Warren Buffett's Berkshire Hathaway (BRK.B) increases stakes in five Japanese trading houses. (00:22) Forever 21 files for bankruptcy for second time. (01:05) Joby (JOBY) and Virgin Atlantic to bring flying taxis to the UK. (01:58) Episode transcripts seekingalpha.com/wsb.Show links: Biggest stock movers Monday: NCLH and NIUSA Asks: What's next for quantum computing stocks?What will happen to payment stocks in a recession? Bernstein takes clues from 2008Trump to speak with Putin Tuesday amid efforts to broker Ukraine ceasefireSign up for our daily newsletter here and for full access to analyst ratings, stock quant scores, dividend grades, subscribe to Seeking Alpha Premium at seekingalpha.com/subscriptions.
Chapter 1: What are Warren Buffett's latest investment moves in Japan?
Welcome to Seeking Alpha's Wall Street Breakfast, where we cover the top news for investors every morning. Good morning. Today is Monday, March 17th. I'm Julie Morgan. Buffett is boosting his bets. Forever 21 is doing something it's done before. And Joby teams up with Virgin Atlantic. Warren Buffett's Berkshire Hathaway has raised its holdings in five Japanese trading houses.
Regulatory filings show Berkshire's stake in Mitsui & Co. rose to 9.82% from 8.09%, while its holdings in Mitsubishi, Sumitomo, Itochu, and Marubeni also rose by some percentage points. Reuters reported this information, citing documents filed to Japan's securities watchdog by National Indemnity Company.
Chapter 2: Why did Forever 21 file for bankruptcy again?
The filing showed Buffett's annual letter to Berkshire shareholders last month, where he said the five trading houses agreed to moderately relax limits that cap Berkshire's ownership stakes below 10%. Forever 21 filed for Chapter 11 bankruptcy on Sunday for the second time in six years amid weak sales and increasing competition from online retailers.
Court documents showed that the company filed for Chapter 11 bankruptcy in Delaware. In its petition, it listed assets of $100 million to $500 million and liabilities of $1 billion to $10 billion. The brand has 540 locations globally, according to its website.
Chapter 3: Who is involved in the acquisition of Forever 21?
A group of buyers, including Simon Property Group, Brookfield, and Authentic Brands, teamed up to buy Forever 21 out of bankruptcy through a venture called Spark Group. Spark announced this year it was combining with JCPenney to form Catalyst Brands. At the time of the merger, Catalyst said it was exploring strategic options for the operations of Forever 21.
Chapter 4: What is the partnership between Joby Aviation and Virgin Atlantic?
Joby Aviation has partnered with Virgin Atlantic for the launch of Joby's air taxi service in the UK. The companies made the announcement on Saturday. The partnership builds on an existing agreement between Joby and Delta Airlines, which owns a 49% stake in Virgin Atlantic, to launch the service in the US and UK.
Joby said it has completed thousands of test flights, including exhibition flights in New York City, Japan and Korea. Now for a look at what's trending on Seeking Alpha. Seeking Alpha is asking its analysts what's next for quantum computing stocks. What will happen to payment stocks in a recession? Bernstein is taking clues from 2008.
And President Trump is expected to speak with Putin on Tuesday amid efforts to broker a Ukraine ceasefire. On our Catalyst Watch for the Day, the four-day Oppenheimer 35th Annual Healthcare MedTech and Services Conference will include presentations from RadNet, Angio Dynamics, and Butterfly Network.
The two-day Piper Energy Conference will include presentations from Phillips 66, Oceaneering International, and Helix Energy. The annual Roth Conference will include participation from about 500 private and public companies in various growth sectors. Participating companies include D-Wave Quantum, TerraWolf, and Hut8. And Amdocs will participate in an investor webinar hosted by J.P.
Morgan entitled MWC25, The Barcelona Express, The Future of Ubiquitous Connectivity, AI, and Everything in Between. Now let's get a look at the futures today ahead of the opening bell. Dow S&P and Nasdaq futures are in the red. Crude oil is up 1% at $67 a barrel. Bitcoin is down 0.3% at $83,000. In the world markets, the FTSE 100 is up 0.1% and the DAX is down 0.1%.
On today's economic calendar, before the opening bell at 8.30 a.m., retail sales. Investors will keep their eye on the February retail sales report, which is expected to come in at 0.6% month over month. Also at 8.30 a.m., the Empire State Manufacturing Survey. And after the opening bell at 10 a.m., the Housing Market Index.
The March NAHB Housing Market Index is due today and is forecasted to come in at 42. That's it for today's Wall Street Breakfast. Thanks for listening. To take full advantage of Seeking Alpha with coverage on significant stocks and ETFs, become a premium subscriber. Check out seekingalpha.com slash subscriptions. I'm your host, Julie Morgan. Go out and make it a great day.
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