—— Berkshire Names Greg Abel as CEO; 3G Capital to Acquire Skechers for $8.2 Billion; Apple Plans First Bond Sale in Two Years; Tyson Foods Beats Estimates as Chicken Profits Offset Beef Losses; Trump Announces 100% Tariff on Foreign Films; Newark Airport Chaos Triggered by 90-Second FAA Radar and Radio Blackout
1. Berkshire Names Greg Abel as CEO
Berkshire Hathaway Inc. has officially named Vice Chairman Greg Abel as its next chief executive officer, following a unanimous vote by the board, the company announced Monday. The change takes effect January 1, 2025.
Warren Buffett, 94, will remain chairman of the board. He made the surprise succession announcement during the final minute of his 60th annual shareholder meeting on Saturday, catching investors, most directors, and even Abel himself off guard.
Abel, 62, currently oversees Berkshire’s non-insurance operations, and he will take the reins of a sprawling conglomerate with nearly 400,000 employees across sectors including insurance, manufacturing, and railroads — all built through decades of Buffett-led acquisitions.
With a nearly $350 billion cash pile, Abel, known as one of Berkshire’s most acquisition-minded executives, is expected to lead with further strategic buyouts and long-term investments, shaping the next era of Berkshire Hathaway.
Source: Bloomberg – Berkshire’s Board Follows Buffett’s Advice, Naming Abel Next CEO
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2. 3G Capital to Acquire Skechers for $8.2 Billion
Investment firm 3G Capital announced Monday that it will acquire Skechers USA Inc. for $8.2 billion, taking the footwear company private in a deal set to close in the third quarter of 2025.
The acquisition values Skechers at $63 per share, a premium over its $7.4 billion market capitalization. The deal will be funded with a mix of 3G Capital’s cash and debt financing committed by JPMorgan Chase Bank.
Skechers shares jumped 25% in early New York trading following the announcement. However, the stock is still down 28% year-to-date.
The sneaker maker, which generated $9 billion in revenue last year, pulled its 2025 guidance in April, citing “macroeconomic uncertainty stemming from global trade policies.” Tariffs imposed by the Trump administration have impacted Skechers’ manufacturing operations in China and Vietnam. The company is now adjusting prices and coordinating with vendors to offset costs.
Skechers CEO Robert Greenberg will remain in his role following the buyout.
Source: Bloomberg – 3G Capital to Buy Skechers Footwear Brand for $63 a Share
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3. Apple Plans First Bond Sale in Two Years
Apple Inc. is planning to sell corporate bonds on Monday, marking its first return to the debt market since May 2023, according to a person familiar with the matter.
The tech giant is preparing to issue investment-grade bonds in as many as four parts. The longest tranche, a 10-year note, is initially being discussed at about 70 basis points over Treasuries, the person said, requesting anonymity as the deal is private.
This issuance comes during a busy week in the bond market, with bankers expecting $35 billion to $40 billion in new US investment-grade debt offerings. Industrial and tech firms like Apple are expected to drive much of that supply.
Apple last tapped the market in May 2023 with a $5.25 billion five-part bond deal that included 30-year debt. The company has reduced its long-term debt load in recent years as interest rates rose — from around $113 billion in early 2022 to $92 billion as of March 2025.
Barclays, Bank of America, Goldman Sachs, and JPMorgan are managing Apple’s sale.
Source: Bloomberg – Apple Selling Corporate Bonds for the First Time Since 2023
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4. Tyson Foods Beats Estimates as Chicken Profits Offset Beef Losses
Tyson Foods Inc. reported stronger-than-expected earnings in the second quarter, as robust profits from its chicken segment outweighed continued losses in its beef business.
The meat giant posted earnings of 92 cents per share for the quarter ended in March, up 48% from a year ago and beating the Bloomberg analyst consensus of 80 cents. The figure excludes items such as $343 million in legal contingency accruals.
Adjusted operating income rose nearly 27% to $515 million, with chicken sales driving most of the gain. Tyson’s pork and prepared foods divisions also saw slight profit increases during the quarter.
Best known for its Jimmy Dean sausages and Hillshire Farm hams, Tyson has leaned heavily on its chicken operations to buffer the financial toll from a historic cattle shortage. The chicken business benefited from lower grain feed costs and steady consumer demand.
The company has also closed underperforming plants and reintroduced the use of certain antibiotics in poultry to improve operational efficiency.
Source: Bloomberg – Tyson’s Profits Jump as Chicken Gains Outweigh Beef Losses
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5. Trump Announces 100% Tariff on Foreign Films
Shares of major US media and entertainment companies fell Monday after President Donald Trump said he will impose a 100% tariff on movies produced outside the United States.
In a post on his Truth Social platform, Trump directed the Commerce Department and US Trade Representative to “immediately begin the process of instituting” the levy, declaring, “WE WANT MOVIES MADE IN AMERICA, AGAIN!”
He also cited national security concerns, accusing foreign nations of using films as tools for “messaging and propaganda.”
The announcement rattled entertainment stocks: Netflix Inc. and Warner Bros. Discovery Inc. fell about 3%, while Paramount Global and Walt Disney Co. dropped around 2% in early trading.
Source: Bloomberg – Netflix, Disney Shares Slip on Tariff Plans for Foreign Films
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6. Newark Airport Chaos Triggered by 90-Second FAA Radar and Radio Blackout
Air traffic controllers lost both radar and radio contact for nearly 90 seconds at a critical FAA facility overseeing Newark Liberty International Airport on April 28, leading to cascading disruptions that snarled flights for days.
According to sources familiar with the matter, the unexpected outage caused a serious safety concern, with no available fail-safes to fall back on. Several air traffic controllers were placed on trauma leave following the incident.
The fallout contributed to a week-long wave of delays and cancellations at United Airlines’ largest international hub, forcing the carrier to cut 35 daily round trips at Newark. The Philadelphia-based FAA operation responsible for the area has experienced multiple technical issues in recent years, sources said.
This incident highlights persistent infrastructure vulnerabilities within US air traffic control, raising concerns about reliability amid increasing flight volumes.
Source: Bloomberg – Newark Airport Radar Loss Left Controllers Blind for 90 Seconds
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7. US Mortgage Rates See Biggest Weekly Jump in a Year, Threatening Spring Home Sales
US mortgage rates rose for the first time in four weeks, posting the largest weekly gain since April 2024 and threatening to cool the housing market during the crucial spring buying season.
The average rate for a 30-year fixed loan climbed to 6.83% from 6.62% the previous week, Freddie Mac said in a statement Thursday.
The surge comes as global tariff tensions — particularly between the US and China — have rattled equity markets and pushed up yields on 10-year US Treasuries, which serve as a benchmark for mortgage pricing.
“When [the 10-year yield] rises, mortgage rates typically follow suit,” said Jiayi Xu, an economist at Realtor.com. “Looking forward, competing economic forces are pulling mortgage rates in opposite directions, making it increasingly difficult to predict where they’ll land.”
Demand is already showing signs of weakening. According to data from Redfin Corp., home-purchase contracts in the four weeks ending April 13 fell 0.8% from a year earlier.
“Consumers are feeling anxious about the economy and the rising cost of living, potentially leading them to adopt a ‘wait-and-see’ approach regarding significant purchases like homes,” said Kara Ng, senior economist at Zillow Home Loans.
Source: Bloomberg – US Mortgage Rates Surge by Most in a Year as Tariffs Hit Markets
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