This news bulletin focuses on the trending business news and headlines around the world.
Click on the headlines to read the full story of the business news.
According to its last regulatory filing, Buffett’s firm had increased its stake in Apple to 252 million shares in the second quarter. According to Bloomberg, Berkshire’s investment in Apple is worth more than $50 billion, making it the third-biggest shareholder in the Cupertino, California-based company with a more-than 5% stake. (See also: Warren Buffet’s Berkshire Portfolio is Now 24% Apple: 13F.)
Aug 31 (Reuters) – Coca-Cola Co has agreed to buy coffee chain Costa for $5.1 billion including debt to extend its push into healthier drinks and take on the likes of Starbucks and Nestle in the booming global coffee market.
The purchase from Britain’s Whitbread of Costa’s almost 4,000 outlets thrusts the world’s biggest soda company into one of the few bright spots in the sluggish packaged food and drinks sector.
NEW YORK, Aug 30 (Reuters) – Funds run by BlackRock Inc voted in favor of a recent shareholder proposal that would have required Tesla Inc to replace Elon Musk with an independent chairman.
BlackRock-managed funds voted for a measure requiring the chairman be an independent director, according to BlackRock’s filing with the U.S. Securities and Exchange Commission on Thursday. The proposal, which was defeated, would not have affected Musk’s standing as Tesla’s chief executive officer.
Netflix Inc.’s (NFLX) stock has almost doubled thus far in 2018. But shares of the streaming media company fell by more than 24% in the middle of July after reporting disappointing subscriber additions in the second quarter. Even worse, the company guided the revenue outlook for the third quarter below analysts’ estimates, and that sent shares into a tailspin. The stock has recovered some, and the technical chart suggests the stock may rise 7% more in the coming weeks. (For more, see also: Netflix in Correction, but Still Huge 2018 Leader.)
Canadian cannabis company Cronos Group, Inc. (CRON) fell by nearly 30% on Thursday following a damning prediction by Citron Research’s famous short-seller Andrew Left.
According to MarketWatch, Left published a so-called “reality check” about the company and the future of the legal cannabis industry in general. Along with other factors, most importantly growing concerns about a federal pushback against marijuana legalization, Left’s report seems to have deflated several stocks in the burgeoning space. Along with CRON’s decline, fellow Canadian rivals Canopy Growth Corp. (CGC) and Tilray Inc. (TLRY) both fell, though by much smaller margins. (See also: Marijuana ETF Attracts $22 Million in August)
The business news above is credited to www.investopedia.com/news