Hedge fund manager Kyle Bass told CNBC’s “Power Lunch” on Friday that Asian banks that lend aggressively to China are going to see “severe trouble over the next two years.”
Bass noted however, he is not short Chinese banks, but rather the “rest of the financial institutions in Asia.”
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According to a report posted Friday by Reuters, Verizon Communications Inc. (VZ) is exploring a sale of its enterprise assets which could be worth as much as $10 billion.
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Payments startup Square on Friday announced pricing terms for its upcoming IPO. The San Francisco-based firm, which is founded and led by Twitter (TWTR) CEO Jack Dorsey, said in a SEC filing that it plans to sell 27 million shares at between $11-$13 per share. At the high end of that range, Square would be valued at approximately $4.2 billion, $1.8 billion lower from its $6 billion valuation last year.
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Tesla Motors (TSLA) CEO Elon Musk said on Friday at the Baron Investment Conference that he sees his company eventually churning out “several million” electric cars per year. That’s a far cry from the roughly 50,000–52,000 the electrical car maker is expected to deliver this year.
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Warren Buffets’ Berkshire Hathaway (BRK.A), (BRK.B) reported third-quarter earnings above analysts’ estimates Friday. Net income climbed to a record $9.43 billion, or $5,737 a share, from $4.62 billion, or $2,811, a year earlier. The Omaha, Nebraska-based conglomerate said quarterly profit doubled to a record high, reflecting a large gain on its stake in Kraft Heinz Co.
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