🚀 Berkshire Hathaway hits $1 trillion

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Market Overview
Read time 1.4 minutes

Year To Date Performances:

1. Dollar General's shares plummeted 25% after the discount retailer drastically cut its sales and profit outlook for 2024, signaling that its lower-income customer base is struggling in the current economy. The company now projects a modest 1.0% to 1.6% increase in same-store sales, down from its previous 2% to 2.7% estimate, and slashed its earnings per share forecast to $5.50-$6.20 from $6.80-$7.55. Despite sales rising 4.2% to $10.21 billion in Q2, earnings fell short of expectations at $1.70 per share, compared to the anticipated $1.79. Dollar General's CEO Todd Vasos acknowledged the challenges but emphasized the need for operational improvements, including better inventory management. The news also negatively impacted competitor Dollar Tree, which saw its shares drop by over 7%.

2. Warren Buffett’s Berkshire Hathaway has become the first non-tech U.S. company to reach a $1 trillion market cap, with shares up 28% in 2024, outpacing the S&P 500’s 18% gain. The milestone comes as Berkshire continues to focus on traditional businesses like BNSF Railway, Geico, and Dairy Queen, distinguishing itself from other trillion-dollar giants. Despite recent sell-offs, including Apple, Berkshire's financial strength remains robust, with a record $277 billion in cash reserves, reflecting Buffett’s cautious stance in the current market environment.

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4. Headlines

   1. Super Micro Computer shares fell 19% after Hindenburg revealed a significant short position in the company.

   2. American Eagle’s profits grew 60% last quarter as a result of declining costs.

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