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Cash Is King
Sean H. & Jocelin A.
November 04, 2024 • Estimated Reading Time: 10 minutes
TLDR
MARKET RECAP → Stocks wavered Monday as investors braced for the U.S. presidential election and a possible Federal Reserve rate cut later this week.
BERKSHIRE HATHAWAY CASH TOPS $300 BILLION 💰 → Berkshire Hathaway’s (BRK.B) cash reserves soared past $300 billion as Warren Buffett sold off major stock holdings and paused share buybacks, signaling a cautious approach in today’s market.
BOEING MACHINISTS VOTE ON NEW CONTRACT → Boeing’s (BA) machinists are voting on a 38% raise offer to end a seven-week strike, with union leaders urging workers to lock in gains amid high living costs.
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TODAY’S TOP NEWS
Berkshire Hathaway Cash Tops $300 Billion
Record Cash Holdings: Berkshire Hathaway's (BRK.B) cash reserves have exceeded $300 billion, reaching an unprecedented level as the company continues to sell off portions of its stock portfolio.
Strategic Stock Sales: The conglomerate has reduced its holdings in major companies, including Apple and Bank of America, contributing to the significant increase in cash reserves.
Buyback Suspension: Despite the substantial cash accumulation, Berkshire has halted its stock repurchase program, indicating a cautious approach to capital allocation in the current market environment.
TODAY’S TOP NEWS
Boeing Machinists Vote On New Contract
Contract Offer: 📈 Boeing (BA) machinists faced their third vote on a revised contract, with the latest offer promising a 38% pay raise over four years. This followed earlier rejections and extended a strike that began in mid-September.
Union’s Message: ⚠️ The union warned workers this might be the best offer available, urging them to “lock in these gains” amidst rising living costs in the Seattle area, where most Boeing jets are made.
Financial Impact: 💸 Boeing has raised over $20 billion to sustain operations during the strike, while CEO Kelly Ortberg called for workers to return, stressing the impact on suppliers, communities, and the company’s production goals.
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KEEP READING
Striking Boeing machinists vote on union-backed contract proposal, this time with a warning (CNBC)
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Singapore Airlines will add first class, revamp cabins for longest flights (CNBC)
Germany’s government is on the brink of collapse — here’s what could happen now (CNBC)
Barry Diller calls timing of The Washington Post’s non-endorsement a ‘blunder’ (CNBC)
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