Core Insights - Berkshire Hathaway, led by Warren Buffett, reported its Q2 holdings as of June 30, revealing new positions in six stocks, including over 5 million shares of UnitedHealth (UNH.N) and over 6.6 million shares of Nucor Steel (NUE.N) [2] - The company reduced its stake in Apple (AAPL.O) by 20 million shares and in Bank of America (BAC.N) by 26.31 million shares [2] - Berkshire increased its position in Chevron (CVX.N) by over 3.45 million shares and completely exited its investment in T-Mobile US (TMUS.O) [2]

Core Insights - Berkshire Hathaway, led by Warren Buffett, has resumed selling its largest holding, Apple, and has further reduced its stake in Bank of America while making significant investments in UnitedHealth and revealing new positions in Nucor and two real estate stocks [1][8][12]. Investment Actions - In Q2, Berkshire purchased approximately 5.04 million shares of UnitedHealth, with a market value of about $1.57 billion, making it the 18th largest holding [2][15]. - The "mystery" holding Nucor Steel was revealed, with Berkshire acquiring 6.61 million shares valued at over $857 million, ranking as the 25th largest holding [3][5]. - Berkshire also bought around 7.05 million shares of Lennar, valued at approximately $780 million, and over 1.48 million shares of D.R. Horton, valued at about $191 million [6][7]. Reductions in Holdings - Berkshire reduced its Apple holdings by 20 million shares, a decrease of 6.67%, bringing its total to approximately 280 million shares, with a market value reduction of $4.1 billion [8][10]. - The stake in Bank of America was cut by about 26.31 million shares, a 4.71% decrease, with a market value reduction of $1.24 billion [11][12]. - Berkshire completely exited its position in T-Mobile, selling 3.88 million shares [13]. Portfolio Composition - By the end of Q2, Apple's holding represented 22.31% of Berkshire's portfolio, while Bank of America accounted for 11.12% [10][11]. - Chevron was the only stock among the top ten holdings to see an increase, with Berkshire adding 3.45 million shares, although its percentage of the portfolio decreased from 7.69% to 6.79% due to a decline in stock price [19]. Market Reactions - Following the disclosure of Berkshire's investment in UnitedHealth, the stock price surged over 9% in after-hours trading [16].

Group 1 - Berkshire reduced its holdings in Apple by 20 million shares in the second quarter, yet Apple remains its largest position [1] - Berkshire also sold over 26 million shares of Bank of America [1] - The company completely exited its position in T-Mobile during the second quarter [1] Group 2 - Berkshire initiated a new position in health insurance giant UnitedHealth, purchasing approximately 5.04 million shares with a market value of nearly $1.6 billion [1] - Additionally, Berkshire entered positions in the largest steel producer Nucor, valued at over $800 million, and homebuilder Lennar, valued at nearly $800 million [1] Group 3 - Among the top ten holdings, Chevron was the only stock that Berkshire increased, adding 3.45 million shares [1]

Core Viewpoint - Berkshire Hathaway disclosed its Q2 holdings report, revealing a reduction in Apple and Bank of America shares, while introducing new positions in healthcare, steel, and real estate sectors [1][4][6]. Group 1: New Positions - Berkshire initiated new positions in six stocks: UnitedHealth (UNH), Nucor Steel (NUE), Lennar (LEN), D.R. Horton (DHI), Lamar Advertising (LAMR), and Allege (ALLE) [1][6]. - The total market value of these new positions at the end of Q2 was approximately $3.65 billion [6][8]. - Specific share purchases included over 5 million shares of UnitedHealth valued at about $1.57 billion, over 6.6 million shares of Nucor Steel valued at approximately $860 million, and over 7 million shares of Lennar valued at around $780 million [6][8]. Group 2: Reductions in Holdings - In Q2, Berkshire reduced its stake in Apple by 20 million shares, a decrease of approximately 6.67%, while still maintaining it as the largest holding [11][12]. - The company also sold over 26 million shares of Bank of America, representing a reduction of about 4.17% [11][12]. - Other notable reductions included selling shares in Charter Communications and completely exiting T-Mobile US [11][14]. Group 3: Market Reaction - Following the announcement of new positions, stocks like UnitedHealth and Nucor Steel saw significant after-hours gains, with increases exceeding 8% [2].

昨夜今晨，美股市场冲击新高的势头撞上现实——关税引发的美国通胀浪潮终于冒头了。美股三大指数全天陷入挣扎，最终几乎全部平收。 截至收盘，标准普尔500指数涨0.03%，报6468.54点；纳斯达克综合指数跌0.01%，报21710.67点；道琼斯工业平均指数跌0.02%，报44911.26点。理论上标普 500指数再度刷新了"收盘历史新高"，但今天显然不是那种欢快的场景。 （标普500指数日线图，来源：TradingView） 作为背景，美国7月工业生产者出厂价格指数环比暴增0.9%，创2022年6月通胀见顶以来的最大涨幅，市场的事前预期只有0.2%。同比增速也达到3.3%，比 预期值2.5%高了一大截。 Oxford Economics的经济学家马修·马丁表示，PPI报告很可能预示着未来美国消费者将面临的情况。 这也令昨日还在畅想美联储提速降息的市场泄了气。昨日充分预测9月100%降息的交易员们，目前又将降息25个基点的概率回退至92%。 热门股表现 科技巨头整体走势低迷，不过也为稳住大盘贡献了力量。截至收盘，苹果跌0.24%、微软涨0.36%、开打"外卖大战"的亚马逊涨2.86%、英伟达涨0.24%、谷 歌 ...

Core Viewpoint - Berkshire Hathaway reduced its holdings in Apple and Bank of America during the second quarter, while initiating positions in UnitedHealth, Nucor Steel, as well as real estate stock Lennar and outdoor advertising company Lamar Advertising Company [1] Group 1 - Berkshire Hathaway's divestment included significant stakes in Apple and Bank of America [1] - New investments were made in UnitedHealth and Nucor Steel, indicating a shift in investment strategy [1] - The company also entered positions in Lennar and Lamar Advertising Company, diversifying its portfolio further [1]

Financial Data and Key Metrics Changes - Nucor generated EBITDA of approximately $1.3 billion and earned $2.6 per diluted share in the second quarter, representing a significant improvement over the first quarter results driven by higher average selling prices in the steel mill segment [6][16] - Year-to-date adjusted earnings were $782 million or $3.37 per share, with second quarter results including pre-operating and startup costs of approximately $136 million or $0.45 per share [16][17] - Total capital return to shareholders for the first half of the year reached $758 million, with $329 million returned in the second quarter through dividends and buybacks [6][21] Business Line Data and Key Metrics Changes - The steel mills segment generated pre-tax earnings of $843 million, more than triple that of the prior quarter, driven by higher average selling prices, particularly in sheet and plate operations [17][19] - The steel products segment saw pre-tax earnings of $392 million, a 28% increase over the prior quarter, with stable realized pricing and higher volumes contributing to the best earnings quarter since 2024 [11][19] - The raw materials segment realized pre-tax earnings of approximately $57 million for the quarter, an increase of approximately 95% over the first quarter [20] Market Data and Key Metrics Changes - The steel mills backlog at the end of the second quarter was up nearly 30% compared to the same time last year, indicating solid and steady booking rates [17] - The sheet backlog at the end of the second quarter was 15% higher than the same time last year, reflecting strong demand [18] - Nucor's bar shipments were 13% higher in the first half of the year, while plate shipments to the bridge market hit a record in the second quarter, rising 35% for 2025 [24] Company Strategy and Development Direction - Nucor is focused on executing its growth strategy and creating value for shareholders, customers, and communities while maintaining a strong safety record [5][10] - The company is well-positioned to support growth in steel-intensive projects and promote reshoring of vital manufacturing, leveraging its diverse capabilities in the North American steel market [15][27] - Nucor anticipates domestic steel demand will be higher in 2025 compared to 2024, with confidence in capturing a healthy share of that demand [26] Management's Comments on Operating Environment and Future Outlook - Management described the pricing environment as broadly stable, with expectations of modest margin compression in the steel mill segment despite resilient backlogs and stable demand [18][26] - The company is optimistic about the impact of recent trade policies and tariffs, which are expected to curb unfairly traded imports and protect national security [12][14] - Management highlighted strong demand drivers in technology, infrastructure, energy, and data centers, which are expected to continue driving demand for steel and steel products [22][24][25] Other Important Information - Nucor's credit ratings are the highest among North American steel producers, with a total debt to capital ratio of approximately 24% and cash of approximately $2.5 billion [21] - The company is on track to deploy approximately $3 billion in capital expenditures for the year, with significant progress on several important capital projects [7][10] Q&A Session Summary Question: Can you break down the margin compression in the steel products segment? - Management indicated that the margin compression is not due to weak demand drivers but rather a lag effect from orders taken in late Q4 and early Q1, with recent price increases announced [29][33] Question: What are the biggest opportunities to displace imports in the second half of the year? - Management noted that opportunities exist across various product lines, with an 85% utilization rate across the steel mill segment and a focus on meeting demand where it exists [37][39] Question: Can you speak to the pre-operating startup costs and outlook for new assets? - Management expects pre-operating startup costs to be in the range of $140 million to $150 million per quarter for the back half of the year, with significant contributions to EBITDA anticipated as new assets ramp up [48][49] Question: What is driving the expected margin compression in the steel mills segment? - Management highlighted the impact of tariffs on raw materials and a lag effect in pricing as key drivers of the expected margin compression [56][105] Question: Have you seen any tariff-led costs in Q2? - Management confirmed that there were no tariff-led costs observed in Q2 [71] Question: What is the outlook for working capital in H2? - Management indicated that a large working capital build in H1 set up a constructive pivot for free cash flow in the second half of the year [79][80]

Financial Data and Key Metrics Changes - Nucor generated EBITDA of approximately $1.3 billion and earned $2.6 per diluted share in Q2 2025, representing a significant improvement over Q1 results driven by higher average selling prices in the steel mill segment and stable pricing with higher volumes in the steel products segment [5][14] - Year-to-date adjusted earnings were $782 million or $3.37 per share, with Q2 results including pre-operating and startup costs of approximately $136 million or $0.45 per share [14][15] - Total capital return to shareholders for the first half of the year reached $758 million, with $329 million returned in Q2 alone [5][19] Business Line Data and Key Metrics Changes - The steel mills segment generated pre-tax earnings of $843 million, more than triple that of the prior quarter, driven by higher average selling prices, particularly in sheet and plate operations [15][17] - The steel products segment achieved pre-tax earnings of $392 million, a 28% increase over the prior quarter, supported by stable pricing and higher volumes [9][17] - The raw materials segment realized pre-tax earnings of approximately $57 million, an increase of about 95% over Q1 [18] Market Data and Key Metrics Changes - Nucor's steel mills backlog at the end of Q2 was up nearly 30% compared to the same time last year, indicating strong demand [15][16] - The pricing environment for HRC has remained stable, with spot prices within a 5% band around $900 per ton for the past 16 weeks [16] - Bar shipments were 13% higher in the first half of the year, while plate shipments to the bridge market rose 35% for 2025 [21][22] Company Strategy and Development Direction - Nucor is focused on executing its growth strategy and creating value for shareholders, customers, and communities while maintaining a strong safety record [4][5] - The company is expanding its capabilities with new projects, including a rebar micro mill in Lexington, North Carolina, and a melt shop in Kingman, Arizona, which are expected to ramp up production in the coming quarters [7][8][44] - Nucor supports the administration's actions to strengthen tariffs and trade laws to protect domestic steel producers from unfair imports [10][12] Management's Comments on Operating Environment and Future Outlook - Management expressed optimism about the demand for steel driven by technology and advanced manufacturing projects, infrastructure spending, energy sector growth, and data center construction [20][21][22][24] - The outlook for Q3 indicates nominally lower consolidated earnings compared to Q2, with expectations of modest margin compression in the steel mill segment [25][26] - Management highlighted the importance of maintaining a strong balance sheet and investment-grade credit profile, with a total debt to capital ratio of approximately 24% [19] Other Important Information - Nucor's capital expenditures for the quarter totaled $954 million, with plans to deploy approximately $3 billion in CapEx for the year [5] - The company has a diverse raw material supply chain, allowing it to optimize costs and adapt to changing market conditions [12][13] Q&A Session Summary Question: Can you break down the margin compression in steel products? - Management indicated that margin compression is not due to weak demand but rather a lag effect from orders taken in late Q4 and early Q1, with recent price increases announced [28][31][34] Question: What are the biggest opportunities to displace imports? - Management noted that opportunities exist across various product lines, with utilization rates around 85% and a focus on meeting demand without stockpiling [35][37] Question: Can you discuss the ramp-up of the Lexington and Kingman facilities? - Management expressed excitement about the ramp-up of these facilities, with expectations for positive contributions to EBITDA in Q3 and Q4 [43][44][47] Question: What is driving the expected margin compression in the steel mills segment? - Management cited the impact of tariffs on raw materials and a lag effect in pricing as key drivers of the expected margin compression [55][56] Question: Have you seen any tariff-led costs in Q2? - Management confirmed that there were no tariff-led costs impacting Q2 results [69] Question: What is the outlook for working capital in H2? - Management indicated that a significant build in working capital in H1 is expected to pivot positively in H2, leading to improved free cash flow [78]

Core Insights - Nucor Corporation (NUE) reported earnings of $2.60 per share for Q2 2025, a decrease from $2.68 in the same quarter last year, and missed the Zacks Consensus Estimate of $2.62 [1][8] - The company achieved net sales of $8,456 million, reflecting a year-over-year increase of approximately 4.7%, surpassing the Zacks Consensus Estimate of $8,405.1 million [1][8] Nucor's Operating Figures - Total sales tons to outside customers for steel mills in Q2 were 5,044,000 tons, up 9% year over year, but below the estimate of 5,359,000 tons [2] - Overall operating rates at Nucor's steel mills increased to 85% in Q2 2025 from 80% in Q1 2025 and 75% in Q2 2024 [2] Segment Highlights - The steel mill segment saw an increase in earnings compared to the previous quarter, primarily due to higher average selling prices at Nucor's sheet and plate mills [3] - The steel products segment also experienced an earnings increase from Q1, driven by stable average selling prices and higher volumes [3] - The raw materials segment's earnings rose sequentially, supported by scrap processing operations [4] Financial Position - Cash and cash equivalents at the end of the quarter were $1,946 million, down approximately 57.4% year over year [5] - Long-term debt increased to $6,692 million, up 18.5% year over year [5] - Nucor repurchased around 1.8 million shares of its common stock during the quarter [5] Outlook - The company anticipates Q3 2025 earnings to be slightly lower than Q2 due to expected declines in the steel mills unit and stable earnings in the steel products and raw materials segments [6] - Despite strong backlogs and a consistent demand outlook, Nucor expects margin compression in Q3 compared to Q2 [6] Price Performance - Nucor's shares have decreased by 9.3% over the past year, in contrast to a 21.7% decline in the industry [7]

Financial Performance - Q2 2025 EBITDA was approximately $13 billion[10], compared to $15 billion in the previous period[10] - Net earnings for Q2 2025 were $603 million[10], down from $845 million[10] - Earnings per diluted share (EPS) were $260 in Q2 2025[10], compared to $346 in the previous period[10] - Capital expenditures in Q2 2025 reached $954 million[10], reaffirming the full-year estimate of approximately $3 billion[10] - Share repurchases in Q2 2025 amounted to $200 million, representing 18 million shares[10] - The company returned 55% of Q2 2025 net earnings to shareholders and 100% of year-to-date earnings[10] Operational Highlights and Market Conditions - Steel mills achieved EBITDA positivity at Brandenburg and record sheet shipments[10] - Steel product shipments and margins increased in Q2 2025, with a stable backlog[10] - Strong mill backlogs were maintained at approximately 37 million tons at the end of Q2 2025, a 30% year-over-year increase[10] - Steel imports decreased by approximately 9% year-to-date through June compared to the same period in 2024[10]