Authorization

Warren Buffett's stock portfolio took a $1.6 billion hit from Bank of America and Wells Fargo in a single day

Warren Buffett's stock portfolio took a $1.6 billion hit from Bank of America and Wells Fargo in a single day


Chip Somodevilla / Getty



Warren Buffett's Berkshire Hathaway took a $1.6 billion hit to its portfolio after Bank of America and Wells Fargo shares dropped more than 5% on Wednesday.



Shares slumped after the banks reported double-digit declines in revenue and net income for the third quarter.



Berkshire boasted an almost 12% stake in Bank of America a?? the second-biggest holding in its portfolio after Apple a?? and owned more than 3% of Wells Fargo at the last count.



Buffett's company plowed $2.1 billion into Bank of America over 12 straight trading days to August 4, while it has slashed its Wells Fargo position by more than 60% this year.



Visit Business Insider's homepage for more stories.

Warren Buffett's Berkshire Hathaway suffered a $1.6 billion blow to its portfolio from just two stocks on Wednesday, as Bank of America and Wells Fargo slumped more than 5% after reporting their third-quarter earnings.Bank of America posted an 11% slump in revenue and a 16% drop in net income, as the pandemic continued to weigh on its business. Wells Fargo disclosed steeper declines of 14% and 56% respectively.Read More: Chewy cofounder Ryan Cohen lays out the crucial skills he learned from Warren Buffett and his father, and explains why he's all-in on AppleBerkshire has significant exposure to Bank of America, as the lender is the second-largest holding in the company's stock portfolio after Apple. Buffett's company added to the position over 12 straight trading days to August 4, spending $2.1 billion to boost its stake to 1.03 billion shares or almost 12%.
See also:
Leave a comment
News
  • Latest
  • Read
  • Commented
Calendar Content
«    Декабрь 2020    »
ПнВтСрЧтПтСбВс
 123456
78910111213
14151617181920
21222324252627
28293031