Monday’s Headlines: Buffett Buys Back $5.1 Billion In Stock

Monday’s Headlines: Buffett Buys Back $5.1 Billion In Stock

Here were the biggest movers in the MyWallSt shortlist on Friday:

Moving Up ⬆️

ShotSpotter (SSTI) +28.3%

TrueCar (TRUE) +27.7%

Zillow (Z) +11.7%

Nautilus (NLS) +7.7%

Eventbrite (EB) +6.7%

Moving Down ⬇️

Datadog (DDOG) -16.4%

BlackLine (BL) -13.7%

GoPro (GPRO) -11.2%

Teladoc (TDOC) -8.8%

Coupa Software (COUP) -7.3%

1.  Warren Buffett doesn’t do ‘weekends’ it seems as his company, Berkshire Hathaway (BRK.B), announced on Saturday that it repurchased $5.1 billion worth in stock in May and June. The share repurchase is the most ever in a single period for Buffett — nearly double the $2.2 billion the conglomerate bought back in the final quarter of 2019. These buybacks came at a difficult time for the business as it struggled to navigate the uncertainties of the coronavirus pandemic, with its stock price down 8.3% YTD compared to the S&P 500’s (VOO) 3% rise. Read the full story here.

2. Let’s not forget the small-cap companies as ShotSpotter (SSTI) saw shares soar 28% off the back of its Q2 earnings surprise. The leader in acoustic gunshot detection saw revenue increase 10% to $11.3 million YoY, while it added 26 net new “go-live” square miles of coverage during the quarter with no attrition, bringing the total live miles to 761 at quarter-end. For the full year of 2020, the company now expects revenues of $43.5 million to $45.5 million, with 9% YoY revenue growth at the midpoint of this new range. Read the official earnings release here.

3. Another micro-cap business making big moves on Wall Street Friday was TrueCar, which soared more than 27% following a stellar Q2 earnings report. Revenue declined a significant 28.8% versus the prior year to $62.7 million, which was still ahead of analysts' estimates of $55.2 million, while losses per share came in at $0.04.  "We've just turned the corner on what was truly an unprecedented second quarter," CEO Mike Darrow said in a press release. Read the official earnings report here.

Earnings today

There is one company in the MyWallSt shortlist that will report earnings today:

  • Mercado Libre