Morning Scan Berkshire loves Synchrony; What's behind the bitcoin surge?

Berkshire Hathaway CEO Warren Buffett plays bridge during the Berkshire annual meeting weekend in Omaha Nebraska

The Oracle of Omaha, through his Berkshire Hathaway holding company, sold off his entire $315.4 million stake in General Electric in the second quarter, according to quarterly filings with the Securities & Exchange Commission (SEC).

Buffett's Berkshire boosted its stake in Bank of New York Mellon to 50.23 million shares, up 52% from the 33.01 million shares it owned at the end of the first quarter.

Buffett, however, upped his bet on a recent GE spin-off.


Berkshire had previously held 10.4 million shares in the United States industrial giant, according to earlier securities filings. Jeff Immelt stepped down as CEO earlier than expected at the beginning of August, leaving the former head of GE's healthcare business, John Flannery, to captain the company. It's worth noting that the firm's positions could have changed since the date of the filing.

As Berkshire Hathaway exited GE, it added a 17.5 million share stake in Synchrony Financial, a credit card company spun out of GE in 2015. Kraft Heinz, Wells Fargo and Apple are the top three.

GE is down 20.3% this year and trading at about $25.35.

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