Day: August 8, 2020

Dire outlook for cinemas as coronavirus resurges in U.S.

spike 2 months ago

A view outside Cinemas 1, 2 & 3 movie theater during the coronavirus pandemic on May 18, 2020 in New York City. COVID-19 has spread to most countries around the world, claiming over 320,000 lives with over 4.8 million infections reported. (Photo by Noam Galai/Getty Images)

Noam Galai

While some industries have heralded the third quarter as the beginning of a rebound from the financial devastation wraught by the coronavirus pandemic, the outlook is still dire for U.S. movie theater operators. 

In recent days all of the major cinema chains released quarterly results that showed mounting losses as nearly 100%

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Buffett buys back a record $5.1 billion in Berkshire stock as operating earnings take a big hit

spike 2 months ago

Warren Buffett

Gerard Miller | CNBC

Berkshire Hathaway announced on Saturday it bought back some of its own shares during the second quarter as the coronavirus pandemic dented operations for Warren Buffett’s conglomerate. 

The company said it repurchased a total of $5.1 billion worth in stock in May and June. Berkshire repurchased more than $4.6 billion of its Class B stock and about $486.6 million in Class A shares.

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. In fact, the

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