Berkshire Hathaway Inc (NYSE:BRK.A) shares nudged up a tad in pre-market Monday as Warren Buffett's investor group revealed it was buying $928 million of its own stock, according to the Wall Street Journal.
The move says much about the market, say commentators.
There is a dearth of strong investment opportunities for the firm to make with interest rates rising and the growth in tech companies slowing as 2018 comes to a close.
This is the first time in six years that Berkshire has bought back its own stock, showing a new willingness to return money to its shareholders.
Indeed, Berkshire is not the only one with the idea.
STMicroelectronics NV (BIT:STM) shares shed 1.45% to stand at €13.61 as it told traders it was launching a $750 million share buyback over the next three years.
The company said it plans to hold the shares in it treasury and use them for employee award plans.
Back to the current trend of earnings and SeaWorld Entertainment Inc (NYSE:SEAS) results splashed into view today.
Its third quarter numbers beat expectations and shares nosed up 0.23% in pre-market to $26.35, having dived on Friday.
Net income in the quarter increased to $95.99 million, or $1.11 a share, from $55.03 million, or 64 cents a share, a year ago. Analysts had expected net earnings of $1.09 per share.
Total revenue surged 10.4% to $483.2 million in the three months, which was above consensus of $475.4 million.
Also in trending news before the New York bell, several locations of the pizza chain Papa Gino's in Massachusetts reportedly abruptly closed down over the weekend, without warning or reason.
Papa Gino’s, a franchise group, reportedly made no comment yesterday, leaving many confused and upset.