Buffet said that the only Berkshire board members who were informed about the decision were his children, Susie and Howard. He added that he expects Greg Abel, vice-chairman of the company’s non-insurance operations, to succeed him in the role.

“I think the time has arrived where Greg should become the chief executive officer of the company at year-end,” said Buffett.

Greg Abel joined Berkshire Hathaway in 1999 when the company bought MidAmerican Energy, where he served as president. He became MidAmerican’s CEO in 2008, serving in the position for a decade before transitioning to Vice Chairman of Non-Insurance Businesses role and assuming a seat on Berkshire’s board of directors.

Buffett added that he intends to remain involved in the company in some capacity and won’t sell any of his Berkshire shares.

“I would still hang around and could conceivably be useful in a few cases. But the final word would be Greg’s,” Buffett shared. “… I would add this, the decision to keep every share is an economic decision because I think the prospects of Berkshire will be better under Greg’s management than mine.”

Buffett acquired Berkshire Hathaway, which was originally a textile manufacturer, in 1965 and became its CEO in 1970. He quickly transformed it into a conglomerate and positioned it as one of the most powerful companies in the world thanks to smart and timely investments. Today, Berkshire Hathaway’s Class A stock is worth $809,350 per share. Class B shares trade at $539.80 per share.

The post Warren Buffett to Step Down as Berkshire Hathaway CEO at the End of 2025 appeared first on theprimarymarket.com.

Tesla initially planned to produce a brand new model that would cost $25,000 before changing course in order to focus on the development of robotaxis. Instead, the carmaker decided to offer a “stripped-down” version of its popular Model Y that was slated to start production in the first half of 2025. This affordable model would be smaller and come with fewer features while being 20% cheaper to produce compared to the original.

Tesla still plans to produce 250,000 units of cheaper Model Y in the United States in 2026. However, the start of production will come at least a few months later than the company envisioned. The reasons for the delay remain undisclosed.

The EV giant reportedly also plans to produce the lower-cost Model Y in China and Europe while working on a cheaper version of Model 3 that will launch at a later date. 

The decision to introduce affordable models is part of Tesla’s strategy to address the slumping sales that the company faced in early 2025. It previously reported a 13% drop in sales for the first three months of the year, marking its worst quarter since 2022. Tesla’s stock has taken a hit as a result, being 36.36% down year-to-date.

The post Tesla Delays the Launch of U.S.-Made Affordable EV appeared first on theprimarymarket.com.

“I have authorized a 90-day PAUSE, and a substantially lowered Reciprocal Tariff during this period, of 10%, also effective immediately,” Trump said on his social media platform Truth Social.

Speaking with reporters later in the day, Treasury Secretary Scott Bessent said that reciprocal tariffs were a “successful negotiating strategy” while explaining that the 90-day pause actually means the return of the baseline 10% tariff rate.

Shortly after Trump’s announcement, the U.S. stocks embarked on a ferocious rally. The benchmark S&P 500 soared 9.52% or 474.13 points to close at 5,456.90. This was the biggest single-day gain for the index since 2008.

Meanwhile, the tech-heavy Nasdaq Composite recorded its second-biggest daily gain in history. It improved by 1,857.06 or 12.16% to close at 17,124.97 points.

The blue-chip Dow Jones Industrial Average jumped by 7.87% or 2,962.86 points and ended Wednesday’s session at 40,608.45.

Overall, more than 30 billion shares, worth $1.5 trillion, were traded on Wednesday, marking Wall Street’s record in the last 18 years of available data.

The post U.S. Stocks Bounce Back in a Big Way Thanks to 90-Day Pause on Tariffs appeared first on theprimarymarket.com.

In order to fund its Bitcoin purchase, GameStop will attempt to raise $1.3 billion through the Convertible Senior Notes offering. The notes will mature in 2030 at which they will be redeemable in cash, shares of GameStop’s Class A common stock, or a combination of both.

Bitcoin, the world’s most valuable cryptocurrency, reached an all-time high price of $109,026.02 per coin back in January. It has since lost 18% of its value and has been hovering between $84K and $87K in recent weeks.

GameStop is attempting a strategy made famous by Michael Saylor’s MicroStrategy, which began investing in Bitcoin in 2020 as a hedge against inflation. Since then, MicroStrategy’s stock soared by close to 3,000%. A number of other companies, including electric vehicle maker Tesla and healthcare provider Semler Scientific, were inspired to follow the same blueprint in recent years.

GameStop’s stock had a brief jump after the announcement of the Bitcoin purchase plan, climbing by 15% at one point on Wednesday and closing at $28.36 per share. It later dipped in the after-hours trading, going down by 7.62%.

The post GameStop Announces Intention to Invest in Bitcoin appeared first on theprimarymarket.com.

Tech-heavy Nasdaq performed even better, rising by 1.22% or 212.35 points for a 17,648.45 close. However, it was insufficient to erase losses from the previous two days.

S&P 500 jumped by 0.49% or 27.23 points to close at 5,599.30. The benchmark index still remains close to 3% down since the beginning of the week.

The blue-chip Dow Jones Industrial Average closed at 41,350.93 points after a slip of 0.20% or 82.55 points. It has now lost 3.4% since Monday morning.

Tech stocks have been leading the rebound, with Nvidia jumping by 6.4% and Tesla gaining 7.6%. Microsoft, Amazon, Alphabet, and Meta also recorded gains with Apple being the only member of Magnificient seven to end the day in the red.

After worries about the state of the U.S. economy prompted a broad sell-off in the past couple of days, investors received some encouraging news on Wednesday. U.S. President Donald Trump made tweaks to his tariff policy changes and granted an exemption for U.S. automakers. Additionally, the Labor Department’s report showed that the inflation in February eased, coming below the expectations of economists.

The post Nasdaq and S&P 500 Close in the Green as Stocks Show Signs of Recovery appeared first on theprimarymarket.com.

Nvidia reported a record $39.33 billion in revenue in Q4 compared to $38.05 billion expected by analysts. It marks a 12% growth compared to the previous quarter and a 78% year-over-year increase. The company’s diluted earnings per share jumped 82% compared to the same period last year, coming to $0.89 per share versus estimates of $0.84.

Nvidia now forecasts $43 billion in revenue for the first quarter of fiscal 2025 while the analysts estimate $41.78 billion.

The majority of Nvidia’s revenue came from its AI chips, with Blackwell sales contributing $11 billion.

“We’ve successfully ramped up the massive-scale production of Blackwell AI supercomputers, achieving billions of dollars in sales in its first quarter,” CEO Jensen Huang said in a statement. “AI is advancing at light speed as agentic AI and physical AI set the stage for the next wave of AI to revolutionize the largest industries.”

Nvidia’s stock jumped by 3.67% ahead of the earnings release. It closed at $131.28 per share on Wednesday, being 5.08% down since the beginning of the year. The company’s shares saw a modest jump of 1.69% in the after-hours trading.  

The post Nvidia Reports Better-Than-Expected Q4 Earnings, Issues Strong Guidance for Current Quarter appeared first on theprimarymarket.com.

Robinhood reported revenue of $1.01 billion in Q4, marking a 115% year-over-year increase and easily cleared Wall Street’s estimates of $940.8 million. Its net income came at $916 million or $1.01 in diluted earnings per share compared to $30 million or $0.03 in diluted EPS in the same period last year.

Crypto was a big reason for Robinhood’s strong quarter. Cryptocurrency accounted for $358 million in revenue, jumping by 700% on a year-over-year basis.

“We hit the gas on product development in 2024,” Robinhood’s CEO Vlad Tenev said in a statement. “We see a huge opportunity ahead of us as we work toward enabling anyone, anywhere, to buy, sell, or hold any financial asset and conduct any financial transaction through Robinhood.”

Strong results in Q4 provided a major boost for the company’s shares. Robinhood’s stock ended the day with a 4.82% gain, closing at $55.91 per share for a 41.76% jump since the beginning of the year. The stock continued to soar in extended trading, gaining a further 14.65% and trading above $60 per share.

The post Robinhood Reports Record Profit Amid Soaring Crypto Revenue appeared first on theprimarymarket.com.

Last March, Unilever announced the intention to spin off its ice cream division as part of broader restructuring plans. It said the move would result in a “simpler, more focused company” while there is a belief the ice cream business would perform better as a standalone entity. Unilever added that it aims to complete the process by the end of 2025.

Bloomberg News’ source said that Unilever sees the NYSE as the best place for listing the ice cream business, considering the strong presence of brands like Ben & Jerry’s and Breyers in the United States. However, the company is also exploring other options, like stock exchanges in London and Amsterdam.  

Alternatively, Unilever could opt to list the ice cream unit on multiple exchanges at the same time. However, this path requires various considerations including market conditions, tax implications, and accounting challenges.

Unilever previously also explored selling the ice cream division at a valuation of $18.6 billion. However, it changed course by the end of 2024 and instead chose to spin it into a separate company. The ice cream business contributes 16% to the company’s overall revenue.

The post Unilever Considering Listing its Ice Cream Business on New York Stock Exchange appeared first on theprimarymarket.com.

BofA reported $0.82 in earnings per share (EPS) in Q4, marking a 47% year-over-year jump and coming above $0.77 estimated by analysts. Its revenue jumped by 15% compared to the same period last year, coming at $25.5 billion versus expectations of $25.19 billion.

While BofA’s trading activity in the past quarter didn’t match the results of its closest rivals, the bank excelled in other areas. It saw a 44% jump in investment banking fees, which exceeded analysts’ expectations at a figure of $1.65 billion. Additionally, its net interest income was $14.36 billion compared to estimations of $14.18 billion.

“We finished 2024 with a strong fourth quarter,” Bank of America CEO Brian Moynihan said. “Every source of revenue increased, and we saw better than industry growth in deposits and loans … We believe this broad momentum sets up 2025 very well for Bank of America. “

BofA’s strong fourth-quarter earnings are in line with the performances of the five other largest banks in the United States. Morgan Stanley released its own Q4 earnings shortly after BofA and also topped the estimates, while Goldman Sachs and JPMorgan Chase did the same earlier this week.

The post Bank of America Tops Expectations With Q4 Earnings appeared first on theprimarymarket.com.

Benchmark S&P 500 lost 1.54% or 91.21 points to close at 5,827.04 and 0.7% down for the week. Tech-heavy Nasdaq closed at 19,161.63 after a 1.63% or 317.25 points dip, while blue-chip Dow Jones sank by 1.63% or 696.75 points for a 41,938.45 close on Friday. Nasdaq and Dow Jones are down by 0.6% and 1.1%, respectively, for the week.

The slump in the stock market was a direct result of Friday’s U.S. jobs report showing that the economy added 256,000 non-farm payrolls in December compared to 212,000 in the month prior and 155,000 expected by economists. Additionally, the unemployment rate slipped to 4.1% versus predictions of 4.25%.

“Good news for the economy but not for the markets, at least for now,” Scott Wren, senior global market strategist at Wells Fargo Investment Institute, told CNBC. “However, this unexpected gain relative to the consensus projection does not change our view that the labor market is likely to decelerate further in coming quarters.”

The strong labor market, as well as inflation concerns, will likely prompt the Fed to adopt a slower approach to future interest rate cuts. The expectation is that there will be two rate cuts this year and none before June.

The post S&P 500, Dow Jones, and Nasdaq Plunge on Surprising U.S. Jobs Report appeared first on theprimarymarket.com.

Buffet said that the only Berkshire board members who were informed about the decision were his children, Susie and Howard. He added that he expects Greg Abel, vice-chairman of the company’s non-insurance operations, to succeed him in the role.

“I think the time has arrived where Greg should become the chief executive officer of the company at year-end,” said Buffett.

Greg Abel joined Berkshire Hathaway in 1999 when the company bought MidAmerican Energy, where he served as president. He became MidAmerican’s CEO in 2008, serving in the position for a decade before transitioning to Vice Chairman of Non-Insurance Businesses role and assuming a seat on Berkshire’s board of directors.

Buffett added that he intends to remain involved in the company in some capacity and won’t sell any of his Berkshire shares.

“I would still hang around and could conceivably be useful in a few cases. But the final word would be Greg’s,” Buffett shared. “… I would add this, the decision to keep every share is an economic decision because I think the prospects of Berkshire will be better under Greg’s management than mine.”

Buffett acquired Berkshire Hathaway, which was originally a textile manufacturer, in 1965 and became its CEO in 1970. He quickly transformed it into a conglomerate and positioned it as one of the most powerful companies in the world thanks to smart and timely investments. Today, Berkshire Hathaway’s Class A stock is worth $809,350 per share. Class B shares trade at $539.80 per share.

The post Warren Buffett to Step Down as Berkshire Hathaway CEO at the End of 2025 appeared first on theprimarymarket.com.

Tesla initially planned to produce a brand new model that would cost $25,000 before changing course in order to focus on the development of robotaxis. Instead, the carmaker decided to offer a “stripped-down” version of its popular Model Y that was slated to start production in the first half of 2025. This affordable model would be smaller and come with fewer features while being 20% cheaper to produce compared to the original.

Tesla still plans to produce 250,000 units of cheaper Model Y in the United States in 2026. However, the start of production will come at least a few months later than the company envisioned. The reasons for the delay remain undisclosed.

The EV giant reportedly also plans to produce the lower-cost Model Y in China and Europe while working on a cheaper version of Model 3 that will launch at a later date. 

The decision to introduce affordable models is part of Tesla’s strategy to address the slumping sales that the company faced in early 2025. It previously reported a 13% drop in sales for the first three months of the year, marking its worst quarter since 2022. Tesla’s stock has taken a hit as a result, being 36.36% down year-to-date.

The post Tesla Delays the Launch of U.S.-Made Affordable EV appeared first on theprimarymarket.com.

“I have authorized a 90-day PAUSE, and a substantially lowered Reciprocal Tariff during this period, of 10%, also effective immediately,” Trump said on his social media platform Truth Social.

Speaking with reporters later in the day, Treasury Secretary Scott Bessent said that reciprocal tariffs were a “successful negotiating strategy” while explaining that the 90-day pause actually means the return of the baseline 10% tariff rate.

Shortly after Trump’s announcement, the U.S. stocks embarked on a ferocious rally. The benchmark S&P 500 soared 9.52% or 474.13 points to close at 5,456.90. This was the biggest single-day gain for the index since 2008.

Meanwhile, the tech-heavy Nasdaq Composite recorded its second-biggest daily gain in history. It improved by 1,857.06 or 12.16% to close at 17,124.97 points.

The blue-chip Dow Jones Industrial Average jumped by 7.87% or 2,962.86 points and ended Wednesday’s session at 40,608.45.

Overall, more than 30 billion shares, worth $1.5 trillion, were traded on Wednesday, marking Wall Street’s record in the last 18 years of available data.

The post U.S. Stocks Bounce Back in a Big Way Thanks to 90-Day Pause on Tariffs appeared first on theprimarymarket.com.

In order to fund its Bitcoin purchase, GameStop will attempt to raise $1.3 billion through the Convertible Senior Notes offering. The notes will mature in 2030 at which they will be redeemable in cash, shares of GameStop’s Class A common stock, or a combination of both.

Bitcoin, the world’s most valuable cryptocurrency, reached an all-time high price of $109,026.02 per coin back in January. It has since lost 18% of its value and has been hovering between $84K and $87K in recent weeks.

GameStop is attempting a strategy made famous by Michael Saylor’s MicroStrategy, which began investing in Bitcoin in 2020 as a hedge against inflation. Since then, MicroStrategy’s stock soared by close to 3,000%. A number of other companies, including electric vehicle maker Tesla and healthcare provider Semler Scientific, were inspired to follow the same blueprint in recent years.

GameStop’s stock had a brief jump after the announcement of the Bitcoin purchase plan, climbing by 15% at one point on Wednesday and closing at $28.36 per share. It later dipped in the after-hours trading, going down by 7.62%.

The post GameStop Announces Intention to Invest in Bitcoin appeared first on theprimarymarket.com.

Tech-heavy Nasdaq performed even better, rising by 1.22% or 212.35 points for a 17,648.45 close. However, it was insufficient to erase losses from the previous two days.

S&P 500 jumped by 0.49% or 27.23 points to close at 5,599.30. The benchmark index still remains close to 3% down since the beginning of the week.

The blue-chip Dow Jones Industrial Average closed at 41,350.93 points after a slip of 0.20% or 82.55 points. It has now lost 3.4% since Monday morning.

Tech stocks have been leading the rebound, with Nvidia jumping by 6.4% and Tesla gaining 7.6%. Microsoft, Amazon, Alphabet, and Meta also recorded gains with Apple being the only member of Magnificient seven to end the day in the red.

After worries about the state of the U.S. economy prompted a broad sell-off in the past couple of days, investors received some encouraging news on Wednesday. U.S. President Donald Trump made tweaks to his tariff policy changes and granted an exemption for U.S. automakers. Additionally, the Labor Department’s report showed that the inflation in February eased, coming below the expectations of economists.

The post Nasdaq and S&P 500 Close in the Green as Stocks Show Signs of Recovery appeared first on theprimarymarket.com.

Nvidia reported a record $39.33 billion in revenue in Q4 compared to $38.05 billion expected by analysts. It marks a 12% growth compared to the previous quarter and a 78% year-over-year increase. The company’s diluted earnings per share jumped 82% compared to the same period last year, coming to $0.89 per share versus estimates of $0.84.

Nvidia now forecasts $43 billion in revenue for the first quarter of fiscal 2025 while the analysts estimate $41.78 billion.

The majority of Nvidia’s revenue came from its AI chips, with Blackwell sales contributing $11 billion.

“We’ve successfully ramped up the massive-scale production of Blackwell AI supercomputers, achieving billions of dollars in sales in its first quarter,” CEO Jensen Huang said in a statement. “AI is advancing at light speed as agentic AI and physical AI set the stage for the next wave of AI to revolutionize the largest industries.”

Nvidia’s stock jumped by 3.67% ahead of the earnings release. It closed at $131.28 per share on Wednesday, being 5.08% down since the beginning of the year. The company’s shares saw a modest jump of 1.69% in the after-hours trading.  

The post Nvidia Reports Better-Than-Expected Q4 Earnings, Issues Strong Guidance for Current Quarter appeared first on theprimarymarket.com.

Robinhood reported revenue of $1.01 billion in Q4, marking a 115% year-over-year increase and easily cleared Wall Street’s estimates of $940.8 million. Its net income came at $916 million or $1.01 in diluted earnings per share compared to $30 million or $0.03 in diluted EPS in the same period last year.

Crypto was a big reason for Robinhood’s strong quarter. Cryptocurrency accounted for $358 million in revenue, jumping by 700% on a year-over-year basis.

“We hit the gas on product development in 2024,” Robinhood’s CEO Vlad Tenev said in a statement. “We see a huge opportunity ahead of us as we work toward enabling anyone, anywhere, to buy, sell, or hold any financial asset and conduct any financial transaction through Robinhood.”

Strong results in Q4 provided a major boost for the company’s shares. Robinhood’s stock ended the day with a 4.82% gain, closing at $55.91 per share for a 41.76% jump since the beginning of the year. The stock continued to soar in extended trading, gaining a further 14.65% and trading above $60 per share.

The post Robinhood Reports Record Profit Amid Soaring Crypto Revenue appeared first on theprimarymarket.com.

Last March, Unilever announced the intention to spin off its ice cream division as part of broader restructuring plans. It said the move would result in a “simpler, more focused company” while there is a belief the ice cream business would perform better as a standalone entity. Unilever added that it aims to complete the process by the end of 2025.

Bloomberg News’ source said that Unilever sees the NYSE as the best place for listing the ice cream business, considering the strong presence of brands like Ben & Jerry’s and Breyers in the United States. However, the company is also exploring other options, like stock exchanges in London and Amsterdam.  

Alternatively, Unilever could opt to list the ice cream unit on multiple exchanges at the same time. However, this path requires various considerations including market conditions, tax implications, and accounting challenges.

Unilever previously also explored selling the ice cream division at a valuation of $18.6 billion. However, it changed course by the end of 2024 and instead chose to spin it into a separate company. The ice cream business contributes 16% to the company’s overall revenue.

The post Unilever Considering Listing its Ice Cream Business on New York Stock Exchange appeared first on theprimarymarket.com.

BofA reported $0.82 in earnings per share (EPS) in Q4, marking a 47% year-over-year jump and coming above $0.77 estimated by analysts. Its revenue jumped by 15% compared to the same period last year, coming at $25.5 billion versus expectations of $25.19 billion.

While BofA’s trading activity in the past quarter didn’t match the results of its closest rivals, the bank excelled in other areas. It saw a 44% jump in investment banking fees, which exceeded analysts’ expectations at a figure of $1.65 billion. Additionally, its net interest income was $14.36 billion compared to estimations of $14.18 billion.

“We finished 2024 with a strong fourth quarter,” Bank of America CEO Brian Moynihan said. “Every source of revenue increased, and we saw better than industry growth in deposits and loans … We believe this broad momentum sets up 2025 very well for Bank of America. “

BofA’s strong fourth-quarter earnings are in line with the performances of the five other largest banks in the United States. Morgan Stanley released its own Q4 earnings shortly after BofA and also topped the estimates, while Goldman Sachs and JPMorgan Chase did the same earlier this week.

The post Bank of America Tops Expectations With Q4 Earnings appeared first on theprimarymarket.com.

Benchmark S&P 500 lost 1.54% or 91.21 points to close at 5,827.04 and 0.7% down for the week. Tech-heavy Nasdaq closed at 19,161.63 after a 1.63% or 317.25 points dip, while blue-chip Dow Jones sank by 1.63% or 696.75 points for a 41,938.45 close on Friday. Nasdaq and Dow Jones are down by 0.6% and 1.1%, respectively, for the week.

The slump in the stock market was a direct result of Friday’s U.S. jobs report showing that the economy added 256,000 non-farm payrolls in December compared to 212,000 in the month prior and 155,000 expected by economists. Additionally, the unemployment rate slipped to 4.1% versus predictions of 4.25%.

“Good news for the economy but not for the markets, at least for now,” Scott Wren, senior global market strategist at Wells Fargo Investment Institute, told CNBC. “However, this unexpected gain relative to the consensus projection does not change our view that the labor market is likely to decelerate further in coming quarters.”

The strong labor market, as well as inflation concerns, will likely prompt the Fed to adopt a slower approach to future interest rate cuts. The expectation is that there will be two rate cuts this year and none before June.

The post S&P 500, Dow Jones, and Nasdaq Plunge on Surprising U.S. Jobs Report appeared first on theprimarymarket.com.