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Stock impact report

Some Companies Seeking Bailouts Had Piles of Cash, Then Spent It [The New York Times]

Berkshire Hathaway Inc. New (BRK.B) 
Last berkshire hathaway inc. new earnings: 11/2 07:00 am Check Earnings Report
US:NYSE Investor Relations: berkshirehathaway.com
Last month, the top executives of KFC, Wendy’s, Papa John’s and other large restaurant chains held an urgent call with President Trump about the coronavirus crisis.The companies needed billions of dollars in aid to avoid mass layoffs, the executives said. The next day, their trade group asked government leaders, including Mr. Trump, for $145 billion in relief.These companies had been highly profitable in recent years, yet they were seeking help from the federal government. Where had all their money gone? Like much of corporate America, the restaurant chains had spent a large chunk on buying back their own stock, a practice aimed at bolstering its price. Some were even more vulnerable to the economic shock because they had previously increased their borrowing — including to fund buybacks or pay dividends — and strained their credit in the process.Few, if any, corporations could have been adequately prepared for this pandemic, and efforts to stem the spread of Covid-19 have hit certain Show less Read more
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