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Good Morning!
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👉 Warren Buffett’s secret stock
👉 Walmart earnings are in
👉Netflix and the NFL partner
BUFFETT: Secret Stock
Warren Buffett's Berkshire Hathaway has revealed a $6.7 billion stake in insurer Chubb ending months of speculation about its secret position. This stake was kept confidential until now due to SEC permissions. Berkshire is very familiar with the insurance industry since they own 100% of firms like Geico and National Indemnity. Buffett has highlighted the importance of their property-casualty insurance operations, which generate funds for reinvestment.
Source: Fox Business
Chubb is one of the largest property-casualty insurers in the US, and operates in 54 countries. The company was created through the 2016 merger of Ace Ltd. and Chubb Corp. They cover a range of risks, including cyber attacks and marine shipping. Recently, Chubb insured Baltimore’s Francis Scott Key Bridge, which collapsed in March and is set to pay out $350 million to Maryland.
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EARNINGS: Walmart
Walmart reported strong quarterly earnings on Thursday, exceeding expectations with significant e-commerce growth, profits from new ventures like advertising, and attracting more high-income shoppers.
Source: Walmart
The retailer now expects to meet or slightly exceed its full-year guidance of 3% to 4% net sales growth and adjusted earnings per share between $2.23 and $2.37. Net income rose to $5.10 billion, or 63 cents per share, from $1.67 billion, or 21 cents per share, a year earlier. Revenue increased by 6% to $152.30 billion, partly due to an extra selling day. Walmart U.S. saw same-store sales increase by 3.8%, excluding fuel, while Sam's Club's same-store sales rose 4.4%. E-commerce sales for Walmart U.S. jumped 22%, driven by online order pickups, deliveries, and the expanding third-party marketplace.
NFL: Streaming On Netflix
Netflix will stream NFL games on Christmas Day for the next three years, marking its first significant move into live sports.
Source: Netflix
This year, the streaming platform will show two games on Christmas Day, with at least one game scheduled for both 2025 and 2026, according to the league's announcement on Wednesday. While the terms of the deal weren't disclosed, people familiar with the deal said Netflix would pay around $75 million per game. Netflix will hire its own announcers for the games and collaborate with existing production companies.
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Chart of the Day
📊 Declining Global Inflation
Source: Visual Capitalist
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Source: @wallstreetoasis
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