Teva Pharmaceutical (NYSE: TEVA)

Teva shares climbed up by 11 percent on the NYSE following a move by Berkshire Hathaway to take a new 18.9 million of the company’s ADRs. The conglomerate, which is chaired by Warren Buffett, also bulked up on Bank of New York and Apple, while trimming stakes in Wells Fargo, GM, and IBM. While filing its quarterly regulatory on Wednesday, the conglomerate reported taking over 18.9 million the drugmaker’s ADRs.

After striking, Teva’s shares were still up more than 6% in after-hours trading. Warren Buffet’s conglomerate also reported a 23% increase in its Apple shares holding, to 165 million, and 21% increase in its Bank of New York holdings, to 60.7 million shares.

At the same time, the conglomerate has cut its IBM holdings by 94%, to just more than two million shares. It also cuts its shares in General Motors by ten million shares, to fifty million and its share of Wells Fargo stocks by six million shares to 459 million.

TEVA Outlook and Earnings

The move by Berkshire saw the American shares of the Israeli drugmaker rise in the after-hours trade yesterday. The stake of 1.9 percent of shares, or roughly 18.9 million as of the end of December 2018, is worth $358 million, according to a 13F filed with the American Securities and Exchange Commission by the conglomerate. Teva’s US depositary receipts climbed as higher as 11 percent before trimming their gains today to trade at $20.75.

CEO Comments

During the presentation of the Teva’s Q4 results, the company’s chief executive officer, Schultz said, “Our overall business situation in the United States is good, but our generic medicines are facing stiff competition from other brands that have joined the industry. Consequently, our revenue is going down but we are looking forward to a better future.”