Market Minute: Warren Buffett Snaps Up NV Energy; Costco Earnings Rise

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Warren Buffett is on the prowl again, and Costco bulks up its bottom line.

The Dow industrials (^DJI) fell 106 points Wednesday, the same amount they had gained Tuesday. The S&P 500 (^GSPC) lost 11 points and the Nasdaq (^IXIC) dropped 21 points.
berkshire hathaway ceo warren buffett nv energy
Nati Harnik/APBerkshire Hathaway CEO Warren Buffett


Warren Buffett's Berkshire Hathaway (BRK.B) is making another multi-billion dollar acquisition. It's buying Nevada-based utility NV Energy (NVE). The deal values the company at $5.6 billion.

Retail-giant Costco Wholesale (COST) reports a 19 percent jump in quarterly earnings, slightly better than Wall Street expectations. The company continues to benefit from the shaky economy, as consumers make bulk purchases to save money.

Moody's has lowered its credit rating on Alcoa (AA) to junk status. Moody's says weakness in the aluminum industry will make it very tough for the company to cut its debt levels. Alcoa -- one of the 30 Dow stocks -- trades at just $8.50 a share. It's one of the few blue chips to have lost ground during the past year. The ratings downgrade could raise the company's cost of borrowing.

Royal Caribbean (RCL) says the fire aboard the Grandeur of the Seas earlier this week will reduce earnings in the current quarter by 10 cents a share. The ship is expected to be out of service for about six weeks. The company's website calls the ship "newly renovated." Now those renovations are undergoing renovations.

A new twist on the fast food burger. USA Today reports that Wendy's (WEN) is planning to roll out a pretzel burger -- a sandwich using a soft pretzel instead of a roll.

Shareholders at Exxon-Mobil's (XOM) annual meeting overwhelmingly voted down a proposal to ban discrimination against gay workers. It's the 14th straight year the proposal was rejected.

And you'll soon have a chance to own a piece of the Empire State Building. More than 80 percent of shareholders in the private company that owns the famed building here in New York have voted in favor of an initial public stock offering.

Check back after the market closes Thursday for the new Daily Finance closing bell report.

-Produced by Drew Trachtenberg


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16 Comments

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obamagottag0

When is Buffett going to pay his back taxes and when are libtards going to demand he pay his fair share??

May 31 2013 at 1:09 AM Report abuse rate up rate down Reply
sassymaiden01

NV Energy was known as Sierra Pacific before changing names. Wonder if WB is going to change the current name to something else.

May 30 2013 at 9:07 PM Report abuse rate up rate down Reply
1 reply to sassymaiden01's comment
Dave &/or Trisha

Before NV Energy, it was called Nevada Power.

May 30 2013 at 11:29 PM Report abuse rate up rate down Reply
Dennis Anderson

If he can afford to buy this how come he can't pay his one Billion In Back Taxes.

May 30 2013 at 7:30 PM Report abuse +2 rate up rate down Reply
1 reply to Dennis Anderson's comment
pdbocc

Why don't you just buy some of his stock and enjoy watching your money grow? I did and it's one of my better performing investments. Guess it's just easier to complain.

May 30 2013 at 8:06 PM Report abuse -1 rate up rate down Reply
HiBarbRayAndMeg

Not only do I own Costco stock but I shop there on a regular basis. The company is very progressive in nature, pays their employees well, in fact they put their employees ahead of shareholders which is okay by me. The conservative experiment of allowing corporations to buy up congress to make laws that avoid taxes is a big reason this country is struggling.

May 30 2013 at 5:09 PM Report abuse +2 rate up rate down Reply
Toni Spamoni

Where's the outrage? Where's the outcry? He's like Romney buying out other companies. He bought this company and also a newspaper recently. Oh, but then he's the left's and Obama's pet mascot for the rich to pay more...when he only pays on his interest an so doesn't nor does Obama who only paid 18% on his $700,000+ this last year while I paid more on my little 1/32 of his salary....

May 30 2013 at 2:20 PM Report abuse rate up rate down Reply
lacabrera

Buffet knows that Obama's Green Energy program is going nowhere ,so he is going into shale and natural gas !

May 30 2013 at 12:14 PM Report abuse rate up rate down Reply
1 reply to lacabrera's comment
HiBarbRayAndMeg

Natural gas will be exported along with other fuels in the next 5 years as America becomes energy independent.. All under Obamas watch. And alternative energy is only one piece of this pie, stop the hate and get informed.

May 30 2013 at 5:11 PM Report abuse +1 rate up rate down Reply
1 reply to HiBarbRayAndMeg's comment
marpegdez

"as America becomes energy independent", lol!
Stop the blind O'sheeple following and open your eyes.

May 30 2013 at 7:45 PM Report abuse rate up rate down
dimag56in41

there isnt a 666 on him is there?

just saying

May 30 2013 at 12:12 PM Report abuse rate up rate down Reply
Mom and Dad

I don't spend $100 a year to shop. I make my son buy a membership and then shop on his card. The prices aren't that great, lets be honest. They just make it hard to compare to other stores because of their odd sizing of the containers. If you take a calculator and crunch the numbers, you'll see very little savings. So, we go in and buy their ready made pizzas and an occasional tank of gas.

May 30 2013 at 11:08 AM Report abuse rate up rate down Reply
1 reply to Mom and Dad's comment
pdbocc

Actually a basic membership is $60 per year. Why do you "make" your son pay for the card? He is so much better off financially than you are? Or is he paying you back for raising him?

May 30 2013 at 8:04 PM Report abuse +1 rate up rate down Reply
setanta54s_back

WILL SOME LIBTARD PLEASE EXPLAIN
WHY
YOU
PAY
more than 100 bucks a year to SIMPLY WALK THROUGH COSTCO and
SPEND YER MONEY THERE ????????
versus HEB wallie world and all OTHER markets ???

and DEFINITELY IT IS LIBTARDIA
shopping there--them and their elites.

morons.

why the hell would ANYONE WITH HALF A BRAIN
PAY TO SHOP and even pack,crate.bag their items ??
bunch of dips$SSits.



that ANNUAL FEE DEFINITELY KEEPS OUT THE RIFF RAFF !
and peons and serfs.


definitely ELITE LIBTARDIA,

May 30 2013 at 10:55 AM Report abuse +1 rate up rate down Reply
1 reply to setanta54s_back's comment
HiBarbRayAndMeg

I spend 50 a year for membership.. Hopefully that is too much for you and will keep you out of Costco.. thank god

May 30 2013 at 5:13 PM Report abuse rate up rate down Reply
cardiacbuzz

Next?

May 30 2013 at 10:21 AM Report abuse rate up rate down Reply