Here are the stocks experiencing movements during the after-hours trading session on Monday, May 15th, 2023.
Berkshire Hathaway
Berkshire Hathaway has disclosed its 13F filing, revealing its purchases of shares in Capital One (COF) during the first quarter, amounting to 9,922,000 shares. As a result, COF's stock has risen over 5% in after-hours trading.
In addition to the investment in COF, Berkshire Hathaway has increased its holdings in Apple (AAPL), Occidental Petroleum (OXY), Bank of America (BOC), Citigroup (C), and other companies.
While regional bank stocks have faced volatility due to recent banking uncertainties, Warren Buffett of Berkshire Hathaway continues to show a preference for major lender Bank of America.
At the shareholder gathering in Omaha, Nebraska, Buffett expressed caution about owning banks but mentioned his confidence in Bank of America and its management.
“We're very cautious… about ownership of banks and we do remain with one bank… I like Bank of America and I like the management,” Buffett said at the shareholder gathering in Omaha, Nebraska.
Berkshire Hathaway has faced a decline in its positions in Chevron (CVX), GM (GM), Amazon (AMZN), and Activision Blizzard (ATVI).
Beam
Beam Global experienced a significant surge of 11% in its share price following a remarkable increase in first-quarter revenue, which rose by 245% to $13 million, surpassing the consensus estimate of $8.34 million.
The substantial revenue growth can be primarily due to an increase in deliveries to federal agencies. Furthermore, the company, which provides products and technologies for electric vehicle (EV) charging, generated $1.8 million from its energy storage sales.
“The first quarter wasn’t just the best quarter in our history, it was better than any full year except 2022” said Beam CEO Desmond Wheatley.
Beam Global reported a loss per share of 38 cents, which was narrower than the expected 45 cent loss projected by Wall Street analysts.
Tesla
Tesla is scheduled to hold its annual shareholder meeting at its gigafactory in Austin, Texas, on Tuesday. During the meeting, shareholders will vote on five proposals, including executive compensation.
Following Elon Musk's announcement of Linda Yaccarino as the new CEO of Twitter, a social media company he acquired last year for $44 billion, investors anticipate that Musk will be able to dedicate more of his time to Tesla, the electric vehicle (EV) giant.
Musk recently tweeted, expressing his intention to focus more on Tesla, stating, “Bringing on Linda allows me to devote more time to Tesla, which is exactly what I will be doing!”
In April, Tesla reported a gross margin of 19.3%, which was a decrease from the previous level of below 20%. This decline was attributed to the impact of price reductions on certain vehicle models, which affected profits.
