The figures: Berkshire Hathaway has announced a 12.6% increase in operating profit as numerous aspects of the business improved, including a 68% increase in insurance investment income. Net earnings were up from $5.6B this time last year to $35.5B. Reserves: The company's cash reserves were up from Q4 2022 despite repurchasing $4.4B in stock this past quarter, the most in two years. The company's cash reserves are currently at $130.616B. Stock Price: The stock is currently 3% below its all-time higher after gaining 4.9% so far this year. Futures indicate the stock should gain when markets open on Monday.
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U.S. markets Stocks were up on Friday to close the week after Apple reported better-than-expected earnings. Despite this, the S&P 500 and Dow Jones were down for the week. - April's job numbers were higher than expected, with the U.S. economy adding 253,000 jobs, more than the 180,000 expected by economists.
- Despite the increase in jobs, Goldman Sachs believes the Federal Reserve will still pause future rate hikes. Investors are currently pricing in an 8.5% chance of a 0.25% interest rate hike next month.
- The current 10 Year U.S. Treasury yield is set at 3.43980%
| Dow Jones | 33,674.38 | 1.65% | | S&P 500 | 4,136.25 | 1.85% | | Nasdaq | 12,235.41 | 2.25% | | Russell 2000 | 1,759.88 | 2.39% | *Stock Market data as of the last closing bell. Data received directly from the references indexes through ICE Data Services. Do you not understand any of these figures? Check out our explainer.
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JPMorgan released a note to investors upgrading regional stocks, including Western Alliance, Zions Bancorp, and Comerica, to overweight. The move came as bank stocks declined early in the week after it was announced that financial authorities shut down First Republic Bank. More: - JPMorgan also purchased the assets of First Republic Bank; as such, it is interested in helping stabilize the regional bank industry.
- JPMorgan and other major financial institutions previously attempted to support regional banks by depositing $30B in First Republic Bank to demonstrate their confidence in the bank's stability.
- Following the note from JPMorgan, PacWest shares rose by over 80%, while Western Alliance shares rose by just under 50%.
- The SPDR S&P Regional Banking ETF was up more than 6% on Friday.
- In related news, the SEC has announced that it is investigating executives at First Republic Bank for possible insider trading.
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Amazon became the biggest buyer of renewable energy globally in 2022. The company has pledged to power its operations with 100% renewable energy by 2025, and as of January 2023, it had 164 utility-scale wind and solar farms and 237 on-site rooftop solar facilities. More: - Last year, Amazon purchased 10.1 gigawatts of renewable energy, which is more than any other company, according to BloombergNEF.
- The company's renewable energy procurement was spread across 20 countries, with the US accounting for more than half of the purchases.
- The renewable energy purchases include solar and wind farms and "virtual power purchase agreements," which involve buying renewable energy from offsite projects.
- By purchasing renewable energy, Amazon is helping to support the growth of renewable energy projects worldwide.
- Amazon has also announced plans to invest $2B in sustainable energy projects, including renewable energy storage and EV charging infrastructure, as part of its Climate Pledge initiative.
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The restaurant industry is seeing a boom in using premium reservations to target big spenders. This involves offering exclusive dining experiences with high-end menus and prices and unique perks such as personalized menus and access to private dining rooms. More: - The pandemic partly drives the trend, which has forced restaurants to find new ways to generate revenue and attract customers. The pandemic has also made reservations more common than they were previously.
- Premium reservations are marketed as a way for diners to celebrate special occasions or to impress clients and business partners.
- Some restaurants are also experimenting with dynamic reservation pricing, varying prices depending on demand and availability.
- While the trend is likely to appeal to high-end consumers, it raises questions about equity in the restaurant industry and the potential for pricing out more budget-conscious diners.
- Analysts compare this new trend to the "Disney FastPass," where one can pay for a better experience by skipping lines at rides.
- The trend has also been used for partnerships with some restaurants, like Cane & Table in New Orleans, which has a table only for American Express cardholders.
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Firefly Aerospace is set to launch its Alpha rocket for the first time, with the U.S. Space Force as a customer. The rocket is designed to carry payloads of up to 1,300 kilograms into orbit and has a launch price of $15 million, making it an attractive option for smaller satellite operators and research institutions. More: - The launch is part of the Space Force's High-Speed Victus Nox mission, which aims to test a range of technologies and capabilities for space operations.
- Firefly has been working on the Alpha rocket for several years, with the company facing financial challenges and a bankruptcy filing in 2017.
- The Alpha rocket uses a unique engine design that incorporates 3D-printed components and is powered by a combination of liquid oxygen and kerosene.
- Firefly is one of several private space companies vying for a share of the growing small satellite market, which is expected to be worth billions of dollars in the coming years.
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 |  | Liam Gill is a lawyer who raised $250k with just an idea and turned it into a $35M tech startup.
He now teaches entrepreneurs how to Pitch, Negotiate and Strategize so they can do the same.
Let's Connect |   | | Editor | Aaron Crutchfield is based in the high desert of California. Over the last two decades, he has spent time writing and editing at various local newspapers and defense contractors in California. When he's not working, he can often be found looking at the latest memes with his kids or working on his 1962 and 1972 Fords. | |
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