Berkshire Hathaway Buys Shares of Bank of New York, Sells Home Depot
The holding company acquired about 2 million Bank of New York shares, worth about $52 million, according to a Securities and Exchange Commission document the company filed Monday. Berkshire Hathaway, which had 2.8 million Home Depot shares, worth about $77 million as of June 30, sold that stake during the quarter, according to company filings.
Earlier this month, Berkshire Hathaway reported that second-quarter earnings fell 7.7% from a year earlier after losses from derivatives more than offset operating gains largely from its February acquisition of railroad operator Burlington Northern Santa Fe Corp. Net income was $2.99 billion, or $1,814 per Class-A a share, down from $3.24 billion, or $2,087, a year earlier.
Revenue increased 21% to $36.3 billion. Berkshire, whose companies also include GEICO, See's Candies and Dairy Queen, was expected to earn $1,677 a share on $33.7 billion in revenue, the average analyst estimate in a Thomson Reuters survey.
Home Depot shares were little changed in extended trading Monday, while Bank of New York shares rose 1.7% to $28.19 at about 5 p.m. Eastern time.