Why Did Buffett Sell BYD?

Ever day, we handpick the 5 Top Stories stock market investors need to know. In 5 minutes, you’ll learn the stocks, CEOs, and money managers moving markets.

Why Did Buffett Sell BYD?

A stock exchange filing on Monday showed that the Oracle of Omaha’s investment firm, Berkshire Hathaway [BRK-B], offloaded 1.3 million shares in BYD [1211:HK] on 11 June, raising HK$310.5m ($39.8m). Berkshire’s stake in the Chinese electric vehicle leader is now at 6.9% of total H-shares, down from 7%. Shares in BYD jumped last week on news that the EU tariffs will be lower than previously anticipated.

Solid-State Breakthrough

“We believe that our newly developed material for solid-state batteries can make a significant contribution to the energy transformation of society,” TDK [6762:T] CEO Noboru Saito told the Financial Times, describing a new all-ceramic material the Japanese electronics multinational has developed. The new material will allow for solid-state batteries to have higher capability, hence allowing for smaller device sizes and extended operating times, as well as being safer than existing batteries.

Starboard Has Designs on Autodesk

Activist investor Starboard Value has a $500m stake in design software firm Autodesk [ADSK], the Wall Street Journal reported. Starboard has met with Autodesk executives and is pushing for changes at the company, including with regard to its operations and governance. This comes on the heels of an accounting probe which caused the Autodesk share price to plummet. “We are confident in our strategic direction, significant margin opportunity, and our corporate governance,” Autodesk said in a statement.

Cybersecurity in Taiwan: Cisco Steps Up

As part of its Taiwan Digital Acceleration Plan 3.0, US digital communications firm Cisco [CSCO] is to set up a new “security innovation centre” in the country. It will also work with the government on training people to work in cybersecurity. The Taiwanese government has complained of cyberattacks that it attributes to China, although the latter country denies responsibility. The project will also cover artificial intelligence (AI) in transport and sustainability operations.

Skinnier Americans Fuel Fashion Shift

According to the Wall Street Journal, the success of Novo Nordisk’s [NVO] blockbuster weightloss drug Ozempic has led to a surge in demand for smaller clothing sizes, as well as more skintight designs. Deirdre Quinn, CEO of clothing brand Lafayette 148, said that some 5% of its customers are buying new clothes because they have lost weight, often going from a size 12 to a size 6 or 8. The trend is both boosting sales and helping the brand save costs on fabric.