Top 4 Stocks About to Reach Their 52-Week High

A 52-week high is a technical indicator used by some of the world's top traders and investors to determine the current and future value of a stock. In this report we reveal today's top 4 stocks about to reach their 52-week highs.

By clicking the link above you will automatically opt-in to receive emails from MarketHundred

Buffett's Berkshire Hathaway says Haslams offered bribes to inflate Pilot truck stops earnings

JOSH FUNK
November 29, 2023

OMAHA, Neb. (AP) -- Warren Buffett's Berkshire Hathaway says the billionaire Haslam family tried to bribe at least 15 executives at the Pilot truck stop chain with millions of dollars to get them to inflate the company's profits this year because that would force Berkshire to pay more for the Haslams' remaining 20% stake in the company.

The Berkshire claim in a counter lawsuit filed this week comes after the Haslam family -- which includes Cleveland Browns owner Jimmy Haslam and former Tennessee governor Bill Haslam -- accused Berkshire of trying to understate Pilot's earnings this year by changing its accounting practices.

A hearing on Berkshire's counter lawsuit is planned for Thursday. The Haslams' lawyers and a representative for the family didn't immediately respond to requests for comment.

Berkshire said in a court filing that it only became aware this month of the Haslams' attempts to bribe executives who used to work for the family at the company Jim Haslam -- Jimmy and Bill Haslam's father -- founded before Berkshire became the majority owner at the start of this year. A senior executive who had been promised a bonus revealed that to the current Pilot CEO, who Berkshire appointed after it took over, according to the filing.

Berkshire said Jimmy Haslam offered to personally pay bonuses to the executives that would far exceed their annual salaries based on the price the family received for its remaining stake. Berkshire redacted the number of employees it believes agreed to accept bonuses, but it said Haslam made the offer to about 15 employees at a country club dinner in Knoxville, Tennessee, in March and repeated that offer to at least four other high-level executives. Pilot's former CEO also extended the offer of under-the-table payments to at least 10 other executives in April, according to Berkshire's filing.

It's not clear exactly how much money is at stake because some of the figures in the lawsuits have also been redacted, but the Haslams said their 20% stake in Pilot was believed to be worth $3.2 billion before the accounting change Berkshire made.

The price Berkshire will eventually pay when the Haslams decide to sell their remaining stake is determined by a formula based on Pilot's reported earnings that Buffett and the family agreed to in 2017.

Berkshire initially bought 38.6% of Pilot back then for $2.758 billion before more than doubling that to 80% this year for an additional $8.2 billion. Buffett told Berkshire shareholders this spring that he wishes he could have bought the entire company at once because the price was better in 2017, but the Haslams wouldn't sell it all then.

Pilot is the nation's largest network of truck stops with more than 850 locations and roughly 30,000 employees in the United States and Canada. It has already provided a meaningful boost to Berkshire's revenue and profits this year.

The Haslams said Berkshire's decision to shift to something called "pushdown accounting" this year forced Pilot to take on higher depreciation and amortization costs and that resulted in lower net income. The Haslams were outvoted on that change at Pilot board meetings.

Berkshire said it's impossible to calculate how much Pilot's profits may have been inflated this year because of decisions executives who were promised bonuses made. It said some recommendations to sell off assets or abandon valuable hedge positions to boost short-term profits were rejected but other decisions likely went undetected.

Berkshire is asking for a January trial date so its claims can be judged alongside the Haslam's initial lawsuit to help determine the proper value of Pilot and whether the Haslams should be allowed to sell their stake in 2024 when there are so many questions about whether the company's 2023 earnings are proper.

Besides the truck stops, Berkshire owns dozens of other businesses including Geico insurance, BNSF railroad and several major utilities along with an assortment of smaller manufacturing and retail businesses. It also holds a sizeable stock portfolio with big stakes in Apple, Coca-Cola, American Express and Bank of America among other holdings.

Continue Reading...

Popular

Colombia pauses buying Israeli weapons and president calls war in Gaza 'genocide'

BOGOTA, Colombia (AP) — Colombia’s President Gustavo Petro announced Thursday his government is suspending purchases of weapons from Israel after Palestinians say Israeli troops in Gaza, marking an escalation of tensions between both countries over the .

Brazil’s finance minister proposes global tax on the super-rich at G20 meeting in Sao Paulo

RIO DE JANEIRO (AP) — Brazil’s finance minister told his peers Thursday at a in Sao Paulo that countries should implement a global tax on the super-rich in an effort to tackle rampant tax evasion.

Inflation Proof Investments - Ad

Forget stocks. Their value goes down even as price goes up. And real estate... not in this market. The #1 inflation proof investment right now is GOLD. If you want to protect your retirement savings from inflation, this free guide from the #1 rated gold company in the US shows you how.

Some doorbell cameras sold on Amazon and other online sites have major security flaws, report says

NEW YORK (AP) — Some doorbell cameras sold by Amazon and other online retailers have security flaws that could allow bad actors to view footage from the devices or control them completely, according to an investigation published Thursday by Consumer Reports.

What's Going On With Bitcoin Miner Stocks Thursday?

Bitcoin-miners' stocks are pulling back Thursday following recent strength. Some stocks in the sector may also be down in sympathy with Marathon Digital Holdings and as the recent Bitcoin rally cools Thursday.

Nvidia Sparks $100 Billion Sales Surge for A.I. Supplier? - Ad

You better move fast... Because according to Barrons... Nvidia's little-known supplier is set for a $100 BILLLION sales explosion... ...and it's thanks in part to this mysterious device. According to our research, this $100 billion sales boom could even turn this little-known supplier... ...into the the next trillion-dollar stock.

Trump's Immunity Claim To Be Examined By Supreme Court: A Game Changer For 2024 Elections?

In a historic move, the U.S. Supreme Court has agreed to hear a case concerning former President Donald Trump’s claim of criminal immunity, a decision that could significantly impact his attempts to overturn the 2020 election loss.

This Is Going to Blow the Wealth Gap Wide Open - Ad

The most disruptive technology of this century is about to blow the wealth gap wide open. Artificial intelligence could soon cause millions of Americans to fall further behind and folks who heed this A.I. Code Red could land on the winning side of the growing wealth gap.

The jobs market is hot, but layoffs keep coming in a shifting economic environment

The U.S. economy is humming and there are hundreds of thousands of jobs being added every month. In a stunning burst of hiring to start the year, the nation added 353,000 jobs in January....

Average long-term US mortgage rises to 6.94% after marking fourth-straight weekly increase

LOS ANGELES (AP) — The average long-term U.S. mortgage rate rose for the fourth consecutive week, another setback for prospective homebuyers just as the spring homebuying season gets going.

Act by April 14 - Ad

The last of three historically bullish crypto events is expected to happen around April 14. It's only the fourth time in crypto history. The last time, in 2020, certain altcoins exploded. Some as high as 531,735% or even a 953,018% gain. A tiny $100 investment would have returned just short of a million dollars.

Kicking Yourself for Missing Out on Bitcoin? - Ad

Don't worry. One expert is saying another coin has 20X the potential of bitcoin. And with cryptos heating up, it could be the perfect time to get in.

Is Tesla's Reign Finally Under Threat? BYD Storms the EV Market

Is Tesla's reign as the electric car king finally ending? BYD, a Chinese automaker, is storming the market with aggressive pricing, innovative battery technology, and a huge range of EV models. Could they unseat the industry leader?

Digital Dollar: Freedom or Financial Slavery? - Ad

Is a digital dollar really America's way to financial freedom? Or is it the start of a wave of financial servitude? Get the details on the potential risks of a digital dollar and what you can do to protect yourself. From privacy concerns to economic control, protect yourself with this free guide.

Conservatives Reveal Two Preferred Candidates For Donald Trump's Running Mate At CPAC

At the 2024 Conservative Political Action Conference (CPAC) on Saturday, attendees showed equal interest in two particular vice presidential candidates for former President Donald Trump as he gears up for the p

The Power of Investing in Real Estate: The Oprah Winfrey Way

Oprah Winfrey is one of the most successful women in the world. She is a media mogul, television personality, actress, author, and philanthropist. Her net worth is estimated to be over $2.6 billion, and she has made her fortune through various business ventures, including television, film, and publishing.

Oil Surge Predicted...But Are You Ready? - Ad

Do you own oil and gas stocks? Or are you thinking about buying some? If so, you need to see my #1 oil play for 2024. But it's NOT oil stocks, futures, or anything you've likely heard about. Rather, it's an unusual way to potentially bank monthly income from the oil and gas markets.

This Analyst With 87% Accuracy Rate Sees More Than 14% Upside In Nvidia - Here Are 5 Stock Picks For Last Week From Wall Street's Most Accurate Analysts

U.S. stocks closed mixed on Friday, while the Dow Jones index gaining more than 50 points during the session. All three major indices recorded gains last week, with the S&P 500 gaining around 1.7% and the Dow adding 1.3% for the week.

Mark Cuban Thinks Elon Musk's Grok Chatbot Is Right Leaning, While Google's Gemini Is Left Leaning: 'Can Big Tech Actually Field Generative AI'

Billionaire Mark Cuban suggests Elon Musk's xAI's Grok leans "right," while Google's Gemini tends "left," amidst a broader debate on AI models' biases and implications, fueled by concerns raised by Marc Andreessen about big tech's ability to develop generative AI products.

The Next Great Crypto Bull Market Has Begun... - Ad

The last of three historically bullish crypto events is expected to happen around April 14. It's only the fourth time in crypto history. The last time, in 2020, certain altcoins exploded. Some as high as 531,735% or even a 953,018% gain. A tiny $100 investment would have returned just short of a million dollars.

Elon Musk Buys A New Windows PC, Fears Signing In Will Give Microsoft AI Access To His Computer: 'This Is Messed Up'

Over the weekend, Tesla and SpaceX CEO Elon Musk alleged that Microsoft Corporation (NASDAQ:MSFT) is forcing him to create an account for using his new laptop. 

Buffett's Berkshire Hathaway Reduces Apple Holdings, Buys Chevron, Adjusts Portfolio

Buffett's Berkshire portfolio shakeup impacts Apple and Chevron position, while hinting at a major new investment.

A 10,000% Dividend?!? - Ad

Have you seen this strange oil investment? It's NOT a stock, bond, or private company...It has NO age requirements...You do NOT need to be accredited to participate... And you can get in for as little as $25.

Phones are distracting students in class. More states are pressing schools to ban them

SAN FRANCISCO (AP) — In California, a high school teacher complains that students watch Netflix on their phones during class. In Maryland, a chemistry teacher says students use gambling apps to place bets during the school day.

Gold Explodes Past $2,000, Here's What's Next - Ad

After what feels like nearly a decade of disappointing returns, gold is entering a new bull market. You can get started today for just $5.

A collection of the insights Warren Buffett offered in his annual letter Saturday

Billionaire Warren Buffett is known as one of the world's greatest investors, and the 93-year-old has a devout following of people who admire his track record and appreciate his sage advice on life and investing.

Your Money or Your Privacy? - Ad

The digital dollar might change more than just currency. Its implications for privacy, autonomy, and personal finance are terrifying. If you don't take control of your money and your privacy, you could lose both to a digital dollar.

NYC’s plan to ease gridlock and pump billions into mass transit? A $15 toll for Manhattan drivers

NEW YORK (AP) — Between bridge and tunnel tolls, parking fees and the ever-present risk of getting a traffic ticket, it can already cost a mint to drive into Manhattan.

Check Out Derek Jeter's Tampa Estate On The Market For $29M

Former professional baseball player Derek Jeter's estate built on Davis Islands in Tampa, Florida is on the market for $29 million.

Should You Buy Bitcoin in 2024? [Expert's Shocking Answer] - Ad

Bitcoin minted 100,000 millionaires and if you're not one of them, that ship has sailed. But there's another millionaire-minting crypto at our doorstep... research shows this coin could be 20X bigger than Bitcoin by the end of the decade. With crypto starting to heat up again, this could be the perfect time to get in.

Intuitive Machines, Palo Alto Networks, Enovix Corp, Teladoc Health, Tesla: Why These 5 Stocks Are On Investors' Radars Today

Wall Street reopened on a weaker note following Monday's market closure, with all major U.S. stock averages in the red due to a broad decline in technology stocks.

Boeing given 90 days by FAA to come up with a plan to improve safety and quality of manufacturing

The Federal Aviation Administration is giving Boeing 90 days to come up with a plan to fix quality problems and meet safety standards for building new planes.

He Cracked the Code to Crypto - Ad

In 2018, Juan Villaverde accurately called the top and bottom for Bitcoin down to nearly the day. Anyone who bought when Juan said we were at the bottom, would have made as much as 2,000% on Bitcoin or 5,400% on Ethereum. Now he says a new two-year bull market has begun. And he likes one altcoin above all others.

Jim Cramer Tells Investors To 'Do The Homework' And Look Beyond Earnings Figures: '...Causing People To Make Snap Judgments'

CNBC's Jim Cramer has advised investors to look beyond the numbers in financial reports, saying that the current method of reporting is leading to false judgments.

Trending Now

Information, charts or examples are for illustration and educational purposes only and not for individualized investment management This message contains commercial elements, such as advertising. We only send these offers to those who have opted in to our newsletter. Past performance is not indicative of future results. For these reasons we strongly suggest trading in a DEMO/Simulated account. The information provided by us is for educational and informational purposes only. We make no representations or warranties concerning the products, practices or procedures of any company or entity mentioned or recommended and have not determined if the statements and opinions of the advertiser are accurate, correct or truthful. If you use, act upon or make decisions in reliance on information contained or any external source linked within it, you do so at your own peril and agree to hold us, our officers, directors, shareholders, affiliates and agents without fault.

Copyright trendadvisor.net
Privacy Policy | Terms of Service