SECTORS
Warren Buffett Finally Throws In The Towel On 4 Lousy Stocks
Buffett's Berkshire Hathaway (BRKB) sold off a least a portion of its four worst performers this year: Verizon (VZ), Store Capital (STOR), General Motors (GM) and U.S. Bancorp (USB). That's according to an Investor's Business Daily analysis of data from S&P Global Market Intelligence and MarketSmith. Berkshire Hathaway retains a portion of the stocks (except Verizon), but now all the positions are below 10% of the companies' shares outstanding.
When you see Buffett dump a stock, that's about the closest thing to him ringing a sell bell. "There is very low portfolio turnover. Buffett didn't buy a single new stock in the second quarter," said Whitney Tilson of Empire Financial Research. "Almost all of his trading is generally among his existing positions."
VZ got what was coming to them. They could have kept the entire FiOS Center @DFW Airport at a minimal cost compared to East Coast Union Labor. What do they do? Sell it off to Frontier Communcations which did a hatchet job of the entire cluster#u-k. Coveted FiOS infrastucture. Stupid at best. STUPID!