera Inc
Company: Atomera Incorporated
Business Focus: Develops, markets, and licenses proprietary materials, processes, and technologies for the semiconductor industry
Operating Regions: North America, Europe, and Asia Pacific
Headquarters: Los Gatos, California
Industry: Manufacturing, Semiconductors & Related Devices
NAICS Code: 93701000
Revenue: $640,000
Net Income: $7
EPS (Earnings Per Share): -$0.73
Price Change (52 Weeks): 0.025
Employees: 109
More about C3 Ai Inc
Company: C3 Ai Inc
Stock Ticker: C3
Sector: Technology
Industry: Services-Prepackaged Software
Market Cap: 3102146000
Dividend Yield: None
Price/Earnings (P/E) Ratio: None
EPS: -2.28
ROI: 2.674
Beta: -0.855
Volume: 325433000
Current Stock Price: $25.11
50-Day Moving Average: $0
200-Day Moving Average: $0
Relative Strength Index (RSI): 0.205