Verizon gained as much as 3.8% on Wednesday after Warren Buffett’s Berkshire Hathaway unveiled a multibillion-dollar stake in the telecom giant.
The conglomerate revealed it added 147 million of Verizon’s shares to its holdings in the quarter that ended December 31, according to a 13-F filing published Tuesday. The purchase amounted to roughly $8.6 billion in stock.
Buffett also took a $4.1 billion stake in Chevron and established a $500 million investment in professional-services firm Marsh & McLennan through the December quarter.
Berkshire won regulatory approval to keep its three new investments private in its third quarter 13-F filing after arguing it wasn’t yet done building the positions. New investments by the holding company tend to drive share prices higher, as a bullish outlook from Buffett often attracts new investors. Read more…..
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Hans Vestberg, Verizon CEO and chairman, joins ‘Power Lunch’ to discuss Apple’s 5G announcement, how it helps Verizon’s goals to roll out 5G in the U.S. and the doubts surrounding the technology.
