The S&P 500 just notched nine “up” days in a row, the longest string since 2004. Now, stocks are easing back in early trading. Crude oil and the dollar are cooling, while gold and silver are rallying nicely. Treasuries are a bit lower.
It’s the end of an era at Berkshire Hathaway Inc. (BRK.A). Longtime CEO and legendary investor Warren Buffett announced at his annual shareholder meeting this weekend that he would step down at the end of the year. Greg Abel, the firm’s vice chairman, will assume his role – as first revealed back in 2021. Succession planning was key at the firm given Buffett is 94 years old, and that Buffett's former right-hand-man Charlie Munger passed away in November 2023.
Berkshire Hathaway Inc. (BRK.A)
Yes, I’m going to use the term “Merger Monday.” Don’t judge! Dallas-based Sunoco LP (SUN) said it would buy Parkland Corp. (PKI.CA) for $9.1 billion. The C$44-per-share offer represents a 21% premium to where Parkland closed on Friday.
SUN distributes gasoline to US service stations, while also operating a network of its own fuel-and-convenience stores under the APlus, Stripes, and Tigermarket brands. Calgary-based Parkland does the same throughout Canada, the US, and the Caribbean.
In his latest tariff move, President Trump said he would slap 100% levies on foreign-produced movies. He said having movies produced in other countries relative to the US was a “national security threat,” while also noting that several foreign nations offer financial incentives to lure filmmakers overseas.
An estimated $248 billion will be spent worldwide on content production in 2025, according to Ampere Analysis. Film studios and companies with streaming operations like Netflix Inc. (NFLX), Walt Disney Co. (DIS), and Amazon.com Inc. (AMZN) could face margin pressure if they lose access to foreign production credits and have to re-shore some operations.
