Is Buffett Looking at Hershey?

The stock market is mostly flat today. On Friday, the S&P 500 closed at its 33rd all-time high this year. Charlie Bilello points out that since the start of 2013, the S&P 500 has made 327 all-time highs.

This looks to be one of the best first halves on record. In fact, a strong first half has often been followed by a strong second half. Ryan Detrick notes that when the market gains more than 12.5% during the first six months of the year, the median return of the following six months has been close to 10%. That’s nearly double the return of the other years.

Hershey (HSY) got to a new high today. The New York Post reported that the Hershey jet was spotted in Omaha.

A jet owned by candy maker Hershey made an unusual trip to Omaha, Nebraska, the home of Warren Buffett, according to an analyst with a history of spotting deals through plane records.

Don Bilson, head of event-driven research at Gordon Haskett, said in a note Thursday that a plane tracked as being owned by Hershey made a June 12 trip to Omaha.

Is there a Buffett deal in the works? One sticking point is that the Hershey Trust owns a majority of shares. Warren Buffett is about the only person who could win their votes.

There’s not much economic news today, but this is jobs week. Later in the week, we’ll get the jobs report plus several key turn-of-the-month economic reports.

Posted by on June 28th, 2021 at 12:04 pm


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