eastunder
4 months ago
Technical issues briefly halt trading for some NYSE stocks in the latest glitch to hit Wall Street
12:30:00 PM ET, 06/03/2024 - Associated Press
NEW YORK (AP) — A technical issue caused the temporary halt for some stocks listed on the New York Stock Exchange Monday, including at least one whose price briefly fell nearly 100%.
Berkshire Hathaway, the company run by famed investor Warren Buffett, saw its A-class shares plunge 99.97% to $185.10 from Friday's closing price of $627,400, before its trading was halted. After the shares later resumed trading, they immediately recovered all those losses and shot toward $700,000.
Throughout the halt, Berkshire Hathaway's lower-priced B-class shares, which typically trade in concert with the A-class shares, seemed to trade more normally.
The New York Stock Exchange said in a trading update on Monday that trading was halted “in a number of stocks” following a technical issue related to the publication of some pricing data. “Impacted stocks have since reopened (or are in the process of reopening) and the price bands issue has been resolved,” it said shortly after 11 a.m. Eastern time.
The exchange did not give a full list of stocks affected, but trading of Berkshire Hathaway's A-class shares was halted at 9:50 a.m. Eastern time, just before the NYSE first said it was investigating a technical issue.
It's not the first glitch to hit Wall Street recently. Last week, S&P Dow Jones Indices said an issue prevented the publication of real-time pricing for its widely followed S&P 500 index for more than an hour during Thursday's late-morning trading.
The industry has just moved to a new system where the settlement of stock trades happen much faster than they used to. Now, most stock trades need to settle in one business day after a deal is made, instead of the prior requirement of two days.
The change was suggested by of the Securities and Exchange Commission suggested after the “meme-stock” craze of early 2021 put an incredible strain on the market's plumbing, which eventually led some brokerages to restrict buying of GameStop and other stocks. That caused much anger among their customers.
bar1080
5 months ago
Berkshire pares huge Apple stake as cash, operating profit set records
"SHM: OMAHA, Neb. (Reuters) - Berkshire Hathaway significantly reduced its enormous stake in Apple in the first quarter, as Warren Buffett's conglomerate let its cash hoard swell to a record $189 billion."
Buffett's company also posted a record operating profit exceeding $11 billion, as its insurance operations benefited from improved underwriting and higher income from investments as interest rates rose.Based on changes in Apple's stock price, Berkshire appears to have sold about 115 million shares, or 13% of its holdings, in the quarter, ending with about 790 million."
https://finance.yahoo.com/news/berkshire-posts-record-operating-profit-121448596.html.
fung_derf
7 months ago
I'm surprised to see Charlie had a relatively small position in Berkshire. At least compared to Warren.
Buffett (Warren Edward) 38.24 216,687 -1,600 -0.73 21-Nov-2023 13D 119,134.54 Low Individual Investor United States
Fidelity Management & Research Company LLC 5.85 33,168 0 0.00 31-Dec-2023 13F 1,774,915.86 GARP Low Investment Advisor Boston United States
First Manhattan Co. LLC 3.02 17,130 211 1.25 31-Dec-2023 13F 28,902.43 Deep Value Low Investment Advisor New York United States
Bartlett Wealth Management 1.11 6,314 6,237 8,100.00 31-Dec-2023 13F 9,516.52 Deep Value Moderate Investment Advisor Cincinnati United States
Norges Bank Investment Management (NBIM) 0.93 5,288 -619 -10.48 31-Dec-2023 13F 1,096,412.63 Core Value Low Sovereign Wealth Fund Oslo Norway
Munger (Charles T) 0.74 4,170 -100 -2.34 08-Mar-2023 Proxy
bar1080
7 months ago
LORD! Indexes track exactly, but index FUNDS ALWAYS have some microscopic tracking error.
Indexes can't be bought directly so an investor can only approximate them via a fund like a mutual fund or an ETF. Variation in stock weighting and rebalancing is inevitable. Also funds must keep cash reserves for redemptions. Those reserves will be a slight drag in rising markets and a benefit in falling ones. Even buying all 500 (or more correctly 503) stocks in the S&P won't produce a perfect match.
I really try to help IHUBers, often uninformed gamblers, but it's not easy.
I bought my first Index fund around 1990 when very few people knew of their advantages. My two sons -- an engineer and a CPA -- have had money in index funds since right after they were born. Now, as adults, their retirement money is mostly indexed, and they have no interest in changing that.