Paramount Global Stock Jumps 10% After Warren Buffett’s Berkshire Hathaway Buys In
deadline.comShares of Paramount popped higher in early trading after Berkshire Hathaway, the company of legendary investor Warren Buffett, disclosed late yesterday that it acquired a chunky stake in the company.Paramount shares are up more than 10% at nearly $31 at market open morning, following a 1% dip yesterday.
They stock is still well off a 52-week high of $47, but pulling away from its year low of $26.Berkshire bought almost 69 million shares of Paramount Global during the first quarter, it said in an SEC filing, along with a $2.9 billion stake in giant Citigroup.
It also took or boosted positions in Activision Blizzard and Apple as well as Ally Financial, Markel, McKesson, Celanese, Occidental Petroleum and Chevron.
Overall, the investing giant acquired $51 billion worth of stocks during the first quarter of the year.The SEC requires institutional investors that manage more than $100 million to disclose equity holdings within 45 days after a quarter ends.Buffett often looks for value, investing in stocks he likes during a downturn like the one we’ve seen recently.
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