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US markets rebounded; HP soared on Berkshire Hathaway holding; Levi Strauss & Co. fell on Q1 results

  • The Nasdaq fell 2.26% to close Tuesday’s session at 14,204 points.
  • HP soared 14.77% after Berkshire Hathaway disclosed 11% stake in the company.
  • Levi Strauss & Co. shares fell on supply chain constraints hurting sales.

The US markets rebounded from two sessions of losses to close higher on Thursday as oil prices declined to around the levels they were at pre-Russia’s invasion of Ukraine.

The Dow Jones rose 0.3% to finish the trading day up 87 points to close at 34,584 points.

The tech heavy NASDAQ rose 0.1% to finish the trading day up 8 points to close at 13,897 points with Tesla and Apple gaining 1.1% and 0.18% respectively.

One bitcoin is worth US$43,680 going into the Asian trading day.

The Australian dollar is stronger against the major currencies and is buying 74.81 US cents.

Computing technology giant HP jumped 14.77% on Thursday after Warren Buffett’s Berkshire Hathaway became the largest stakeholder in the company. Berkshire Hathaway now holds a more than 11% stake worth around US$4.2bn after buying nearly 121 million shares.

Shares in jean-maker Levi Strauss & Co. fell almost 1% yesterday despite the company reporting better-than-expected first results. For the period, Levi’s reported a quarterly profit of US$0.46/share on revenue of US$1.59bn, which topped analysts’ expectations. Investors sold out of Levi shares after the company said supply chain constraints hurt sales by around US$60m during the first quarter.

And just days after Elon Musk announced his more than 9% stake in Twitter & joining the board of directors of the social media company, new reports out of the Washington Post allege Mr Musk was 11 days late in publicly declaring his purchase of stock in Twitter, and will possibly face a battle with the SEC for his late declaration.

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