The stock price of Berkshire Hathaway, an investment and insurance company led by US billionaire Warren Buffett, reached a new high on the 7th. Operating income exceeded market expectations in the April-June (second quarter) financial results announced on the 5th.
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Berkshire’s Class B shares climbed 3.6% to $362.58, hitting a new all-time high in March. It was the sharpest increase since November last year.
“We continue to believe Berkshire’s defensive nature makes it an attractive addition to a diversified financial portfolio,” Edward Jones analyst Jim Shanahan said in a phone call. Equity has risen, cash balances are again near record levels, and earnings prospects have improved significantly over the past nine to 12 months.”
Class A shares, which have relatively low trading volume, also hit a record high of $551,920 on a closing price basis.
Class B stocks are up about 17% this year, roughly in line with the S&P 500 index.
news-rsf-original-reference paywall">Original title:Buffett’s Berkshire Rallies to Record High on Earnings Beat (1)(excerpt)
2023-08-07 22:15:00
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