Here comes an ugly trading day for Warren Buffett.
Shares of IBM (IBM) fell about 5.2% to $161.27 in early trading on Wednesday following the release of lackluster first quarter results. Buffett is IBM's largest shareholder, owning an 8.6% stake in the tech giant as of Dec. 31, according to Bloomberg data. Depending on IBM's closing price, Buffett stands to lose millions (on paper).
"What you pay for a stock doesn't mean anything. What means something is where the company's going to be in five to 10 years," Buffett told CNBC in a 2016 interview. "I think IBM will be worth more money but, like I said, I could be wrong but we'll accept that."
Wonder how he is feeling right now about IBM.
Meanwhile, Morgan Stanley's (MS) stock is nicely higher in early trading following a monster earnings beat. As TheStreet reports, Morgan Stanley's fixed-income business crushed rivals such as Citigroup (C) , JPMorgan Chase (JPM) , Bank of America (BAC) and Goldman Sachs (GS) .
Here are several other things of interest to get you thinking.
Chipotle could make bank thanks to its recent price increase: Chipotle (CMG) may see a massive 25 cents to 30 cents a share lift to its earnings this year as a result of its recent menu price increase, TheStreet reports.
If only they didn't cut their portion sizes (based on my analysis and talks with others) following the E.Coli crisis, maybe the price hike wouldn't be too upsetting.
Walmart debuts this novel service on Wednesday: Beginning Wednesday, Walmart (WMT) will allow customers making online purchases on an initial 10,000 items to either take advantage of its free, two-day home shipping option or have it sent to a local Walmart store, at a discounted price. Obviously this is something Amazon can't do, seeing as it has no stores.
"We are at a point right now where we are really able to leverage the assets that are unique to Walmart," Marc Lore, president and CEO of Walmart eCommerce U.S. told TheStreet in an interview. Let me know what you think about this service (provided you try it): firstname.lastname@example.org
Watch your lungs in California: Six of the 10 cities in America with the worst air pollution are in California, according to the American Lung Association's annual "State of the Air" report released on Wednesday. The award for the city in California with the worst year-round air pollution goes to Visala/Hanford. Would love to see your California smog pictures. Tweet them to me @BrianSozzi.
Because we all could use a good laugh: Music legend Sheryl Crow, 55, in an interview with USA Today, nicely summed up what we all quietly think about today's music. Let your mind wonder on what she said here...
"I've turned into one of those people that young rock 'n' rollers hate. I don't like them turning on pop radio and hearing songs about sex -- and that's all that's on there, 18-year-olds singing about 'the taste of you.' If everything is about branding and we're branding sex as power, what does that say to little girls and little boys? What does that say about beauty?"
Best Sheryl Crow song ever.
Have to hand it to Gap's marketing department: Whoever came up with Gap's (GPS) current jeans marketing plan deserves a slap on the back (or rear). Promise a firmer-looking ass, sell more jeans. Sometimes it's just that simple.
Gap's new jeans promise to sculpt your ass pic.twitter.com/YpDAOoWGBy- Brian Sozzi (@BrianSozzi) April 18, 2017
Not all has gone bad for Adidas this week: While Adidas (ADDYY) licks its wounds after a new PR nightmare, at least it could go into the weekend with a sense of pride in its new outdoor collection. It's hard for me to admit this, but I had no idea this business even existed inside of Adidas. Well, it does, it racks up close to $400 million in sales each year and has products that hold their own vs. legendary outdoor brands such as VF. Corp's (VFC) The North Face and Columbia Sportswear (COLM) .
Here is what I learned from talking to the division's chief on Tuesday.
Mercedes takes aim at rivals in small car market: The new Concept A Sedan from Mercedes was showed off at the Shanghai Motor Show on Wednesday. What a stunner! Many of its features will likely take shape on the auto-maker's smaller C-Class cars, which compete with the BMW 3-Series.
Yes, there is now a plug-in hybrid Jeep: Unfortunately, the Jeep Yunta that was just unveiled at the Shanghai auto show is a China exclusive. It's the first-ever plug-in hybrid SUV from Jeep brand.
Jeep Yuntu is 1st ever plug-in hybrid Suv from the American brand, exclusive for Chinese market...just presented in Shanghai! #carpreview #jeep #jeepyuntu #yuntu #jeepstagram #jeepsonly #jeeplove #comingsoon #hybrid #plugins #china #shanghaimotorshow #shanghai
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A massive iceberg has one town in Canada excited: The massive iceberg pictured below is presently in shallow water off the coast of Newfoundland, Canada. It reportedly measures 46 meters at its highest point.
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