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Current DateTime: 09:54:05 10 Jul 2009
LinksList Documentid: 30078629
Buffett Watch
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Nov.15
4:47 PM ET
Thursday, 15 Nov 2007
Carmax Shares Rally After Warren Buffett Reveals 6.4% Stake

Cqarmax Corporate logo

Berkshire Hathaway's nearly 14 million shares of Carmax are worth substantially more at today's closing bell than they were 24 hours before.

In trading today (Thursday), the stock soared 7.5 percent, closing up $1.62 at $23.48.

Current price: [KMX  Loading...      ()   ]

The big rally follows the revelation in an SEC filing by Warren Buffett's holding company that it held 13,981,800 shares, a 6.4% stake, of the nation's biggest used-car retailer as of September 30, the end of Berkshire's third quarter.  It's a new stake for Buffett and Berkshire.  (Carmax plans to open a new location in Omaha about a month from now.)

The filing also shows that Berkshire continued to cut its stakes in Norfolk Southern and Union Pacific, even as it added to its Burlington Northern stake. 

Berkshire also added to its holdings of U.S. Bancorp [USB  Loading...      ()   ] and Wells Fargo[WFC  Loading...      ()   ] .

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