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Buffett's Berkshire sells $3.8 billion worth of Bank of America in 12-day selling spree - TL;DR CNBC

Buffett's Berkshire sells $3.8 billion worth of Bank of America in 12-day selling spree

Publishing timestamp: 2024-08-02 12:01:28


Summary

Warren Buffett's Berkshire Hathaway continues to sell Bank of America shares, reducing its stake in the bank. Despite the selling spree, BofA remains one of Berkshire's top holdings. The bank's stock has dropped amid recession fears, but it has outperformed the S&P 500 year to date. Buffett initially invested in BofA in 2011 after the financial crisis and has praised the bank's business, valuation, and management. BofA recently reported strong second-quarter results.


Sentiment: MIXED

Tickers: BAC?TAB=OWNERSHIPAAPLBACAXP

Keywords: breaking news: marketsbreaking news: investingmarketsamerican express cobank of america corpstock marketsbusiness newswall streetapple incbreaking news: businessinvestment strategy

Source: https://www.cnbc.com/2024/08/02/buffetts-berkshire-sells-3point8-billion-worth-of-bank-of-america-in-12-day-selling-spree.html


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