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MOHR CAPITAL ACQUIRES 350-ROOM DOUBLETREE AUSTIN

MOHR CAPITAL ACQUIRES 350-ROOM DOUBLETREE AUSTIN
PR Newswire
AUSTIN, Texas, May 18, 2022

Mohr Capital Launches New Hospitality Vertical
AUSTIN, Texas, May 18, 2022 /PRNewswire/ — Mohr Capital, a Dallas-based privately held real estate investment f…

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MOHR CAPITAL ACQUIRES 350-ROOM DOUBLETREE AUSTIN

PR Newswire

Mohr Capital Launches New Hospitality Vertical

AUSTIN, Texas, May 18, 2022 /PRNewswire/ -- Mohr Capital, a Dallas-based privately held real estate investment firm, acquired the 350-room DoubleTree by Hilton Austin at 6505 N. Interstate 35 in Austin, Texas, for an undisclosed amount. The acquisition marks Mohr Capital's first hospitality investment.

"This is the beginning of a new vertical for Mohr Capital and we anticipate making further investments," said Bob Mohr.

The six-story hotel contains almost 25,000 square feet of meeting space including a ballroom. This ballroom will be upgraded along with the guest rooms, elevators and common spaces. In all, Mohr Capital plans to invest $11 million to upgrade the property, which is ideally located near the intersection of Interstate 35 and U.S. Highway 290 in Central Austin. As part of the acquisition process, Mohr Capital brought in HEI Hotels & Resorts to manage the hotel on its behalf.

"This is the beginning of a new vertical for Mohr Capital, and we anticipate making further investments in the hospitality industry," said Bob Mohr, Chairman of Mohr Capital. "We have been looking to get into the hospitality business for a few years. The pandemic delayed our initial investment, but this was a perfect opportunity with one of the best-performing hotels in the country during the pandemic. We believe there is a real opportunity to acquire similar assets in specific growth markets across the country, especially when we are working alongside an experienced manager like HEI."

The Austin hotel market is among the top three markets in the U.S., attracting a great deal of hotel development as the economic recovery continues, according to CBRE Hotels Research. The Austin market will see its room inventory grow more than 4 percent in 2022. Austin is also forecast to achieve the greatest gains in demand while enjoying the greatest percentage increases in occupancy this year.

The DoubleTree is three miles from both downtown and the University of Texas at Austin, and only 20 minutes from Austin Bergstrom International Airport. Austin hot spots like Zilker Park, South Congress and The Domain are all within a 20-minute drive.

"Currently, premium select-service hotels are trading at or above replacement costs due to inflation in construction costs and general recovery expectations. This segment has followed the run-up that resorts/leisure properties experienced a year ago. On a macro basis, both strategies – the premium select-service and the resorts/leisure – appear overdone in our opinion," said Rodrigo Godoi, Mohr Capital Managing Director – Investments.

"Enter the much-maligned full-service suburban assets that are perennially out of favor with larger investors who dislike the segment. While it is hard to be bullish on these types of hotel assets right now because the newer premium select-service product from the brands is affecting the competition, our acquisition in Austin is a little unique given the quality of the asset and its quasi-urban geography. We might be going against the grain here, but we like our strategy," Godoi said. "We believe we are entering a golden age of group meetings and travel, and suburban full-service hotels have a competitive advantage in the meeting space they offer."

Mohr Capital purchased the hotel from an undisclosed international real estate investment firm. Norwalk, Connecticut -based HEI Hotels & Resorts, a leading privately held hotel investment and third-party management company, is Mohr Capital's hotel manager.

Hodges Ward Elliott Managing Director John Bourret and Director Austin Brooks represented the seller.

About Mohr Capital
Mohr Capital is a privately held real estate investment firm specializing in the acquisition, development and value enhancement of office, industrial, hotel and retail assets throughout the U.S. The Mohr Capital team has decades of experience in commercial real estate and has completed more than $1 billion in transactions. Guided by a value-driven strategy and an entrepreneurial spirit, the company relies on strong long-term relationships and possesses keen market insights needed to capitalize on undervalued or underperforming properties. With its family office structure, Mohr Capital can close quickly and has a proven track record of delivering the highest risk-adjusted returns. For more information, visit www.mohrcap.com or follow Mohr Capital on LinkedIn.

About HEI Hotels & Resorts
HEI Hotels & Resorts, headquartered in Norwalk, Conn., is a leading hospitality investment and management company that owns or operates 90+ luxury, upper-upscale and upscale independent and branded hotels and resorts throughout the United States. HEI's branding partners include Marriott, Hilton, Hyatt, IHG, Choice and Wyndham. The company is renowned for its commitment to its associates, revenue management, profit contribution and empirically based real estate value creation, driven by a full complement of proprietary software tools to set and exceed targets on a fully integrated basis. HEI works hand-in-hand with institutional capital partners on existing assets under management as well as sponsored acquisition opportunities. The company has ample equity capital and strategically co-invests with its partners on many transactions. To learn more about HEI, please visit www.heihotels.com

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SOURCE Mohr Capital

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Economics

6-in-10 Canadians relocated as a result of the pandemic and now plan to drive further daily

6-in-10 Canadians relocated as a result of the pandemic and now plan to drive further daily
Canada NewsWire
TORONTO, June 28, 2022

Aviva Canada’s ‘How We Live’ report is a revealing glimpse at post-pandemic life
TORONTO, June 28, 2022 /CNW/ – Retu…

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6-in-10 Canadians relocated as a result of the pandemic and now plan to drive further daily

Canada NewsWire

Aviva Canada's 'How We Live' report is a revealing glimpse at post-pandemic life

TORONTO, June 28, 2022 /CNW/ - Return to work means Canadians plan to drive their car longer distances as a result of having moved during the pandemic, a new Aviva Canada report shows.

Aviva Canada's 'How We Live Report' is a revealing glimpse at post-pandemic life.

And as the housing market begins to show signs of slowing amid rising interest rates, about half of Canadian homeowners think the value of their home is higher than it actually is.

Those are just two of the revealing findings in Aviva Canada's second How We Live Report, a national survey that quizzed Canadians about their lives and aspirations during and post-pandemic. The complete report can be viewed here.

"We're starting to see the boomerang effect of the pandemic in terms of the distances people are driving," says Phil Gibson, EVP and Managing Director, Personal Insurance at Aviva Canada. "Consumer driving distances dropped when COVID-19 first struck, due to work from home. But now return to work has translated into driving greater distances than before. It's just one example of how Aviva's second How We Live Report shows that Canadians' perspectives continue to shift as we adjust to post-pandemic life." 

Top categories and findings from the report include:

1.    Property values and buying/selling aspirations

  • 60% of Canadians have relocated as a result of the pandemic, with those working from home (26%) flocking to the suburbs or small towns.
  • The dream of homeownership is still alive for Canadians: 32% are currently living in their first home (compared to 22% in 2020). Over half of those respondents are between the ages of 25-44.
  • Last year, homeowners had a fairly accurate understanding of the value of their home. This year, skyrocketing housing prices have resulted in Canadians overestimating the value of their home – especially in hot markets like Ontario where homeowners estimated 53% higher than the Canadian Real Estate Association (CREA).
  • When homeowners were asked if their home has increased in value since March 2021, Canadians remain optimistic. Most homeowners (81%) believe their property has increased in value (compared to 55% last year). Regionally, homeowners in Ontario and Quebec are much more likely to indicate this.

Gibson says: "Whatever the reason Canadians are choosing to move to more remote areas, special attention should be paid to areas known for windstorms and/or hail. Additionally, the presence of wildlife is a factor as it can impact the natural deterioration of a home. When moving to more rural areas, Canadians should always contact their insurance representative to ensure they have the right coverage for the additional protection required."

2.    Renovations and home improvements

  • Fewer Canadians are renovating. In the last year, 11% of Canadians improved their home space through renovations, compared to 17% the year prior. Changes to the backyard remains the most popular renovation.
  • Canadians are spending roughly the same amount on renovations year-over-year. In 2021,
  • Canadian homeowners who renovated spent an average of $4,500, just $25 less than the average spend in 2020, with those in Ontario spending almost double than other provinces.
  • Of those who renovated, Canadians working from home spent on average $1,000 more. They spent three times as much adding a playroom to their home, compared to those who returned to the workplace. Not all home improvements were planned for Canadians – 14% of those who renovated say they renovated their home on impulse during the pandemic. Some homeowners regret renovating, saying they didn't use the space as much as they expected (8%) and spent too much on renovations (7%).

Gibson says: "When considering making renovations to your home, it's always a good idea to ensure you have a plan in place. Canadians looking to make major changes to their home should know that renovations like finishing a basement, removing structural supports, or building an addition may impact their insurance coverage as they can change the home's rebuild value. Your insurance representative can help ensure that your home is covered for its true value, giving you peace of mind should the unexpected happen."

3.    Possessions and protection measures

  • 47% of Canadians purchased new home décor during the pandemic, followed by 43% who bought new cooking equipment and 41% who purchased new technology for their home.
  • Despite spending on items within the home, 28% of Canadians say they currently don't know what their content insurance covers.
  • When thinking about the possessions they bought during the pandemic, 18% of Canadians say they made impulse purchases. Of the purchases made, 24% use their fitness items less than expected, 21% say the same about the voice-activated assistant they bought, 18% aren't using the hobby equipment they bought, and 18% are not using their gaming equipment/streaming services as often as anticipated.

Gibson says: "Your home is your sanctuary. With all the changes and updates Canadians have made, it's important to make sure that your home is insured to value, and that includes the contents within. You might be surprised to learn that many underestimate the value of their possessions in their home.  Often, items like jewelry may need special coverage. Talk to your insurance representative if you are unsure about what your contents insurance covers to ensure you have adequate coverage."

4.    Transportation and working habits 

  • 18% of Canadians say their transportation habits have changed since COVID-19.
  • Driving has become more popular among Canadians. Many who aren't currently driving are anticipating using a motorized vehicle in the next year (54%), and 23% of Canadians are expecting their mileage to increase.
  • More than half of Canadians are choosing to use their own vehicle for transportation (52%), followed by walking (14%), taking a bus (12%) or taking the subway (8%).
  • Since the beginning of 2022, 47% of the Canadian workforce state that they had fully returned to a designated workspace, 25% say they adopted the hybrid model, while 28% are now working permanently from home. Those in Ontario are more likely to work from home full-time (32% vs. 23% for the rest of Canada).
  • Older Canadians reportedly enjoy returning to the workplace more than their younger counterparts. 61% of those aged 18-34 who returned to working in-person stated they found it difficult to concentrate and adjust to normal working conditions – this is 7% higher than the average Canadian.

With gas prices soaring and more Canadians saying they are returning to the roads and anticipating future use of vehicles increasing over the next 12 months, one way Canadians can save is through usage-based insurance like Aviva Journey, which uses drivers' driving data to tailor their insurance premiums based on how well they drive.*

Gibson says: "We know consumers want more choices and influence over the rates they pay. The Aviva Journey app gives trip scores on every trip taken, and consistently updates the potential renewal discount drivers can receive so there's never a surprise for the customer. Aviva Journey truly allows drivers to take control of their auto premiums by understanding how to drive more safely and how it impacts their insurance premium."

Note to editors

  • The survey was conducted by Leger through an online survey with 2,500 Canadians, 18 years of age and older, who currently own homes or rent in Canada. The survey was carried out between March 18April 5, 2022.  The results are considered accurate within plus or minus 2 percentage points, 19 times out of 20.
  • View the full report here: how-we-live-report-2022.pdf (aviva.ca)
About Aviva Canada

Aviva Canada is one of the leading property and casualty insurance groups in the country, providing home, automobile, lifestyle, and business insurance to 2.4 million customers. A subsidiary of UK-based Aviva plc, Aviva Canada has more than 4,000 employees focused on creating a bright and sustainable future for our people, our customers, our communities and our planet. Launched in 2019, Aviva Canada is investing in safer communities through Aviva Take Back Our Roads, which uses data driven solutions and strategic collaborations to make safer roads a reality for all. In 2021, we announced our plan to become a net zero carbon emissions company by 2040, the most demanding target of any major insurance company in the world.

For more information, visit aviva.ca or Aviva Canada's blogTwitterFacebook and LinkedIn pages.

SOURCE Aviva Canada Inc.

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Economics

#CannesLions2022: Pharma and health marketers lose spotlight at creativity ad fest, but does it matter?

Pharma advertising has long been considered second-tier when compared to the rest of the advertising industry. And there are some legitimate reasons why….

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Pharma advertising has long been considered second-tier when compared to the rest of the advertising industry. And there are some legitimate reasons why. Nike sneakers and Coca-Cola soda ads will likely always be more entertaining or exciting than regulated campaigns for diabetes and heart disease.

Still, the Cannes Lions advertising festival of creativity was pharma and healthcare advertising’s annual chance to shine. For the past eight years, pharma agencies and clients stood side by side with consumer companies and agency hotshots on the biggest advertising award stage in the world at the Palais in Cannes, France.

However, something changed this year. While the awards for pharma and health and wellness were handed out to widespread applause on the first night of the show, for much of the rest of the time, healthcare marketing was relegated to the back of the room and mostly off the main stages.

The pharma and health and wellness category award finalists, for instance, were tucked in the back corner of the basement of the main building. Even people who wanted to see the work complained that they had to search for them. Only three Cannes Lions official sessions this year covered health or pharma advertising topics and were mostly general topics about creativity, diversity or empathy.

There were no pharma and health case study dissections or deep dives into the unique challenges in health and pharma advertising — and, maybe more importantly for the industry, there were no pharma executives on the Cannes stages as they have been in the past. Patricia Corsi was the lone pharma-connected executive; she is the chief marketing officer of Bayer Consumer Health and served as both a speaker and health and wellness jury president.

Patricia Corsi speaks on a judge’s panel (Clara Bui/Endpoints News)

Click on the image to see the full-sized version

Even among this year’s health and wellness award winners, no gold prizes went to pharma companies. Unexpected winners like Heineken and Harley Davidson did, however, take home the gold for their respective vaccination and “Tough Turban” campaigns.

There are two schools of thought about the disappearance of Cannes Lions Health as an official programmed track. On one hand, it signifies the parity of the industry with big consumer brands, but on the other hand, it also meant fewer conversations, less networking opportunities and an overall dimming of the industries’ presences at Cannes Lions.

Rich Levy

“I would be lying if I didn’t say that I was disappointed so far,” said Rich Levy, chief creative officer of Klick Health on the first day of the show. “When you’re talking about a multibillion dollar industry in the US, I thought that 31 short list for pharma was remarkably small … I don’t think it’s an accurate view of the work that the industry is doing.”

Pharma and health and wellness entries both were way down this year. Total pharma entries dropped to 298, down from 509 last year with 11 total Lion awards given out. In health and wellness, there were 1,213 entries, down from 1,300 last year. There were Grand Prix awards given in both categories, but this was the first year it was required — in the past, judges could pass over a category for the top award if they thought it didn’t rise to the level of Grand Prix.

For the second year in a row, the Grand Prix in the pharma category went to a non-pharma company. Dell Technologies and Intel snagged the top prize for their voice app for people with motor neuron disease. The entry — created by VMLY&R New York and called “I Will Always Be Me” — helps people with MND bank a digital copy of their voice by reading a story book.

In the health and wellness category, Maxx Flash’s mosquito repellent campaign “The Killer Pack” took the top prize. The repellent is designed to address India’s mosquito problem, with a biodegradable packaging that kills mosquitoes outside while a nontoxic coil fights them inside.

Other health creatives and executives agreed with Levy’s award assessment, but also expressed concern about the limited health content. The health and pharma panels and award deep dives that were presented got solid reviews, but there were scant few in the official program, along with a handful of unofficial ones outside the main venues.

Several health agency networks set up off-site slates of healthcare and pharma programming — WPP Health and IPG Health both offered multiple panels and discussions at their own sites. CMI Media Group hosted a panel at the Pandora Beach pavilion on audio branding, while other agency creatives like Levy and Bernardo Romero, along with Ogilvy Health’s Adam Hessel and both panels of judges for pharma and health and wellness, attended sessions and networked with others in the health community.

Still, there just weren’t as many health and pharma people on the ground as there typically have been in the past as agencies cut back rosters of attendees and didn’t invite as many clients. That’s likely in part due to the Covid-19 pandemic recovery year of Cannes Lions this year as well as budget considerations in general.

Dana Maiman

Dana Maiman, CEO of IPG Health and a long-time Cannes Lions attendee said, “I’m hoping the changes honestly are just temporary. Because I remember when I first started coming here — I think this may be my 10th one or so — but back then it was consolidated. It was really liberating when it was focused and broken out, even though clearly there’s a lot of crossovers and all of that. But I think there is something very special about celebrating the creativity in our world because we can all agree it is more challenging.”

Hessel, chief creative officer at Ogilvy Health, said one reason for fewer entries was heavier curation down to just a few this year, but added that no matter the numbers, Cannes and other marketing award shows still are important for the industry.

“Just celebrating great work in any category is what the industry really needs and also maybe to pull back a bit — everybody’s looking for that one crown jewel, but there’s so much great work out there that should be celebrated,” he said, adding, “When clients see great work, they want that too, so that’s the bar.”

Corsi, meanwhile, said she wants to see more creativity from pharma marketers. She finds that creatives in the pharma industry are often trained to be more conservative, because if you cross the line, you face regulators — but she would like that to change.

“We really believe that there is a great opportunity for us to raise the bar in this category,” she said. “Work in health and wellness consistently across the years has not been the most inspiring.”

That doesn’t necessarily mean the work should be more complicated. According to Corsi, sometimes the simplest idea is the best. What she wants to see, though, is more outside-the-box thinking.

A handful of execs, including Corsi, noted that the Covid-19 pandemic has served as a wake-up call for pharma companies discovering what their role should be with patients. Pharma advertising is becoming more of a conversation as opposed to a one-off encounter, Corsi said. Even companies like Walgreens — which facilitated the vaccination of more than 30 million Americans — are taking a new approach to advertising.

Mel Routhier

“The pandemic, there’s no going back. You can’t unhear the bell, right? The bell’s been rung,” said Mel Routhier, chief creative officer of the WPP Walgreens team. “It’s a good thing for us to take stock and say we can have more purpose as a brand.”

One thing that hasn’t changed this year? The level of passion that pharma creatives are bringing to the conference.

Gena Pemberton

“What I’m taking away now, that I guess maybe I didn’t really expect, is how much passion people have in the work that they’re doing,” said first-time attendee Gena Pemberton, Omnicom Health Group’s diversity, equity and inclusion director. “[It’s] really impactful to be able to talk with people in different areas, understand a little bit more about the work they’ve done, and just seeing how excited everybody is to be together again.”

In the end, the questions remain. Does Cannes Lions need a separate pharma and health track? Or vice versa, does pharma and healthcare advertising need that spotlight at Cannes? The debate won’t be easily settled.

Franklin Williams, director of experience design at Area 23 and a pharma judge, said, “It doesn’t really matter who’s doing the work as long as the targets are being hit. So I think that’s what you’re starting to see almost as a trend and a theme. It doesn’t have to be, we did pharma because we’re pharma. We did pharma because we wanted to do good.”

The danger, of course, is that without broader inclusion, specific content and more awards, pharma may lose interest in Cannes.

“It becomes a self-fulfilling prophecy. And what I mean by that is fewer winners every year mean fewer entries the following year. And fewer entries mean fewer winners,” Levy said.

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Spread & Containment

Stock Market Today: Dow Jones, S&P 500 Edge Higher; Trip.com Stock Surges From China Covid Easing

Markets opened in the green today as they rebound from Monday’s losses.
The post Stock Market Today: Dow Jones, S&P 500 Edge Higher; Trip.com Stock…

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Stock Market Today Mid-Morning Updates

On Tuesday, the Dow Jones Industrial Average is up by 270 points as it followed modest losses on Wall Street. Investors are still weighing the risks of red-hot inflation as rates continue to rise. Aside from the U.S., European Central Bank Leader Christine Lagarde downplayed recession concerns in the eurozone, already being destabilized by Russia’s war on Ukraine. She also says that her team is ready to raise rates at a faster pace if needed, in order to combat inflation.

Shares of Morgan Stanley (NYSE: MS), Bank of America (NYSE: BAC), Wells Fargo (NYSE: WFC), and Goldman Sachs (NYSE: GS) raised their dividends after passing their annual stress tests. For instance, Goldman Sachs is boosting its dividend payout by 25% to $2.50 per share. On the other hand, shares of Las Vegas Sands (NYSE: LVS) and Wynn Resorts (NASDAQ: WYNN) are up today after China announced that it will be easing Covid-19 quarantine rules for international arrivals.

Among the Dow Jones leaders, shares of Apple (NASDAQ: AAPL) are up by 0.13% today while Microsoft (NASDAQ: MSFT) is down by 0.79%. Meanwhile, Disney (NYSE: DIS) and Nike (NYSE: NKE) are trading mixed on Tuesday. Among the Dow financial leaders, Visa (NYSE: V) is up by 0.17% while JPMorgan Chase (NYSE: JPM) is also up by 1.67%

Shares of EV leader Tesla (NASDAQ: TSLA) are up by 0.83% on Tuesday. Rival EV companies like Rivian (NASDAQ: RIVN) are down by 0.17%. Lucid Group (NASDAQ: LCID) is down by 1.09% today as well. However, Chinese EV leaders like Nio (NYSE: NIO) and Xpeng Motors (NYSE: XPEV) are trading mixed today. 

Dow Jones Today: U.S. Treasury Yields Inches Higher; House Price Increases Slows Down In April 

Following the stock market opening on Tuesday, the S&P 500, Dow, and Nasdaq are trading higher at 0.68%, 0.89%, and 0.31% respectively. Among exchange-traded funds, the Nasdaq 100 tracker Invesco QQQ Trust (NASDAQ: QQQ) is up by 0.28% while the SPDR S&P 500 ETF (NYSEARCA: SPY) is also up by 0.67%. 

The benchmark 10-year U.S. Treasury yield currently hovers around 3.22% as the market continues to push against a bear market. Oil prices rallied for the third day today as major producers like Saudi Arabia looked unlikely to be able to boost output significantly. This comes as the West agreed to explore ways to cap the price of Russian oil. Brent crude, for instance, currently trades at around $116 per barrel.

Home prices increased slower than before in April and could be a potential sign of a cooling in prices. Diving in, prices rose by 20.4% nationally in April compared with a year earlier. This is according to the S&P CoreLogic Case-Shiller Index. For comparison, home prices increased by 20.6% year-over-year in March. Cities like Tampa, Miami, and Phoenix continue to lead the pack with the strongest price gains. Tampa home prices, for instance, are up by a whopping 35.8% year-over-year.

[Read More] Top Stock Market News For Today June 28, 2022 

Trip.com Stock Gains Following Better-Than-Expected Quarterly Performance On Travel Rebound; China Covid Easing

Trip.com Group (NASDAQ: TCOM) seems to be among the top gainers in the stock market now. Evidently, TCOM stock is now up by over 14% at the opening bell today. Overall, this likely stems from the company’s latest financial update. Getting straight into it, Trip.com reported a quarterly loss per share of $0.01. Furthermore, the company’s total quarterly revenue is $649 million. For reference, consensus figures on Wall Street are a loss per share of $0.08 on revenue of $575.04 million. With these commendable results, investors looking to bet on the return of travel would be considering TCOM stock.

According to Trip.com, the company has recovering travel demand in global markets to thank for its latest quarterly performance. In particular, Trip.com highlights a bump in activity from consumers across its Europe and Asia Pacific user bases. This, the company believes, is a result of easing travel restrictions amidst countries in these regions. Moreover, Trip.com also notes that staycation-related travel in China is another notable contributor to growth for the quarter. Accordingly, its local hotel bookings are now up by 20% year-over-year.

On the whole, travel firms like Trip.com continue to thrive as consumers book their vacations. For its latest quarter, the company’s air-ticket bookings on global platforms are now up by a whopping 270% year-over-year. As mentioned earlier, this is mainly led by a rebound in demand from its European and Asian Pacific operations. Looking forward, CEO Jane sun notes that Trip.com will “remain adaptive to embrace the changing environment and be flexible with our strategies to swiftly seize growth opportunities.” With all this in mind, I could understand if TCOM stock is turning some heads in the stock market today.

TCOM stock
Source: TradingView

[Read More] Best Oil Stocks To Buy Right Now? 5 For Your Late June 2022 Watchlist 

Occidental Petroleum On The Rise Following Latest Berkshire Hathaway Stake Increase

Meanwhile, the likes of Occidental Petroleum (NYSE: OXY) seem to be gaining attention in the stock market now. For the most part, this is likely a result of the latest regulatory filing from Warren Buffett’s Berkshire Hathaway (NYSE: BRK.A). Namely, Berkshire disclosed a purchase of an additional 794,000 shares of Occidental. This adds up to a $44 million transaction, bringing its total stake to about 16.4%. In total, Berkshire currently holds about 153.5 million shares of OXY stock, worth $9 billion.

All in all, Buffett’s focus on Occidental would likely draw attention to the energy firm’s shares. This is apparent as OXY stock is currently gaining by over 6% in the stock market now. According to Berkshire’s filings since March, the company’s average purchase price per share of OXY stock is $53. Following this investment, Berkshire would be bolstering its position as Occidental’s largest stakeholder. In second place on this front is investment firm Vanguard with an almost 11% stake. As a result of all this, it would not surprise me to see OXY stock making the rounds in the stock market now.

OXY stock
Source: TradingView

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The post Stock Market Today: Dow Jones, S&P 500 Edge Higher; Trip.com Stock Surges From China Covid Easing appeared first on Stock Market News, Quotes, Charts and Financial Information | StockMarket.com.

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