Monday, November 24, 2014 9:45:55 AM
Warren Buffett Lost $2.4 Billion on These 2 Stocks in the Past Week
By Jay Jenkins | More Articles | Save For Later
October 23, 2014 | Comments (0)
Two of Warren Buffett's largest stock holdings have been absolutely creamed in the markets recently, leaving the Oracle of Omaha down about $2.4 billion in just the past seven days.
Is Coca-Cola losing its fizzle?
Last Wednesday, shares of Coca-Cola Company (NYSE: KO ) opened the trading day at $43. By the close of trading last night, those shares were down about 6% to $40.68.
Buffett owns 400 million shares of Coca-Cola, according to Berkshire Hathaway's (NYSE: BRK-A ) (NYSE: BRK-B ) most recent filings with the SEC. Therefore the math works out to a loss of over a billion dollars.
Coke's decline came as a result of a disappointing third-quarter earnings report. The world's largest soda brand reported flat volume sales, with declining revenue and earnings. Company management also announced a new plan to cut upwards of $3 billion in annual costs by 2019.
IBM drops over 11%
Buffett's fourth-largest holding, IBM (NYSE: IBM ) , had an even worse week than Coca-Cola. Big Blue fell about 11% over the week ending with the closing bell on Tuesday night, dinging Buffett for a cool $1.4 billion paper loss.
What we have here...is a failure to communicate!
VHAI - Vocodia Partners with Leading Political Super PACs to Revolutionize Fundraising Efforts • VHAI • Sep 19, 2024 11:48 AM
Dear Cashmere Group Holding Co. AKA Swifty Global Signs Binding Letter of Intent to be Acquired by Signing Day Sports • DRCR • Sep 19, 2024 10:26 AM
HealthLynked Launches Virtual Urgent Care Through Partnership with Lyric Health. • HLYK • Sep 19, 2024 8:00 AM
Element79 Gold Corp. Appoints Kevin Arias as Advisor to the Board of Directors, Strengthening Strategic Leadership • ELMGF • Sep 18, 2024 10:29 AM
Mawson Finland Limited Further Expands the Known Mineralized Zones at Rajapalot: Palokas step-out drills 7 metres @ 9.1 g/t gold & 706 ppm cobalt • MFL • Sep 17, 2024 9:02 AM
PickleJar Announces Integration With OptCulture to Deliver Holistic Fan Experiences at Venue Point of Sale • PKLE • Sep 17, 2024 8:00 AM