ONE reason BRKA/BRKB getting hit today

Apple reportedly planning to slow down hiring into 2023
02:05 PM | Apple Inc. (AAPL) | By: Rex Crum, SA News Editor
Apple (NASDAQ:AAPL) appears to be joining a slate of tech giants that, at the very least, are tapping the brakes on their hiring plans due to concerns about a possible slowdown in the U.S. economy.

Apple (AAPl) said that the decision to slow down its hiring efforts isn’t part of a companywide policy, and would be implemented in different business groups depending on product sales, supply chain issues and consumer demand. Bloomberg reported that changes won’t affect all of Apple’s (AAPL) teams, and that the company still intends for an aggressive slate of product releases through 2023.

The company also reportedly plans to not file certain open positions and will judge such situations on a case-by-case basis.

The company is scheduled to report its fiscal third-quarter results on July 28, and Wall Street analysts estimate Apple (AAPL) will turn in a profit of $1.15 a share on almost $83B in revenue.

Should Apple (AAPL) begin hiring a slower-than-usual pace, it would be joining a group of big-name tech companies that have recently altered some of the hiring plans. Last week, Google parent Alphabet (GOOG) said it would slow down its hiring during the rest of 2022, and Microsoft (MSFT) confirmed it had cut a small number of jobs that reportedly totaled less than 1% of its workforce.

On Monday, Microsoft (MSFT) President Brad Smith said that U.S. companies were in a “new era” of hiring that includes significantly fewer job seekers entering the American workforce, and likely higher salaries to attract workers.

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Th reasoning would probably be more convincing to me if there were any visible correlation between price moves relative to market of Berkshire and price moves relative to market of Apple.

I mean, there are certainly some good reasons to suppose that there should be some sort of correlation, but I haven’t see one.
Long stretches of the two moving in different directions seem perverse, yet there they are.

e.g, last two months, Apple a big outperformer, Berkshire a big underperformer.



XLF getting hit too

BRKB biggest component


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As an owner of all three of these, I applaud the cutbacks in hiring- seems very prudent.

On a side note, FactSet 2Q sales growth of the index estimated at +10.2% and earnings at +4.2%- not too shabby imo given a lot of doom and gloom out there.