Wall Street Watch: Warren Buffet’s Stardom, Yahoo Back to Alibaba
Stock News: Warren Buffett and Yahoo Dominate the Weekend
During Berkshire Hathaway’s (NYSE:BRKA) famous shareholder conference, Warren Buffet said he still supports Wal-Mart (NYSE:WMT) in the long run. As you’d expect, Warren thinks the short term scandal concerns are a buying opportunity.
Do you think Oreo’s are Kraft’s (NYSE:KFT) great American classic? Think again. Kraft is gearing up to expand new Oreo flavors to suit the tastes of different emerging markets. Some of the exotic new flavors include green tea, banana, and mango.
Barclays PLC (NYSE:BCS) will test the waters of the U.S. market by launching an online savings bank. The company’s executives have said the move will improve its ability to finance its American credit-card business without a reliance on the volatile wholesale markets. Barclays’s goal is to attract customers through 1 percent interest rates on deposits. Antony Jenkins, the chief executive of Barclays’ retail and business banking operations, said, “We want to grow our credit-card business over time in the U.S., so we want to make sure we can fund the growth. In this day and age, it’s always good to have diversity of funding.”
Yahoo (NASDAQ:YHOO) is allegedly negotiating to sell its 15 percent to 25 percent stake in Alibaba (ALBCF.PK) back to the company. This deal would bypass the complications that have stopped previous discussions between the two but Yahoo would pay a tax. But not so fast, the controversy over CEO’s Scott Thompson’s resume could make things difficult.
Europe Hates Austerity
After this weekend’s elections in France and Greece, the voters have spoken and have said no to austerity. In France, Francois Hollande took the presidency away from Nicolas Sarkozy, who represents the ninth European leader to be voted out of office in the last two years. Over in Greece, two pro-bailout parties achieved only 32 percent of the vote, down from 2009’s 80 percent. The political changes are expected to affect the euro and the health of the eurozone.
EU Economic Commissioner Olli Rehn on Saturday suggested that the eurozone may give its recession-plagued members some flexibility with the compliance of deficit rules as a way to try and jump start some growth. He laid out several measures for the troubled zone but said, “The pact entails considerable scope for judgment…when it comes to its concrete application.”