Billionaire investor Warren Buffett has dumped more than $3 billion worth of shares in Bank of America over the past weeks, taking profits after a big run-up in the second-largest US lender’s stock price.The 93-year-old Buffett, dubbed ‘the Sage of Ohama’, disposed of 18.4 million of the bank’s shares for $767 million between July 25 and 29, according to a Monday night regulatory filing.In all, his investment conglomerate, Berkshire Hathaway, has sold 71.2 million Bank of America shares for $3.05 billion si ...

Tractor giant John Deere faced backlash after announced it was laying off hundreds of workers across the Midwest — even as it continues to operate a manufacturing hub in Mexico.The Illinois-based company, which is the world’s largest seller of large tractors and other farm equipment, informed hundreds of employees in Iowa last week that they were out of a job.Around 100 people will come from the plant in Dubuque, according to Hoosier Ag Today. 3 John Deere is the world’s largest seller of farming equipmen ...

Major videogame publishers including Electronic Arts and Take-Two will likely stave off a big hit from the strike by voice actors and motion-capture artists due to their in-house studios and the lengthy development cycles for games, analysts said.The strike, which began last week, marked the latest in Hollywood after unions representing writers and actors took to the picket lines last year seeking protections against the use of artificial intelligence.It comes at a crucial time for the videogame industry as ...

McDonald’s on Monday reported its first sales drop since the early days of the coronavirus pandemic as the burger giant struggled to draw in cash-strapped customers because of inflated menu prices.The Chicago-based fast food chain — which rolled out a $5 value meal last month to lure customers — said that its same-store sales in the US fell by 0.7% in the second quarter while revenues were flat, missing analyst estimates of an 0.8% increase.Last year, US-based same-store sales rose 10.3%. Sales in internati ...

Apple’s upcoming artificial intelligence features will arrive later than anticipated and will miss the initial launch of upcoming iPhone and iPad software overhauls, Bloomberg News reported on Sunday.The iPhone maker is planning to begin rolling out Apple Intelligence to customers as part of software updates coming by October, the report added, citing people familiar with the matter. AI features will arrive a few weeks after the initial iOS 18 and iPadOS 18 releases planned for September, Bloomberg said.App ...

Costco is looking toward technology to improve the customer experience at its brick-and-mortar and online stores without significantly changing the retail giant’s proven business strategy, the company’s chief financial officer said.Costco CFO Gary Millerchip was taking questions from analysts during Costco’s third quarter earnings call earlier this year when he was asked what the company thought about being “more aggressive” with the evolution of its retail business model by deploying more technology in its ...

A jury on Friday found that Abbott Laboratories’ specialized formula for premature infants caused an Illinois girl to develop a dangerous bowel disease, ordering the healthcare company to pay $495 million in damages.The verdict in St. Louis, Missouri state court comes in the first trial against the company out of hundreds of similar claims over the formula pending in courts around the country, which Reuters viewed via Courtroom View Network.Illinois resident Margo Gill, who brought the case against Abbott, ...

Apple on Friday said it will voluntarily adopt safeguards for artificial intelligence — joining other tech giants including OpenAI, Amazon, Google parent Alphabet and Meta in complying with Biden administration guidelines aimed at minimizing national security risk.In July 2023, the Biden administration announced that it had secured voluntary commitments from seven leading AI companies who pledged “to help move toward safe, secure, and transparent” development of the technology.Amazon, Anthropic, Google, Inf ...

Ford plunged nearly 20% on Thursday after the company missed Wall Street’s profit estimates — leading to the worst single-day stock decline for the automotive giant in nearly two decades. The Detroit-based car manufactured revealed late Wednesday a second-quarter operating profit of $2.8 billion, down 26% from $3.8 billion in the second quarter of 2023, as it struggles with quality-related costs and stiff competition in its EV business.Operating profit fell far below analysts’ expectations of $3.7 billion, ...

Investment Activity - Citadel has increased its stake in Sphere Entertainment from 1.6% to 5.3%, acquiring approximately 900,000 additional shares since April 1, bringing its total to around 1.5 million shares [7][14] - Steve Cohen's Point72 Asset Management disclosed a 5.5% stake in Sphere Entertainment earlier this month [8][12] Company Overview - Sphere Entertainment owns and operates the Sphere, a $2.3 billion concert venue in Las Vegas, which opened a year ago and has gained attention for its immersive shows and concerts [10][4] - The Dolan family retains voting control of Sphere Entertainment, holding 8.5 million shares [5][14] Financial Performance - Sphere generated $100.5 million in total revenue during its most recent quarter [11] - Sphere's shares were trading at $43.45, with a slight decrease of less than 1% on Thursday, but the stock has increased by approximately 30% since January 1 [2][17] Recent Developments - Negotiations for a residency agreement between Sphere and Beyoncé reportedly broke down due to her demand for a two-week rehearsal period [9][15] - The venue has hosted notable performances, including 40 shows by U2, and has upcoming bookings with Dead & Company and the Eagles [16]