Berkshire’s Slump Is ‘Overblown’ as Its Wells Fargo Stake Plunges
Fed Orders Wells Fargo to Clean Up Its Act
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Shares of Warren Buffett’s Berkshire Hathaway Inc. are getting dragged down excessively by the slumping value of one of its biggest stock holdings, Wells Fargo & Co., according to analysts at Barclays Plc.
Berkshire was down 4.9 percent at 3:41 p.m. on Monday in New York, amid a broader sell-off in stocks. Buffett’s conglomerate is the largest shareholder in the San Francisco-based bank, which plunged even more -- 9.1 percent -- after the Federal Reserve banned the bank Friday from growing until it convinces authorities it’s addressing shortcomings.