Monday, November 29, 2021 10:25:01 AM
"Giant U.S. Pension Bought AMC, Snowflake, and Tilray. It sold Berkshire Hathaway. -- Barrons.com
BY Dow Jones & Company, Inc.
— 7:00 AM ET 11/29/2021
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 ( AMC ) and analytics-software firm Snowflake ( SNOW), acquired shares of the cannabis producer Tilray ( TLRY ) , and reduced its holdings in Berkshire Hathaway ( BRK/A ) ( 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."
Remember the good and forget the bad....life is too short to do otherwise.
Recent AMC News
- Nike Shares Surge 7% Pre-Market as Elliott Hill Becomes CEO; FedEx Shares Tumble 13% After Profit Miss • IH Market News • 09/20/2024 10:02:58 AM
- AIG names new CFO; Progyny Drops 24% After Losing Key 2025 Contract; Exicure Jumps 190% With Nasdaq Extension • IH Market News • 09/19/2024 10:26:48 AM
- AMC Entertainment Holdings, Inc. Board of Directors Elects Marcus Glover to Serve as a Director of the Company, Effective September 12, 2024 • Business Wire • 09/16/2024 10:45:00 AM
- Amcor announces senior executive appointments to accelerate organic growth • PR Newswire (US) • 09/05/2024 08:10:00 PM
- Qualcomm Develops Mixed Reality Glasses; Verizon to Boost Dividend, Eyes Acquisition; Samsonite Plans US Dual Listing • IH Market News • 09/05/2024 10:11:35 AM
- Amcor appoints Peter Konieczny as Chief Executive Officer • PR Newswire (US) • 09/04/2024 08:10:00 PM
- BRANDON LAKE AND PHIL WICKHAM PRESENT 'FOR THE ONE' TOUR DOCUMENTARY WITH FATHOM • PR Newswire (US) • 08/27/2024 01:02:00 PM
- GND Media Group, in Association with Pure Flix and Fathom, Reveal Official Trailer for AVERAGE JOE • PR Newswire (US) • 08/20/2024 04:30:00 PM
- Amcor publishes Decarbonization Roadmap • PR Newswire (US) • 08/20/2024 02:12:00 PM
- AMC Entertainment Holdings, Inc. Reports Second Quarter 2024 Results • Business Wire • 08/02/2024 08:15:00 PM
- ASML Rises 7% on Export Waiver; Intel Plans Layoffs, HSBC $3B Buyback Announced, and More • IH Market News • 07/31/2024 09:55:50 AM
- RENDEZVOUS IN PARIS Concert Film Coming to Global Cinemas Beginning September 12 • Business Wire • 07/30/2024 01:00:00 PM
- AMC Entertainment Posts Its Highest Weekend Attendance and Admissions Revenue of 2024 – In the U.S. and Globally – And Its Highest Weekend for Food & Beverage Revenue in the U.S. Since 2019 • Business Wire • 07/29/2024 12:15:00 PM
- NBA Signs $77 Billion Broadcast Deal, CrowdStrike Criticized for Insufficient Reward, Honda Shuts Down Chinese Factory • IH Market News • 07/25/2024 10:15:46 AM
- AMC Entertainment Holdings, Inc. Previews Second Quarter 2024 Preliminary Results and Announces Second Quarter 2024 Earnings Webcast • Business Wire • 07/24/2024 01:26:00 PM
- Johnson Controls Division Sold for $8 Billion; Alphabet’s Offer Rejected by Wiz; AMD President Announces Retirement • IH Market News • 07/23/2024 10:00:52 AM
- AMC Entertainment Holdings, Inc. Announces Collaborative Refinancing Transactions that Extend Up To $2.45 Billion of Debt Maturities from 2026 to 2029 and Beyond • Business Wire • 07/22/2024 05:48:00 PM
- Sight & Sound Partners to Premiere Their First Ever LIVE Broadcast into Movie Theaters Nationwide, Courtesy of Fathom Events • GlobeNewswire Inc. • 07/09/2024 02:00:08 PM
- BP Slashes Profit Forecast by $700 Million; Morgan Stanley Predicts S&P 500 10% Drop, and More News • IH Market News • 07/09/2024 10:54:32 AM
- More Than 4 Million U.S. Moviegoers Spent Part of Their Extended Holiday Weekend at AMC Theatres® as the Company Recorded Its Highest Domestic Attendance – for a Wednesday Through Sunday – in 2024 • Business Wire • 07/08/2024 12:15:00 PM
- UPS Divests Coyote Logistics in $1.025 Billion Deal with RXO, Under Armour Agrees to $434 million Settlement, and More News • IH Market News • 06/24/2024 11:00:20 AM
- AMC Theatres® Records its Most Attended and Highest Grossing Weekend of 2024 – Domestically and Globally • Business Wire • 06/17/2024 01:28:00 PM
- AMC Theatres Offers Movie Lovers Eight Ways to Save at the Movies This Summer • Business Wire • 06/07/2024 10:45:00 AM
- Amcor's new European Innovation Center brings brands the latest in material science and packaging design • PR Newswire (US) • 05/30/2024 07:02:00 AM
North Bay Resources Commences Operations at Bishop Gold Mill, Inyo County, California; Engages Sabean Group Management Consulting • NBRI • Sep 25, 2024 9:15 AM
CEO David B. Dorwart Anticipates a Bright Future at Good Gaming Inc. Through His Most Recent Shareholder Update • GMER • Sep 25, 2024 8:30 AM
Cannabix Technologies and Omega Laboratories Inc. Advance Marijuana Breathalyzer Technology - Dr. Bruce Goldberger to Present at Society of Forensic Toxicologists Conference • BLOZF • Sep 24, 2024 8:50 AM
Integrated Ventures, Inc Announces Strategic Partnership For GLP-1 (Semaglutide) Procurement Through MedWell USA, LLC. • INTV • Sep 24, 2024 8:45 AM
Avant Technologies Accelerates Creation of AI-Powered Platform to Revolutionize Patient Care • AVAI • Sep 24, 2024 8:00 AM
VHAI - Vocodia Partners with Leading Political Super PACs to Revolutionize Fundraising Efforts • VHAI • Sep 19, 2024 11:48 AM