Richard Drew/AP WASHINGTON -- The total value of the claims that market makers can recover after suffering losses due to Nasdaq OMX Group's (NDAQ) botched handling of Facebook Inc.'s (FB) initial public offering is $41.6 million, the exchange operator said Friday. The claims figure, which was calculated by Wall Street's industry-funded watchdog the Financial Industry Regulatory Authority -- better known as Finra -- falls short of the $62 million that Nasdaq had initially set aside to repay brokerages that lost money. Nasdaq said the figure is lower in part because some claims didn't qualify for compensation under its plan. The main reason for the lower figure, however, was because one firm opted to try to recover funds through arbitration. The announcement didn't name the brokerage, which was UBS (UBS). UBS has pegged its losses from the glitch-ridden IPO at $350 million and was vocal in its decision to file an arbitration demand which claimed Nasdaq had violated a contract agreement. U.S. District Judge Robert Sweet, however, blocked the bank's arbitration proceeding over the summer on several grounds, including a determination that the bank's claims didn't fall within the scope of the arbitration provision in their services agreement. Facebook's problematic debut on the Nasdaq exchange on May 18, 2012, resulted from a systems failure that prevented the timely delivery of order confirmations and left more than 30,000 Facebook orders stuck in Nasdaq's system for more than two hours. Many brokerages were left in the dark wondering if their trades went through. Major market makers estimated they lost collectively up to $500 million in the IPO. Nasdaq devised a plan to compensate firms up to $62 million, and laid out the criteria for how firms can be eligible to file claims. The U.S. Securities and Exchange Commission approved the compensation plan in March, and Finra was put in charge of processing the claims for restitution. Several months after approving the plan, the SEC in May filed civil charges against Nasdaq, saying the exchange's "ill-fated decisions" on the day of the Facebook IPO led to a series of regulatory violations. Nasdaq settled the charges and agreed to pay a $10 million fine.
Top 10 Financial Companies To Buy Right Now: Banca Emilia(EMII.MI)
Banca popolare dell'Emilia Romagna s.c. provides various banking and financial products in Italy and internationally. The company offers deposits and loans; mortgages, advances against bills of exchange, and personal loans; finance to large and small agricultural firms; cooperative credit institution, tax collection, and consultancy services; and financial consulting and insurance products. It also engages in investment trusts and funds management activities; disbursing medium-long term loans, including agricultural credit, land credit, and financing of public works; and offering investment consulting to private and institutional clients, such as cash management, discretionary asset management for private clientele, securities trade on the main international markets, swaps, derivatives, investments in funds, and open-end investment companies. In addition, the company provides factoring, leasing, and consumer credit; and manages a private equity fund. It serves physical per sons, individual businesses, partnerships or limited companies, public administrations, financial businesses, non financial companies, non-residents, and large corporate customers. The company was formerly known as Banca popolare dell?Emilia and changed its name to Banca popolare dell'Emilia Romagna s.c. in 1992. Banca popolare dell'Emilia Romagna s.c. was founded in 1867 and is headquartered in Modena, Italy.
Top 10 Financial Companies To Buy Right Now: Canadian Imperial Bank of Commerce(CM)
Canadian Imperial Bank of Commerce provides various financial products, services, and advice to individual, small business, commercial, corporate, and institutional clients in Canada and internationally. The company offers retail markets services comprising personal banking, business banking, and wealth management services, as well as investment management services to retail and institutional clients. It also provides wholesale banking services, including credit, capital markets, investment banking, merchant banking, and research products and services to government, institutional, corporate, and retail clients. The company provides its services through its branch network, automated bank machines, mobile banking, and online banking site. As of June 3, 2011, it operated approximately 1,100 branches and 4,000 automated bank machines in Canada. The company was founded in 1867 and is headquartered in Toronto, Canada.
Advisors' Opinion:- [By Katia Dmitrieva]
Canadian Imperial (CM) said it�� being shut out in the new agreement. The deal ��ppears to have been intentionally structured in a way that attempts to nullify CIBC�� right of first refusal and any ability to match,��the bank said yesterday in a statement. ��iven the structuring of the document and our contractual rights, we are exploring our options.��
- [By Rich Duprey]
Canadian Imperial Bank of Commerce� (NYSE: CM ) �announced this morning�its second-quarter dividend of $0.96 per share, a 2% increase over the $0.94-per-share payout it made last quarter.
- [By Tony Daltorio]
One of his companies, Cheung Kong Holdings Limited (CHEUY), recently formed a 50/50 joint venture with Canadian Imperial Bank of Commerce (NYSE: CM) called CEF Holdings. They want to invest into beaten-down mining stocks and particularly gold equities.
- [By Dan Caplinger]
It's easy for U.S. investors to paint Canadian banks with a single brush-stroke, as the differences in the banking system helped keep Bank of Montreal and its peers safer during the financial crisis five years ago. As Canada's housing market has kept rising even after the housing bust south of its border, however, investors have gotten increasingly concerned about the potential health of its banks, especially the largest ones. With downgrades for Canadian Imperial Bank of Commerce (NYSE: CM ) , Toronto-Dominion (NYSE: TD ) , and Bank of Montreal among a total of six banks in January, Moody's identified higher debt levels among Canadian consumers as driving potential risk for the economy.
Hot Casino Stocks To Buy Right Now: Special Opportunities Fund Inc.(SPE)
Special Opportunities Fund, Inc. is a close-ended fund of funds launched and managed by Brooklyn Capital Management LLC. It invests in close-ended funds investing in public equity and fixed income markets. The fund employs a combination of value, opportunistic and special situations strategies to make its investments. It benchmarks the performance of its portfolio against the S&P 500 Index. The fund was previously known as Insured Municipal Income Fund, Inc. Special Opportunities Fund, Inc. was formed on February 18, 1993 and is domiciled in the United States.
Advisors' Opinion:- [By Whopper Investments]
For example, his Special Opportunity Fund (SPE) needed more capital to effectively implement its activist strategy after he took over. Unfortunately, most of the ways to raise capital are expensive and seriously dilute shareholder value. For example, a common stock offering, the most common way a closed end fund would raise capital, has to be priced at a discount and an investment bank needs to be paid to organize and sell it. Obviously, paying to issue shares at a discount is a disaster for long term shareholder value, so he instead pursued a rights offering for convertible preferred stock, which allowed the company to raise money without the expense of an investment bank while allowing shareholders the opportunity to increase their holdings in the fund without paying a commission. From the prospectus,
Top 10 Financial Companies To Buy Right Now: Wells Fargo & Company(WFC)
Wells Fargo & Company, through its subsidiaries, provides retail, commercial, and corporate banking services primarily in the United States. The company operates in three segments: Community Banking; Wholesale Banking; and Wealth, Brokerage, and Retirement. The Community Banking segment offers deposits, including checking, market rate, and individual retirement accounts; savings and time deposits; and debit cards. Its loan products comprise lines of credit, auto floor plans, equity lines and loans, equipment and transportation loans, education loans, residential mortgage loans, health savings accounts, and credit cards. This segment also provides equipment leases, real estate financing, small business administration financing, venture capital financing, cash management, payroll services, retirement plans, loans secured by autos, and merchant payment processing services; purchases sales finance contracts from retail merchants; and a family of funds, and investment managemen t services. The Wholesale Banking segment offers commercial and corporate banking products and services, including commercial loans and lines of credit, letters of credit, asset-based lending, equipment leasing, international trade facilities, trade financing, collection services, foreign exchange services, treasury and investment management, institutional fixed-income sales, commodity and equity risk management, insurance, corporate trust fiduciary and agency services, and investment banking services. This segment also provides banking products for commercial real estate market, and real estate and mortgage brokerage services. The Wealth, Brokerage, and Retirement segment offers financial advisory, brokerage, and institutional retirement and trust services. As of December 31, 2010, the company served its customers through approximately 9,000 banking stores in 39 States and the District of Columbia. Wells Fargo & Company was founded in 1929 and is headquartered in San Franci sco, California.
Advisors' Opinion:- [By Paul Ausick]
The sharp rise in mortgage interest rates over the past six months are going to do some serious damage to the nation�� largest mortgage lenders. Just last week, Wells Fargo & Co. (NYSE: WFC) said it would fire 2,400 employees in its mortgage services unit, and that may be only the beginning.
Top 10 Financial Companies To Buy Right Now: Nuveen Select Tax Free Income Portfolio II(NXQ)
Nuveen Select Tax-Free Income Portfolio 2 is a closed-ended fixed income mutual fund launched by Nuveen Investments Inc. It is co-managed by Nuveen Fund Advisors, Inc and Nuveen Asset Management, LLC. The fund invests in the fixed income markets of United States. It invests in the investment-grade municipal securities rated Baa and BBB or better. The fund benchmarks the performance of its portfolio against the Standard & Poor?s (S&P) National Municipal Bond Index and Lipper General and Insured Unleveraged Municipal Debt Funds Average. Nuveen Select Tax-Free Income Portfolio 2 was formed on May 21, 1992 and is domiciled in the United States.
Top 10 Financial Companies To Buy Right Now: Ameritrans Capital Corporation(AMTC)
Ameritrans Capital Corporation, together with its subsidiaries, engages in lending and investment activities. It makes loans to finance the acquisition and operation of small businesses, which have primarily been secured by real estate mortgages, senior corporate loans, life insurance settlements, and equity investments. Ameritrans Capital Corporation was founded in 1979 and is based in Jericho, New York.
Top 10 Financial Companies To Buy Right Now: Northeast Community Bancorp Inc.(NECB)
Northeast Community Bancorp, Inc. operates as the holding company for Northeast Community Bank that provides various banking and financial products and services to consumers and businesses. It offers interest bearing demand accounts, such as negotiable order of withdrawal and money market accounts; savings accounts; non-interest bearing demand accounts, including checking accounts; and certificates of deposit. The company?s loan portfolio comprises multi-family and mixed-use real estate loans, non-residential real estate loans, equity lines of credit on real estate loans, commercial loans, construction loans, and consumer loans. In addition, it provides investment advisory and financial planning services. As of July 11, 2011, the company operated four full-service offices in New York; two full-service branches in Danvers and Plymouth, Massachusetts; and a loan production office in Danvers, Massachusetts. It serves customers in New York, Massachusetts, New Jersey, Connecti cut, and Pennsylvania. The company is headquartered in White Plains, New York.
Top 10 Financial Companies To Buy Right Now: Capitamall Trust (C38U.SI)
CapitaMall Trust (CMT) is a publicly owned real estate investment arm of CapitaLand Ltd. The firm invests in income producing retail properties. It invests in the real estate markets of Singapore. CapitaMall Trust was founded in October, 2001 and is based in Singapore.
Top 10 Financial Companies To Buy Right Now: First Capital Inc.(FCAP)
First Capital, Inc. operates as the bank holding company for First Harrison Bank that provides various banking services to individuals and business customers. The company generates various deposit products, including non-interest bearing checking accounts, negotiable order of withdrawal accounts, money market accounts, regular savings accounts, certificates of deposit, and retirement savings plans. Its loan portfolio comprises residential loans, such as fixed-rate mortgage loans and adjustable rate mortgage loans; construction loans; commercial real estate loans secured by small retail stores, professional office space, and farm properties; commercial business loans secured by inventory, accounts receivable, and business equipments, such as trucks and tractors; and secured or guaranteed consumer loans, including automobile and truck loans, home equity loans, home improvement loans, boat loans, mobile home loans, and loans secured by savings deposits, as well as unsecured c onsumer loans. The company operates 13 locations in southern Indiana. First Capital, Inc. was founded in 1891 and is based in Corydon, Indiana.
Top 10 Financial Companies To Buy Right Now: Berkshire Hathaway Inc (BRKB)
Berkshire Hathaway Inc. (Berkshire), incorporated on June 16, 1998, is a holding company owning subsidiaries engaged in a number of diverse business activities. The Company is engaged in the insurance businesses conducted on both a primary basis and a reinsurance basis, a freight rail transportation business and a group of utility, and energy generation and distribution businesses. Berkshire also owns and operates a number of other businesses engaged in a variety of activities. In October 2012, HomeServices acquired a 66.7% interest in the residential real estate brokerage franchise network in the United States. In May 2013, Berkshire acquired the remaining 20% stake in IMC International Metalworking Companies BV.
Insurance and Reinsurance Businesses
Berkshire�� insurance and reinsurance business activities are conducted through numerous domestic and foreign-based insurance entities. Berkshire�� insurance businesses provide insurance and reinsurance of property and casualty risks worldwide and also reinsure life, accident and health risks worldwide. The Company�� insurance underwriting operations are consisted of the sub-groups, including GEICO and its subsidiaries, General Re and its subsidiaries, Berkshire Hathaway Reinsurance Group and Berkshire Hathaway Primary Group. GEICO insurance subsidiaries include Government Employees Insurance Company, GEICO General Insurance Company, GEICO Indemnity Company, GEICO Casualty Company, GEICO Advantage Insurance Company, GEICO Choice Insurance Company and GEICO Secure Insurance Company. These companies primarily offers private passenger automobile insurance to individuals in all 50 states and the District of Columbia. In addition, GEICO insures motorcycles, all-terrain vehicles, recreational vehicles and small commercial fleets and acts as an agent for other insurers who offer homeowners, boat and life insurance to individuals. GEICO markets its policies primarily through direct response methods in which applications for insura! nce are submitted directly to the companies via the Internet or by telephone.
General Re Corporation (General Re) is the holding company of General Reinsurance Corporation (GRC) and its subsidiaries and affiliates. GRC�� subsidiaries include General Reinsurance AG, an international reinsurer based in Germany. General Re subsidiaries conduct business activities globally in 51 cities and provide insurance and reinsurance coverages throughout the world. General Re provides property/casualty insurance and reinsurance, life/health reinsurance and other reinsurance intermediary and risk management, underwriting management and investment management services.
Property/Casualty Reinsurance
General Re�� property/casualty reinsurance business in North America is conducted through GRC. Property/casualty operations in North America are also conducted through 16 branch offices in the United States and Canada. Reinsurance activities are marketed directly to clients without involving a broker or intermediary. General Re�� property/casualty business in North America also includes specialty insurers (primarily the General Star and Genesis companies). These specialty insurers underwrite primarily liability and workers��compensation coverages on an excess and surplus basis and excess insurance for self-insured programs. General Re�� international property/casualty reinsurance business operations are conducted through internationally-based subsidiaries on a direct basis (through General Reinsurance AG, as well as several other General Re subsidiaries in 23 countries) and through brokers (primarily through Faraday, which owns the managing agent of Syndicate 435 at Lloyd�� of London and provides capacity and participates in 100% of the results of Syndicate 435).
Life/Health Reinsurance
General Re�� North American and international life, health, long-term care and disability reinsurance coverages are written on an individual and group basis. Most! of this ! business is written on a proportional treaty basis, with the exception of the United States group health and disability business, which is predominately written on an excess treaty basis. Lesser amounts of life and disability business are written on a facultative basis. The life/health business is marketed on a direct basis.
The Berkshire Hathaway Reinsurance Group (BHRG) operates from offices located in Stamford, Connecticut. Business activities are conducted through a group of subsidiary companies, led by National Indemnity Company (NICO) and Columbia Insurance Company (Columbia). BHRG provides principally excess and quota-share reinsurance to other property and casualty insurers and reinsurers. BHRG�� underwriting activities also include life reinsurance and life annuity business written through Berkshire Hathaway Life Insurance Company of Nebraska and financial guaranty insurance written through Berkshire Hathaway Assurance Corporation.
BHRG writes catastrophe excess-of-loss treaty reinsurance contracts. BHRG also writes individual policies for primarily large or otherwise unusual discrete risks on both an excess direct and facultative reinsurance basis, referred to as individual risk, which includes policies covering terrorism, natural catastrophe and aviation risks. A catastrophe excess policy provides protection to the counterparty from the accumulation of primarily property losses arising from a single loss event or series of related events. Catastrophe and individual risk policies may provide amounts of indemnification per contract and a single loss event may produce losses under a number of contracts. BHRG also underwrites traditional non-catastrophe insurance and reinsurance coverages, referred to as multi-line property/casualty business.
The Berkshire Hathaway Primary Group is a collection of primary insurance operations that provide a range of insurance coverages to insureds located principally in the United States. NICO and certain affiliates underw! rite moto! r vehicle and general liability insurance to commercial enterprises on both an admitted and excess and surplus basis. This business is written nationwide primarily through insurance agents and brokers and is based in Omaha, Nebraska. U.S. Investment Corporation (USIC), through its four subsidiaries led by United States Liability Insurance Company, is a specialty insurer that underwrites commercial, professional and personal lines of insurance on an admitted and excess and surplus basis. Policies are marketed in all 50 states and the District of Columbia through wholesale and retail insurance agents. USIC companies underwrite and market 110 distinct specialty property and casualty insurance products. Medical Protective Corporation (MedPro) is based in Fort Wayne, Indiana. MedPro offers products and solutions through its subsidiaries, The Medical Protective Company and Princeton Insurance Company and is a primary healthcare malpractice insurance coverage and patient safety solutions to physicians, dentists, other healthcare providers and healthcare facilities. Other insurance operations include the Berkshire Hathaway Homestate Companies (BHHC), a group of six insurance companies that primarily offers standalone workers��compensation, commercial auto and commercial property coverages.
Railroad Business
Through Burlington Northern Santa Fe, LLC (BNSF) Railway, BNSF operates a railroad network in North America with approximately BNSF operates a railroad network in North America with approximately 32,500 route miles of track (excluding multiple main tracks, yard tracks and sidings) in 28 states and two Canadian provinces as of December 31, 2012. BNSF owns approximately 23,000 route miles, including easements, and operates on approximately 9,500 route miles of trackage rights that permit BNSF to operate its trains with its crews over other railroads��tracks. As of December 31, 2012, the total BNSF Railway system, including single and multiple main tracks, yard tracks and sidings,! consiste! d of approximately 50,500 operated miles of track, all of which are owned by or held under easement by BNSF except for approximately 10,500 miles operated under trackage rights.
BNSF is based in Fort Worth, Texas, and through BNSF Railway Company operates railroad systems in North America. In serving the Midwest, Pacific Northwest, Western, Southwestern and Southeastern regions and ports of the country, BNSF transports a range of products and commodities derived from manufacturing, agricultural and natural resource industries. Over half of the freight revenues of BNSF are covered by contractual agreements of varying durations. BNSF�� primary routes, including trackage rights, allow it to access major cities and ports in the western and southern United States, as well as parts of Canada and Mexico.
Utilities and Energy Businesses
MidAmerican�� businesses are managed as separate operating units. MidAmerican�� domestic regulated energy interests are consisted of two regulated utility companies serving more than three million retail customers, two interstate natural gas pipeline companies with approximately 16,600 miles of pipeline and a design capacity of approximately 7.7 billion cubic feet of natural gas per day and a 50% interest in electric transmission businesses. Its Great Britain electricity distribution subsidiaries serve about 3.9 million electricity end-users. In addition, MidAmerican�� interests include a diversified portfolio of domestic independent power projects, a hydroelectric facility in the Philippines, the residential real estate brokerage firm in the United States and the residential real estate brokerage franchise network in the United States.
PacifiCorp is a regulated electric utility company, serving regulated retail electric customers in portions of Utah, Oregon, Wyoming, Washington, Idaho and California. The combined service territory�� diverse regional economy ranges from rural, agricultural and mining areas to urban,! manufact! uring and government service centers. As a vertically integrated electric utility, PacifiCorp owns approximately 10,600 net megawatts (MW) of generation capacity.
MidAmerican Energy Company (MEC) is a regulated electric and natural gas utility company, serving regulated retail electric and natural gas customers primarily in Iowa and also in portions of Illinois, South Dakota and Nebraska. MEC has a diverse customer base consisting of urban and rural residential customers and a range of commercial and industrial customers. In addition to retail sales and natural gas transportation, MEC sells regulated electricity principally to markets operated by regional transmission organizations and regulated natural gas to other utilities and market participants on a wholesale basis and sells non-regulated electricity and natural gas services in deregulated markets. As a vertically integrated electric and gas utility, MEC owns approximately 7,400 net megawatts of generation capacity.
The natural gas pipelines consist of Northern Natural Gas Company (Northern Natural) and Kern River Gas Transmission Company (Kern River). Northern Natural is based in Nebraska and owns interstate natural gas pipeline system in the United States reaching from southern Texas to Michigan�� Upper Peninsula. Northern Natural�� pipeline system consists of approximately 14,900 miles of natural gas pipelines. Northern Natural also operates three underground natural gas storage facilities and two liquefied natural gas storage peaking units.
Kern River is based in Utah and owns an interstate natural gas pipeline system that consists of approximately 1,700 miles and extends from supply areas in the Rocky Mountains to consuming markets in Utah, Nevada and California. Kern River transports natural gas for electric utilities and natural gas distribution utilities, major oil and natural gas companies or affiliates of such companies, electricity generating companies, energy marketing and trading companies, a! nd financ! ial institutions. The Great Britain utilities consist of Northern Powergrid (Northeast) Limited (Northern Powergrid (Northeast)) and Northern Powergrid (Yorkshire) plc (Northern Powergrid (Yorkshire)), which own a substantial Great Britain electricity distribution network that delivers electricity to end-users in northeast England in an area covering approximately 10,000 square miles. The distribution companies primarily charge supply companies regulated tariffs for the use of electrical infrastructure. MidAmerican also owns HomeServices of America, Inc. (HomeServices), a full-service residential real estate brokerage firm in the United States. HomeServices offers integrated real estate services, including mortgage originations and mortgage banking primarily through joint ventures, title and closing services, property and casualty insurance, home warranties, relocation services and other home-related services. It operates under 27 residential real estate brand names with over 16,000 sales agents and in nearly 375 brokerage offices in 21 states.
Manufacturing, Service and Retailing Businesses
Berkshire�� numerous and diverse manufacturing, service and retailing businesses. Marmon Holdings, Inc. (Marmon) consists of approximately 140 manufacturing and service businesses that operate independently within 11 diverse business sectors. These sectors are distribution services, electrical and plumbing products, industrial products, crane services, engineered wire and cable, transportation services and engineered products, food service equipment, highway technologies, retail home improvement products, retail store fixtures, and water treatment.
Distribution Services supplies specialty metal pipe and tubing, bar and sheet products to markets, including construction, industrial, aerospace and many others. Electrical and Plumbing Products is engaged in the distribution, supplying electrical building wire primarily for residential and commercial construction, and copper tube for th! e plumbin! g, heating, ventilation, and air conditioning (HVAC), refrigeration and industrial markets, through the wholesale channel. Industrial Products consists of metal fasteners and fastener coatings for the construction, industrial and other markets, gloves for industrial markets, portable lighting equipment for mining and safety markets, overhead electrification equipment for mass transit systems, custom-machined aluminum and brass forgings for the construction, energy, recreation and other industries, brass fittings and valves for commercial and industrial applications, and drawn aluminum tubing and extruded aluminum shapes for the construction, automotive, appliance, medical and other markets.
Crane Services is engaged in providing the leasing and operation of mobile cranes primarily to the energy, mining and petrochemical markets. Engineered Wire and Cable is engaged in supplying electrical and electronic wire and cable for energy related markets and other industries. Transportation Services and Engineered Products includes manufacturing, leasing and maintenance of railroad tank cars, leasing of intermodal tank containers, in-plant rail services, manufacturing of bi-modal railcar movers, wheel, axle and gear sets for light rail transit and gear products for locomotives, manufacturing of steel tank heads, and services, equipment and technology for processing and distributing sulfur.
Food Service Equipment is engaged in supplying commercial food preparation equipment for restaurants and shopping carts for retail stores. Highway Technologies primarily serve the heavy-duty highway transportation industry with trailers, fifth wheel coupling devices and undercarriage products, such as brake parts and suspension systems, and also serving the light vehicle aftermarket with clutches and related products. Retail Home Improvement Products is engaged in supplying electrical and plumbing products through the home center channel. Retail Store Fixtures provides shelving systems, other merchandising di! splays an! d related services for retail stores, as well as work and garden gloves sold at retail. Water Treatment includes residential water softening, purification and refrigeration filtration systems, treatment systems for industrial markets including power generation, oil and gas, chemical, and pulp and paper, gear drives for irrigation systems and cooling towers, and air-cooled heat exchangers.
McLane Company, Inc. (McLane) provides wholesale distribution and logistics services in all 50 states and internationally in Brazil to customers that include convenience stores, discount retailers, wholesale clubs, drug stores, military bases, quick service restaurants and casual dining restaurants. Operations include grocery distribution, foodservice distribution, beverage distribution, international logistics and software development. McLane�� foodservice distribution unit, based in Carrollton, Texas, focuses on serving the quick service restaurant industry. Operations are conducted through 18 facilities in 16 states. The foodservice distribution unit services more than 19,000 chain restaurants nationwide.
Other Manufacturing, Other Service and Retailing Businesses
Berkshire�� apparel manufacturing businesses include manufacturers of a range of clothing and footwear. Businesses engaged in the manufacture and distribution of clothing products include Fruit of the Loom, Inc. (Fruit), Russell Brands, LLC (Russell), Vanity Fair Brands, LP (VFB), Garan and Fechheimer Brothers. Berkshire�� footwear businesses include H.H. Brown Shoe Group, Justin Brands and Brooks Sports. Fruit, Russell and VFB (together FOL) is primarily a vertically integrated manufacturer and distributor of basic apparel, underwear and athletic apparel and products. Products, under the Fruit of the Loom and JERZEES labels are primarily sold in the mass merchandise and wholesale markets. In the VFB product line, Vassarette, Bestform and Curvation are sold in the mass merchandise market, while Vanity Fair and! Lily of ! France products are sold in the mid-tier chains and department stores. FOL also markets and sells athletic uniforms, apparel, sports equipment and balls to team dealers; college licensed tee shirts and fleecewear to college bookstores and mid-tier merchants; and athletic apparel, sports equipment and balls to sporting goods retailers under the Russell Athletic and Spalding brands. Additionally, Spalding markets and sells balls in the mass merchandise market and dollar store channels.
Garan designs, manufactures, imports and sells apparel primarily for children, including boys, girls, toddlers and infants. Products are sold under its own trademark Garanimals and private labels of its customers. Garan also licenses its registered trademark Garanimals to independent third parties. Garan conducts its business through operating subsidiaries located in the United States, Central America and Asia. Fechheimer Brothers manufactures, distributes and sells uniforms, principally for the public service and safety markets, including police, fire, postal and military markets. Fechheimer Brothers is based in Cincinnati, Ohio.
Justin Brands and H.H. Brown Shoe Group manufacture and distribute work, rugged outdoor and casual shoes and western-style footwear under a number of brand names, including Justin, Tony Lama, Nocona, Chippewa, Carolina, Sofft, Double-H Boots, Eurosoft, and Softspots. Acme Building Brands (Acme) manufactures and distributes clay bricks (Acme Brick and Jenkins Brick), concrete block (Featherlite) and cut limestone (Texas Quarries). In addition, Acme distributes a range of other building products of other manufacturers, including glass block, floor and wall tile, wood flooring and other masonry products. Acme also sells ceramic floor and wall tile, as well as marble, granite and other stones through its subsidiary, American Tile and Stone. Benjamin Moore & Co. (Benjamin Moore) is a formulator, manufacturer and retailer of a range of architectural coatings, available principa! lly in th! e United States and Canada. Products include water-thinnable and solvent-thinnable general purpose coatings (paints, stains and clear finishes) for use by the general public, contractors and industrial and commercial users. Products are marketed under various registered brand names, including Regal, Super Spec, MoorGard, Aura, Nattura, ben, Coronado, Insl-x and Lenmar.
Johns Manville (JM) is a manufacturer and marketer of products for building insulation, mechanical insulation, commercial roofing and roof insulation, as well as fibers and nonwovens for commercial, industrial and residential applications. JM serves markets that include aerospace, automotive and transportation, air handling, appliance, HVAC, pipe insulation, filtration, waterproofing, building, flooring, interiors and wind energy. The Shaw Industries Group, Inc. (Shaw) is a carpet manufacturer based on both revenue and volume of production. Shaw designs and manufactures over 3,000 styles of tufted carpet, tufted and woven rugs, laminate and wood flooring for residential and commercial use under about 30 brand and trade names and under certain private labels. Shaw also provides installation services and sells ceramic and vinyl tile along with sheet vinyl. Forest River, Inc. (Forest River) is a manufacturer of recreational vehicles, utility, cargo and office trailers, buses and pontoon boats. Albecca Inc. (Albecca) does business primarily under the Larson-Juhl name. Albecca designs, manufactures and distributes a range of products, including wood and metal molding, matboard, foamboard, glass, equipment and other framing supplies in the United States, Canada and 15 countries outside of North America.
FlightSafety International Inc. (FSI) is engaged in professional aviation training services to individuals, businesses (including certain commercial aviation companies) and the United States. Government. FSI primarily provides training to pilots, aircraft maintenance technicians, flight attendants and dispatchers who op! erate and! support a range of business, commercial and military aircraft. NetJets Inc. (NJ) is a provider of fractional ownership programs for general aviation aircraft. TTI, Inc. (TTI) is a specialty distributor of passive, interconnect, electromechanical and discrete components used by customers in the manufacturing and assembling of electronic products. TTI�� customer base includes original equipment manufacturers, electronic manufacturing services, original design manufacturers, military and commercial customers, as well as design and system engineers. TTI services a range of industries, including telecommunications, medical devices, computers and office equipment, aerospace, automotive and consumer electronics.
Finance and Financial Products
The Company�� finance and financial products businesses include manufactured housing and finance (Clayton Homes), transportation equipment leasing (XTRA), furniture leasing (CORT), as well as various miscellaneous financing activities. Clayton Homes, Inc. (Clayton) is a vertically integrated manufactured housing company. As of December 31, 2012, Clayton operated 34 manufacturing plants in 12 states. Clayton�� homes are marketed in 48 states through a network of 1,441 retailers, including 323 company-owned home centers. XTRA is a transportation equipment lessor operating under the XTRA Lease brand name. XTRA manages a diverse fleet of approximately 82,000 units located at 58 facilities throughout the United States and two facilities in Canada. The fleet includes over-the-road and storage trailers, chassis, temperature controlled vans and flatbed trailers. CORT Business Services Corporation is a provider of rental relocation services, including rental furniture, accessories and related services in the rent-to-rent segment of the furniture rental industry.
Advisors' Opinion:- [By WALLSTCHEATSHEET.COM]
Berkshire Hathaway is an investment manager with a variety of investments in a number of industries. It is being reported that the company made significant gains from investments during the Financial Crisis. The stock has been flying higher in recent years and is now consolidating near all time high prices. Over the last four quarters, earnings and revenues have been rising. Relative to its peers and sector, Berkshire Hathaway �has been an average year-to-date performer. Look for Berkshire Hathaway to OUTPERFORM.
- [By Tiernan Ray]
Berkshire Hathaway�(BRKB) this afternoon reported Q2 operating earnings per Class-A share of $2,384, up 6% from the year-earlier period, and topping a consensus for $2,163 according to FactSet.
The company’s book value per share rose 7.6% from the beginning of the year to $122,900.
The company saw a $322 million gain on investments, better than the prior-year’s $81 million gain, and a $300 million gain on derivatives, versus a year-earlier $693 million loss.
Total revenue for the company from all its holdings was up 16% at $44.69 billion.
Total assets rose to $446.56 billion from $427.45 billion a year earlier.
The full federal filing for the quarter is available on the company’s Web site.
In the filing,�Warren Buffett and his team outlined gains in the underwriting business, railroads, and energy, with a “mixed” bag of results for manufacturing, services and retail:
Our insurance businesses generated significant underwriting gains in the first six months of 2013 and 2012. Our railroad and utilities and energy businesses continued to generate significant earnings in 2013. Earnings from our manufacturing, service and retailing businesses in 2013 were mixed, but as indicated in the table above earnings from these businesses increased about 4.8% during the second quarter and 7.4% during the first six months [...] Premiums written [by Geico] in the second quarter and first six months of 2013 were $4,548 million and $9,389 million, respectively, representing increases of 11.7% and 11.5%, respectively, compared to the corresponding 2012 periods. Premiums earned in the second quarter and first six months of 2013 increased $465 million (11.3%) and $848 million (10.4%), respectively, compared to premiums earned in the corresponding 2012 periods. The growth in premiums earned for voluntary auto was 10.4%, reflecting an increase in policies-in-force of 8.2% over the past year, and to a lesser d
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