CNBC Business News Update - Market Open: Stocks Little Changed As Upbeat Weak Concludes, Buffett's Shifting Portfolio, Cable Industry Megamerger

Episode Date: May 16, 2025

The latest in business, financial, and market news and how it impacts your money, reported by CNBC's Peter Schacknow

I'm Peter Schack, now CNBC. Stocks are higher on this final trading day of what's been a positive week. The Dow up 33 points at 42.357. The S&P 500 gaining two-tenths of a percent or 11 points. And the Nasdaq adding 48 points or a quarter percent. The S&P 500 is aiming for a fifth straight day of gains. Warren Buffett's Berkshire Hathaway has made some significant portfolio changes, according to its latest SEC filing.

Berkshire Hathaway selling shares in the banking sector. Warren Buffett's firm unloading its entire stake in Citi and pairing back B of A by more than 7 percent and Capital One by 4 percent. Berkshire Hathaway adding to some of its consumer-facing companies, however, also doubling its stake in Constellation Brands as well as Pool Corp and an increased exposure to Domino's. That's CNBC's Leslie Picker. Constellation Brands shares up about one percent this morning. Drug maker Novo Nordisk is down 3.3 percent following the announcement that CEO Lars Jorgensen would step down. The maker of the popular weight loss drug Ozempic has been losing ground in the

weight loss market. Jorgensen had led Novo Nordisk for eight years. Cable operator Charter Communications is buying privately held rival Cox Communications in a deal that values Cox at thirty four and a half billion dollars. Charter shares are up more than three percent today. Peter Schacht now, CNBC.