Stocks on Wall Street ended higher Friday, with the benchmark and the blue chip soaring to new records following stronger-than-expected fueled investor risk appetite.
This week we have another set of notable earnings reports from companies such as Walt Disney (NYSE:), Coinbase Global (NASDAQ:), Palantir Technologies (NYSE:) and AMC Entertainment (NYSE:), as well as key economic data, including the latest US inflation reports, making next week a busy one.
Whatever the impact of the latest round of earnings releases and US CPIs on the market, below we highlight one stock that is likely to be in high demand in the coming days and another that could see new losses .
Remember, however, that our timetable is for the coming week only. by legendary CEO Warren Buffett, this week will take center stage as investors react to his , released this weekend.
Berkshire said on Saturday that second-quarter operating income rose 21% to $6.69 billion — from $5.51 billion in the challenging period from a year ago — as the economic reopening contributed to a rail recovery. , utilities and energy companies. Revenue grew 22% year-over-year to $69.1 billion, easily exceeding expectations for $64.6 billion in revenue.
Berkshire's cash stack stood at $144.1 billion at the end of the second quarter, still close to a record despite the company's massive share buyback program. The conglomerate has repurchased $6.0 billion in its own shares during the period, bringing the total for the first six months of 2021 to $12.6 billion. Berkshire bought a record $24.7 billion worth of treasury shares last year.
In a notable development, Buffett, who turns 91 later this month, revealed that if he resigned, Berkshire's next CEO would be Greg Abel, a vice chairman who currently oversees Berkshire's non-insurance business.
Berkshire shares have outperformed the broader market this year, with Class A shares (NYSE:) and Class B shares rising 24% and 23.2%, respectively. The benchmark S&P 500 is up 18% over the same period.
BRKb shares ended Friday's session at $285.63, in sight of its all-time high of $295.08 reached on May 10, giving the Omaha, Nebraska-based conglomerate a valuation of $653.3 billion earned. To Dump: Alibaba
Shares of Alibaba Group Holdings Ltd ADR (NYSE:) are expected to face another challenging week after the Chinese e-commerce giant said on Sunday it was cooperating in a police investigation into sexual assault allegations by a female employee.
Police in Jinan city confirmed they were investigating the incident after the woman's account went viral late Saturday, sparking a social media frenzy on China's Twitter-like microblogging website Weibo.
According to the woman, she was sexually abused by her boss and a customer during a business trip at the end of last month. When she returned on August 2, she reported the alleged sexual misconduct to human resources and senior management and asked to fire her boss.
Although Human Resources initially agreed, they didn't get through, she claimed. The negative response prompted Alibaba CEO Daniel Zhang to apologize for the company's poor handling of the matter.
Alibaba promised to provide more detailed updates on the case while continuing to work with law enforcement officials on the investigation, the company said.
BABA shares — which are down about 16% so far — closed Friday at $196.39, not far from a recent 16-month low of $179.71 reached on July 27. tech giant has a market cap of $533.8 billion.
Taking into account the latest batch of negative news, it appears that BABA stocks will remain on the defensive as the company continues to face tough challenges.
