Buffett offloads stake in GE

Buffett's Berkshire sheds GE adds Synchrony

Berkshire Backs Synchrony (Bails On GE)

Synchrony's share price has yet to recoup the 16 percent decline it suffered on April 28 after it wrote off more soured loans, causing profit for the Stamford, Connecticut-based company to fall short of forecasts. "It's that simple..." Just released U.S. stock exchange filings for the June quarter show his Berkshire Hathaway has cashed out its holding in United States industrial giant General Electric.

GE just recently promoted John Flannery to CEO, as Jeff Immelt stepped aside. The insurer looks to be staying invested in at least one GE legacy business, picking up 17.5 million shares of Synchrony Financial for an estimated $560 million.

Berkshire Hathaway revealed those moves and several other changes to its USA stock portfolio in a filing with the Securities and Exchange Commission on Monday. It is worth noting that the firm's positions could have changed since the date of the filing.

Its new $520.7 million in Synchrony position sent shares of the lender higher over 4.4% during afternoon trading on Tuesday. It also increased its stakes in BNY Mellon, General Motors, and Apple.

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As previously announced Berkshire also bought 18.6 million shares in real-estate investment trust Store Capital Corp in the quarter.

The firm's top holdings are all wellknown brand names that Buffett has become famous for championing.

Berkshire didn't list any GE shares in its holdings at the end of June. Buffett handles the biggest investments in Berkshire's portfolio, such as Coca-Cola, Wells Fargo and IBM.

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