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In pre-market trading, shares of Ulta Beauty Inc. (NASDAQ:ULTA) and Heico Corp (NYSE:HEI) are experiencing a significant surge. This comes after Berkshire Hathaway Inc. (NYSE:BRK) (NYSE:BRK) announced an increase in its holdings in these companies.
What Happened: According to Benzinga Pro, Ulta Beauty Inc. and Heico Corp saw pre-market gains of 16.39% and 3.85% respectively. Other companies, such as Chubb Limited (NYSE:CB) and Occidental Petroleum Corporation (NYSE:OXY), also saw minor pre-market increases. Chubb Limited’s shares rose by 0.41%, while Occidental Petroleum Corporation’s shares increased by 0.97%.
The company has boosted its holdings in Chubb to 27,033,784 shares and Occidental Petroleum to 255,281,524 shares. Additionally, it has made new, smaller investments in aerospace parts manufacturer Heico Corp with 1,044,242 shares and cosmetics retailer Ulta Beauty Inc with 690,106 shares.
Why It Matters: The surge in these stocks comes after Berkshire Hathaway, led by renowned investor Warren Buffett, disclosed significant stock sales in the second quarter, including a substantial reduction in its Apple Inc. (NASDAQ:AAPL) holdings. Despite selling over 389 million Apple shares, Berkshire Hathaway still retains 400 million Apple shares. The exact number of shares sold was only clarified recently.
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This story was generated using Benzinga Neuro and edited by Pooja Rajkumari
