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BUSINESSTuesday 17 November 2015
Berkshire Hathaway reduces Goldman Sachs, Wal-Mart stakes
JOSH FUNK Securities and Exchange respond to questions from both those companies. investments smaller than
AP Business Writer Commission. the AP Monday about the Many investors like to copy $300 million are likely to be
OMAHA, Neb. (AP) — In- Buffett told CNBC on Mon- moves made by his Oma- Buffett’s moves because of the work of other Berkshire
vestor Warren Buffett’s day that the main reason ha, Nebraska-based con- his remarkably successful managers.
company sold some of its he reduced Berkshire’s glomerate. record, so these quarterly But Berkshire’s purchase
Goldman Sachs and Wal- stakes in Wal-Mart Stores Berkshire sold 13 percent filings are watched closely. of nearly 1.5 million more
Mart shares during the third Inc. and Goldman Sachs of its 12.6 million Goldman These combined filings in- shares of IBM stock was
quarter, and made several Group Inc. was to gener- shares and unloaded 7 clude investments made almost certainly Buffett’s.
smaller changes to its stock ate cash for his $32 billion percent of its 60.4 million by two other executives at He has said before that he
portfolio. acquisition of Precision Wal-Mart shares between the company, so it’s not al- was responsible for buy-
Berkshire Hathaway Inc. Castparts Corp. that’s ex- the end of June and the ways clear whether Buffett ing what is now 81 million
filed a report on its U.S. pected to close next year. end of September. Buffett made the decisions. Buf- shares of International Busi-
stocks Monday with the Buffett did not immediately told CNBC that he still likes fett has said previously that nessMachines Corp.q
Energy stocks lead a rally as the price of oil climbs
ALEX VEIGA going to be victims of a Traders observe a moment of silence before the opening bell on the floor of the New York Stock
AP Business Writer terrorist attack,” Wren said. Exchange, Monday, Nov. 16, 2015, in the wake of the terrorist attacks in Paris on Friday. Stock
U.S. stocks mounted a “That might be the case if markets in New York and in much of the world are proving to be more resilient today than many
broad rally on Monday, you saw a series of these analysts had anticipated, in the aftermath of Friday’s attacks in Paris. (AP Photo/Richard Drew)
snapping a three-day things, but hopefully that’s
losing streak as investors not what’s going to hap- Coca-Cola and household S&P 500 surged 3.3 per- while Range Resources
moved past concerns that pen and the economy is products maker Procter & cent, far more than the rest rose $2.90, or 9.1 percent,
the terrorist attacks in Paris not going to be affected.” Gamble. Stocks wavered of the market. to $34.62.
could spell big trouble for All told, the Dow Jones for a while, but began to Natural gas and coal The energy sector has
the global economy. industrial average rose climb steadily by midday producer Consol Energy been the biggest laggard
Oil and gas stocks were 237.77 points, or 1.4 per- as crude oil prices perked added 56 cents, or 7.6 among industries this year,
among the biggest gainers cent, to 17,483.01. The up, pushing up energy percent, to $7.96. Cabot down 14.9 percent, as
as the price of crude rose. Standard & Poor’s 500 in- stocks. Oil & Gas gained $1.82, the slide in oil prices has
Traders also bid up shares dex gained 30.15 points, The energy sector in the or 8.8 percent, to $22.56, deepened.q
in defense contractors, or 1.5 percent, to 2,053.19.
while travel-related stocks The Nasdaq composite
slumped. added 56.73 points, or 1.2
The gains followed a mixed percent, to 4,984.62.
day in European markets, Monday’s rally helped lift
which shook off an early the market following its
loss and ended mixed. biggest weekly loss since
Friday’s attacks in Paris, August.
which killed 129 people, The market action got off
are not likely to negative- to a somber start as the
ly affect the economies New York Stock Exchange
of the U.S. or Europe, said paused to observe a mo-
Scott Wren, senior global ment of silence shortly
equity strategist for Wells before the start of regular
Fargo Investment Institute. trading.
“It all comes down to, are The major market indexes
consumers going to be started lower but rebound-
staying at home and not ed within the first 10 min-
out spending money be- utes as investors piled into
cause they’re afraid that if consumer staples stocks,
they go anywhere they’re a category that includes
Media General rejects Nexstar bid, but willing to talk
RICHMOND, Va. (AP) — would create a company ginia, was valued at $4.1 eral because it would put Nexstar Chairman and
The television company with almost 90 television billion, including debt. Nex- the company back into CEO Perry Sook said in
Media General rejected stations in 54 markets and star has said that a tie-up the print business. Media a written statement that
a $1.9 billion buyout offer magazines including Better with Media General would General sold its newspa- the company is “eager to
from Nexstar Broadcasting Homes and Gardens and reach 39 percent of U.S. TV per businesses in 2012 so move forward” with talks
on Monday, but said that Martha Stewart Living. households and create the it could better focus on its with Media General.
it’s still willing to talk. Some see the bid from second-largest owner of money-making television Media General’s board
The Nextar bid comes in Nexstar, which owns, oper- major network affiliates. stations. continues to support the
the wake of a $2.4 billion ates, programs or provides Activist investor Starboard However, Media General proposed Meredith deal.
bid from Media General services to more than 100 Value LP has been urg- said Monday that it be- For its part, Meredith said
Inc. for Meredith Corp., television stations in 58 mar- ing Media General to ne- lieves Nexstar’s current of- it remains confident that a
which owns television sta- kets, as an attempt to drive gotiate with Nexstar and fer significantly underval- deal with Media General
tions and publishes about a wedge between Mer- drop its pursuit of Meredith. ues the company and its would generate superior
20 magazines. Media Gen- edith and Media General. Starboard has said that prospects. Still, it plans to benefits for shareholders
eral said in September Its offer for Media General, buying Meredith isn’t the engage in private negotia- compared with any Nex-
that a deal with Meredith based in Richmond, Vir- right move for Media Gen- tions with Nexstar. star deal.q
