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Warren Buffett’s shopping extravaganza kicks off with Squishmallows pit

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Squishmallows of Waren Buffett and Charlie Munger display at the Berkshire Hathaway Annual Shareholders Meeting at Omaha, Nevada on May 3, 2024.

Sarah Min | CNBC

OMAHA, Nebraska — Warren Buffett’s annual shopping event, the pregame to Berkshire Hathaway‘s annual meeting, is wowing shareholders flocking to Omaha this weekend.

With over 20,000 square feet of showroom space and more than 50,000 items of inventory, the exhibit hall in downtown Omaha at the CHI Health Center features goodies from various Berkshire’s holding companies, from Brooks Running to See’s Candies and Jazwares.

Only shareholders can participate at the event and they can buy items at a special discount.

The annual meeting will be exclusively broadcast on CNBC and livestreamed on CNBC.com. Our special coverage will begin Saturday at 9:30 a.m. ET.

Jazwares

Squishmallow pit at the Berkshire Hathaway Annual Shareholders Meeting in Omaha, Nevada on May 3, 2024.

Sarah Min | CNBC

Jazwares, the American toymaker best known for its Squishmallows plushie line, was a hit last year when it first displayed its wares at Berkshire Hathaway’s conference, including the debut of a Warren Buffett plushie. This year, the company expanded its exhibit in the convention hall, making it three times larger.

Displays at the Berkshire Hathaway Annual Shareholders Meeting in Omaha, Nevada on May 3, 2024. 

Sarah Min | CNBC

Some highlights include the latest Squishmallows toys for Buffett and Charlie Munger, a splashy Squishmallows pit, as well as other displays.

Poor Charlie’s Almanack

Charles Munger remembrance ahead of the Berkshire Hathaway Annual Shareholders Meeting at Omaha, Nevada on May 3, 2024.

Sarah Min | CNBC

The Bookworm only had one book to sell this year: “Poor Charlie’s Almanack: The Essential Wit and Wisdom of Charles T. Munger.” That was at the request of Buffett in honor of his business partner of more than 60 years, who passed away in November at the age of 99.

FlightSafety

Flight Safety at the Berkshire Hathaway Annual Shareholders Meeting in Omaha, Nevada on May 3, 2024. 

Sarah Min | CNBC

Berkshire acquired pilot training company FlightSafety in 1996. At Friday’s shopping event, the firm brought a taste of what its training program looks like for professional pilots. Shareholders lined up to put on virtual reality glasses and experience the flight simulation training.

Pilot Travel Centers

Pilot display ahead of the Berkshire Hathaway Annual Shareholders Meeting at Omaha, Nevada on May 3, 2024. 

Sarah Min | CNBC

Truck-stop giant Pilot Travel Centers put up a big display with a real-sized red truck. The firm is largest operator of travel centers in North America, with more than 750 locations. Berkshire now fully owns Pilot Travel after buying the remaining 20% ownership interest from the Haslam family. The deal was not without drama as the Haslams last year sued Berkshire in a complaint that accused the conglomerate of using so-called pushdown accounting without authorization from the family.

Duracell

Duracell display at the Berkshire Hathaway Annual Shareholders Meeting in Omaha, Nevada on May 3, 2024. 

Sarah Min | CNBC

In 2016, Warren Buffett’s Berkshire Hathaway bought Duracell from Procter & Gamble, offering the consumer giant $4.7 billion of the shares it owned in P&G in exchange for the battery maker.

Brooks Running

Displays at the Berkshire Hathaway Annual Shareholders Meeting in Omaha, Nevada on May 3, 2024. 

Sarah Min | CNBC

Brooks Running attracted a long line of shareholders snapping up the 2024 special edition of its running shoes with “brk” on the side and a cartoon of a running Buffett on the insoles. Many shareholders are also set to participate in the Brooks “Invest in Yourself” 5K fun run and walk on Sunday, the morning following the annual meeting.

Dairy Queen

Dairy Queen display at the Berkshire Hathaway Annual Shareholders Meeting in Omaha, Nevada on May 3, 2024. 

Sarah Min | CNBC

Warren Buffett bought Dairy Queen in 1998 in a roughly $600 million transaction, and has made trips to the Omaha locations with his great-grandchildren. According to The Wall Street Journal, the billionaire investor has said in the past that his favorite DQ order is a vanilla soft serve topped with chocolate syrup and malted milk power.



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Who is Paula Vennells? Ex-Post Office boss in Horizon IT inquiry

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The ordained priest who led the Post Office from 2012 to 2019 faces three days of questioning at the Horizon Inquiry.



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Deutsche Bank lifts S&P 500 target on strong earnings By Investing.com

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Deutsche Bank strategists increased their year-end target for the to 5,500, up from the previous 5,100.

The revision is based on a strong earnings cycle and the anticipation that market confidence will grow by the end of the year, which should positively influence US stocks.

“We see the earnings cycle having plenty of legs,” strategists said in note to clients on Friday.

“While all the growth may not materialize this year, we see market confidence in a continued recovery rising by year end, supporting equity multiples.”

However, the strategists also cautioned about potential market volatility due to geopolitical risks. Moreover, they warned that a hung election poses a “real risk” for markets.

The brokerage firm noted that although all growth may not materialize this year, the market’s confidence in a continued recovery is expected to rise by year-end. This sentiment is projected to support equity multiples.

Alongside the revised index target, Deutsche Bank has also raised its base case for S&P 500 earnings to $258 per share from the previous estimate of $250. This adjustment indicates a year-over-year growth of 13%.

If the macroeconomic growth continues to exceed trends as it has for the past seven quarters, the strategists suggest earnings could reach as high as $271 per share, which is at the upper end of their original forecast range of $250 to $271.

 





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Mercedes-Benz workers in Alabama vote against union

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United Auto Workers (UAW) members and supporters on a picket line outside the ZF Chassis Systems plant in Tuscaloosa, Alabama, US, on Wednesday, Sept. 20, 2023.

Andi Rice | Bloomberg | Getty Images

Mercedes-Benz workers in Alabama have voted against union representation by the United Auto Workers, the National Labor Relations Board said Friday.

The results are a blow to the UAW’s organizing efforts a month after the Detroit union won an organizing drive of roughly 4,330 Volkswagen plant workers in Tennessee. Voting started Monday and ended Friday.

Union organizing failed with 56% of the vote, or 2,642 workers, casting ballots against the UAW, according to the NLRB, which oversaw the election. More than 90% of the 5,075 eligible Mercedes-Benz workers voted in the election, according to the results.

The NLRB said 51 ballots were challenged and not counted, but they aren’t determinative to the outcome of the election. There were five void ballots. 

The union and company have five business days to file objections to the election, including any alleged interference, according to the NLRB. If no objections are filed, the election result will be certified, and the union will have to wait one year to file for a union election for a similar bargaining unit.

Mercedes-Benz in a statement said company officials “look forward to continuing to work directly with our Team Members to ensure [Mercedes-Benz US International] is not only their employer of choice, but a place they would recommend to friends and family.”

United Auto Workers President Shawn Fain (right) and UAW Secretary-Treasurer Margaret Mock (left) lead a march outside Stellantis’ Ram 1500 plant in Sterling Heights, Michigan after the union called a strike at the plant on Oct. 23, 2023.

Michael Wayland / CNBC

The loss is expected to hurt the UAW in an unprecedented organizing drive launched late last year of 13 non-union automakers in the U.S. after securing record contracts with Detroit automakers Ford Motor, General Motors and Stellantis. Those agreements included significant wage increase, reinstatement of cost-of-living adjustments and other benefits.

UAW President Shawn Fain said while the Mercedes-Benz vote was obviously not the result the union wanted, it was a valiant effort, adding the vote “isn’t a failure” but a “bump in the road.”

“While this loss stings, I’ll tell you this, we’re going to keep our heads up, keep our heads up high. These workers have nothing to do but be proud in the effort they put forth and what they’ve done,” he said Friday during a media conference. “We fought the good fight and we’re going to continue on, continue forward. Ultimately, these workers here are going to win.”

The Mercedes-Benz vote was expected to be more challenging for the union than the Volkswagen plant in Tennessee, where the union had already established a presence after two failed organizing drives in the past decade and where it faced less opposition from the automaker.

Stephen Silvia, author of “The UAW’s Southern Gamble: Organizing Workers at Foreign-Owned Vehicle Plants,” noted Mercedes-Benz replaced the plant’s leader weeks ahead of the election. He said companies routinely do this, promising workers changes at their facilities in an effort to stave of organizing.

“Companies do anti-union campaigns because they can be effective, and I think this one was effective,” said Silvia, a professor at American University in Washington, D.C. “A common piece of an anti-union campaign is firing the plant manager … That seems to have persuaded enough of the workers to vote against the union.”

Mercedes-Benz Alabama plant votes against unionization

Alabama Gov. Kay Ivey, who was one of six Republican governors to condemn the union’s organizing drive, hailed the outcome of the vote.

“The workers in Vance have spoken, and they have spoken clearly! Alabama is not Michigan, and we are not the Sweet Home to the UAW. We urge the UAW to respect the results of this secret ballot election,” she said.

Workers at Mercedes-Benz’s Tuscaloosa plant, located about 60 miles southwest of Birmingham, have produced more than 4 million vehicles since the plant opened in 1997, including 295,000 vehicles in 2023, according to the plant’s website.

The Alabama plant currently produces vehicles such as the gas-powered GLE and GLS Maybach SUVs as well as the all-electric EQS and EQE SUVs.

The NLRB last week said it continues to process and investigate open unfair labor practice charges filed by the UAW against automakers, including six unfair labor practice charges against Mercedes-Benz since March.

Fain said Friday the union would continue to move forward with those charges. He declined to say whether the union plans to challenge the election results, saying he’d “leave that” to the union’s legal team.

The charges allege that Mercedes-Benz has “disciplined employees for discussing unionization at work, prohibited distribution of union materials and paraphernalia, surveilled employees, discharged union supporters, forced employees to attend captive audience meetings, and made statements suggesting that union activity is futile,” the NLRB said.

The union has filed other charges against automakers Honda, Hyundai, Lucid, Rivian, Tesla and Toyota, according to the NLRB.



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