Monday, November 29, 2021 8:01:45 AM
Giant U.S. Pension Bought AMC, Snowflake, and Tilray. It sold Berkshire Hathaway. -- Barrons.com
Mentioned: AMC BRK.A BRK.B SNOW TLRY
Ed Lin
The second-largest public pension by assets in the U.S. increased its stake in one of the year's most-volatile stocks, initiated a position in a marijuana grower, and trimmed its exposure to Warren Buffett.
The California State Teachers' Retirement System bought more shares of movie-theater chain AMC Entertainment Holdings (ticker: AMC) and analytics-software firm Snowflake ( SNOW), acquired shares of the cannabis producer Tilray (TLRY), and reduced its holdings in Berkshire Hathaway ( BRKb), Buffett's investment juggernaut. Calstrs, as the pension is known, disclosed the stock trades, among others, in a form it filed with the Securities and Exchange Commission.
Calstrs said it doesn't comment on its holdings or on individual investment managers. The pension managed $321.9 billion in assets as of Oct. 31 .
Calstrs bought 133,512 more shares of AMC to end the third quarter with 689,917 shares. AMC's stock price rocketed nearly 19-fold in the first nine months of the year, and so far in the fourth quarter shares are down 1%. For comparison, the S&P 500 index rose 15% in the first nine months, and has gained 6.7% so far in the fourth quarter.
AMC stock caught fire during the meme-stock frenzy early in the year, when small investors communicating via social media bought shares of beaten-down companies in hopes of triggering gains that would force people who had bet against those stocks to buy in order to close their bets. The trend led to a surge in volatility that prompted the Federal Reserve to warn this month that meme-stock related market swings could be a risk to the financial system. AMC's third-quarter results were better than expected, and the chain is now accepting cryptocurrencies for online payments.
The pension bought 347,900 Tilray shares in the third quarter; at the end of the second, it hadn't owned any. Tilray stock rose 37% in the first nine months of the year, and so far in the fourth quarter shares are down 6.4%.
In early October, Tilray reported a wider-than-expected loss for the fiscal first quarter. Recent legislative proposals, including one that would decriminalize pot at the federal level have lifted Tilray and its peers. The legal-pot sector, however, saw layoffs during the Covid-19 pandemic.
Snowflake stock rose 7.5% in the first nine months of the year, and so far in the fourth quarter shares have gained 20%. The gain could have been bigger, but Snowflake and other cloud-software peers slipped after President Joe Biden nominated Federal Reserve Board Chair Jerome Powell to another four-year term. Interest rates rose in the wake of the nomination, tempering enthusiasm for richly valued, high-growth stocks.
The company reported a mixed second quarter in August, and Snowflake will report its third quarter after the market close on Dec. 1.
Calstrs bought 119,934 additional Snowflake shares to end the third quarter with 328,801 shares.
The pension sold 511,630 class B shares of Berkshire Hathaway to end the third quarter with 2.9 million shares of Buffett's firm. Shares rose 18% in the first nine months of the year, and so far in the fourth quarter they have gained 3.7%.
Berkshire Hathaway disclosed that it had a record $149 billion in cash at the end of September. Buffett and John Malone -- two billionaires skilled in tax-efficient transactions -- recently did a stock swap. During the third quarter, Berkshire Hathaway itself sold Big Pharma stock.
Inside Scoop is a regular Barron's feature covering stock transactions by corporate executives and board members -- so-called insiders -- as well as large shareholders, politicians, and other prominent figures. Due to their insider status, these investors are required to disclose stock trades with the Securities and Exchange Commission or other regulatory groups.
Recent TLRY News
- Shock Top Announces its Official Craft Beer Sponsorship of University of Missouri Athletics • GlobeNewswire Inc. • 09/19/2024 11:12:39 AM
- Tilray Medical Launches Redecan Cannabis Brand in Australia • GlobeNewswire Inc. • 09/18/2024 11:00:00 AM
- Form PRE 14A - Other preliminary proxy statements • Edgar (US Regulatory) • 09/17/2024 08:08:50 PM
- Form 8-K - Current report • Edgar (US Regulatory) • 09/17/2024 12:27:26 PM
- Form 424B7 - Prospectus [Rule 424(b)(7)] • Edgar (US Regulatory) • 09/17/2024 12:22:43 PM
- Tilray Brands Completes Acquisition of Atwater Brewery From Molson Coors Beverage Company • GlobeNewswire Inc. • 09/12/2024 08:05:00 PM
- Breckenridge Brewery Unveils Oktoberfest Brew and Hosts 28th Annual Oktoberfest Festival: A Weekend of Live Music, Traditional German Cuisine, and Tasty Brews in Breckenridge, Colorado • GlobeNewswire Inc. • 09/12/2024 11:00:00 AM
- Tilray Medical Supports Scientific Study on Fibromyalgia With Positive Outcomes: Effectiveness of Cannabinoids Treatment in Pain Management and Other Fibromyalgia-Associated Symptoms • GlobeNewswire Inc. • 09/09/2024 11:00:00 AM
- Tilray Brands Completes Acquisition of Craft Beer Brands and Breweries from Molson Coors Beverage Company • GlobeNewswire Inc. • 09/03/2024 02:33:24 PM
- High Volatility Expected in Nvidia Report, Ambarella Soars 20%, Hertz Strengthens Board, Apple Cuts Jobs • IH Market News • 08/28/2024 09:50:36 AM
- Breckenridge Brewery Announces Latest Concert Series With Kaleo, Hippo Campus and Cassandra Lewis • GlobeNewswire Inc. • 08/26/2024 11:00:00 AM
- Craft Cannabis Brand, Broken Coast, Launches Latest Artisanal Strain, ‘Milk & Cookies’ for Avid Indica Enthusiasts • GlobeNewswire Inc. • 08/22/2024 11:00:00 AM
- Solei Launches New THC Infused Sparkling Beverages and Topicals • GlobeNewswire Inc. • 08/15/2024 11:00:00 AM
- Shock Top and Gator Athletics Partner to Introduce First-Ever Craft Beer Sponsorship of the Florida Athletic Department • GlobeNewswire Inc. • 08/14/2024 11:00:00 AM
- UBS Beats Earnings Forecasts, Intel Divests Arm Holdings, Flutter Surges 9% in Premarket Trading, and More • IH Market News • 08/14/2024 09:56:35 AM
- Tilray Brands to Acquire Four Craft Beer Breweries from Molson Coors Beverage Company • GlobeNewswire Inc. • 08/13/2024 06:15:00 PM
- Breckenridge Distillery Partners with Denver Broncos Legends to Release Fourth Edition Broncos Country Bourbon Blends • GlobeNewswire Inc. • 08/08/2024 12:00:00 PM
- Move Over Pumpkin Spice, Shock Top Reclaims Autumn With the Return of Twisted Pretzel • GlobeNewswire Inc. • 08/08/2024 11:00:00 AM
- Breckenridge Brewery Opens New Location in Fort Collins, Colorado • GlobeNewswire Inc. • 08/05/2024 11:00:00 AM
- Form 4 - Statement of changes in beneficial ownership of securities • Edgar (US Regulatory) • 08/02/2024 08:08:13 PM
- Form 4 - Statement of changes in beneficial ownership of securities • Edgar (US Regulatory) • 07/30/2024 10:35:16 PM
- Form 4 - Statement of changes in beneficial ownership of securities • Edgar (US Regulatory) • 07/30/2024 10:34:57 PM
- Form 4 - Statement of changes in beneficial ownership of securities • Edgar (US Regulatory) • 07/30/2024 10:34:33 PM
- Form 4 - Statement of changes in beneficial ownership of securities • Edgar (US Regulatory) • 07/30/2024 10:34:13 PM
- Form 4 - Statement of changes in beneficial ownership of securities • Edgar (US Regulatory) • 07/30/2024 10:33:53 PM
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