stocks, both classes, set 52-week intraday highs last Friday.
Berkshire Hathaway (symbol:
) Class B shares had a modest 2022, up 3.3%, and expensive Class A shares did a bit better, gaining 4.0%. But both far outperformed the
S&P 500 index,
which slipped 19% last year.
This year the
turned the tables, up 12% on a rise in big tech names in the index, which nearly set its own 52-week intraday high on Friday. Class B shares of Warren Buffett’s company gained 8.5%, while Class A gained 9.0%.
Nonetheless, Berkshire Hathaway Class B and A shares set 52-week intraday highs of $337.59 and $515,000, respectively. That’s still below their highs, both set on March 29, 2022, of $362.10 and $544,389.00, respectively.
What’s behind the rise in Berkshire Hathaway shares? The typical things: strong earnings and regular stock buybacks. The fourth quarter, released in February, failed, but May’s first quarter report was back on track.
Hain Celestial Group
stock (HAIN), on the other hand, fell to an over-decade low last week, hitting $11.73 on Thursday. Shares of the organic and natural products maker have not traded at this level since September 2010, adjusted for a two-for-one stock split in 2014.
Shares of Hain fell in early February after the company reported a mixed fiscal second quarter. A disappointing third fiscal report and reduced guidance in May dealt more blows to equities.
Hain’s stock has fallen 27% so far this year. Even a bull on stocks had to cut estimates. William Blair analyst Jon Andersen cut his earnings before interest, tax, depreciation and amortization estimates for 2023 and 2024. He retained an outperform rating on Hain stock in a May 9 report.
“Overall, we continue to view 2023 as a ‘reset’ year with more robust cost reduction programs in place and improved investments in marketing and brand building, putting the company on track for a return to sales and earnings growth in fiscal 2024,” Andersen said. writing.
Speaking of a path to restoration,
blue apron bottoms
(APRN) staged a one-day rally, exploding 67% last Friday, the day after a record intraday low.
It was kind of an all but kitchen sink week for the meal kit business. A one-for-12 reverse stock split was effective at Wednesday’s close, a move taken to ensure Blue Apron complies with a NYSE stock price listing rule to maintain an average closing price. of at least $1.00 over 30 trades – day period. Shares slid Thursday to an allocation-adjusted intraday low of $4.91.
On Friday, Blue Apron reached a deal valued at $50 million to transfer its operational infrastructure to FreshRealm, which manufactures meal kits for
(KR), Publix and
(WMT). The agreement includes Blue Apron’s distribution centers, equipment and associated personnel. Blue Apron said it received $25 million in cash up front and “paid off its debt”.
Corrections & Amplifications
Berkshire Hathaway announced its fourth quarter in February and its first quarter in May. A previous version of this article incorrectly stated that the company reported its first quarter in February and its fourth quarter in May.
Write to Ed Lin at firstname.lastname@example.org and follow @BarronsEdLin.