Billionaire Warren Buffett just poured more than half a billion dollars into three assets.

After dumping huge positions in Apple and Bank of America and hoarding $325 billion in cash, new SEC filings show the Berkshire Hathaway chairman and CEO has bought $405 million of Occidental Petroleum (OXY).

Occidental Petroleum is a global energy company involved in oil and gas exploration and production, with further ventures in chemicals and low-carbon initiatives.

OXY is down 21% since the start of the 2024, dropping from $60.05 to $47.13 at time of publishing.

Meanwhile, Buffett has also purchased $113 million in Sirius XM Holdings (SIRI) and $45 million in VeriSign (VRSN).

Sirius XM offers satellite and streaming radio services across North America, with its stock down 57% since the start of 2024, from $54.90 to $23.08.

VeriSign is a global provider of domain name registry services and internet security solutions, with shares down 1.35% year-to-date, from $201.56 to $198.84.

Buffett completed purchases of the three companies last week and was required to report the buys immediately because Berkshire now owns more than 10% of each company.

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America’s biggest banks are reporting a rapid increase in the number of substandard, doubtful and potentially loss-making loans on their balance sheets, according to a new report.

The amount of money tied up in criticized loans, which show emerging signs of risk and weakness that could lead to defaults, just reached its highest level since 2020, reports S&P Global.

JPMorgan Chase has witnessed the largest year-over-year increase, with the number of criticized loans at the firm jumping 26.3%, reaching $26.01 billion at the end of Q3.

Meanwhile, Wells Fargo has recorded a 17.9% year-on-year increase in criticized loans, at $37.6 billion, while Bank of America recorded a 15.2% year-on-year increase, at $26.06 billion.

That brings the total amount of the criticized loans at the trio of banks to $89.67 billion since Q3 of 2023, reflecting a trend that’s playing out at banks across the board.

“Criticized loans at public US banks amounted to $279.98 billion, versus $240.37 billion at the end of 2023, and such loans at the 100 largest US public banks totaled $260.48 billion, versus $219.82 billion at 2023-end.”

Among tier-one banks with over $50 billion in total assets, four lenders recorded triple-digit increases in criticized loans.

Flagstar Financial recorded a 338.6% year-on-year increase in criticized loans while First Horizon, Valley National Bancorp and Webster Financial Corp witnessed 112.2%, 110.1% and 102.8% year-on-year increases in criticized loans.

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The biggest banks in the US are preparing to report a third quarter marked by shrinking margins and declining profits, according to a new report.

JPMorgan Chase and Wells Fargo release their Q3 earnings on Friday.

JPMorgan is expected to reveal a nearly 8% drop in earnings per share while Wells Fargo will likely report a nearly 14% drop in earnings per share, reports Reuters, citing data compiled by the London Stock Exchange Group (LSEG).

Next week, Bank of America is expected to report an approximately 14% drop in earnings per share, Citigroup is expected to report a 20% drop, and Goldman Sachs is expected to report a 35% drop.

The across the board decline is due to a combination of rising deposit costs, weak loan demand and shrinking net interest income (NII).

Although banks are feeling pressure from decreasing margins, they’re expected to generate strong revenues from other banking divisions, such as investment banking and trading.

Analysts at Oppenheimer say consumer loan delinquencies are down and notes banks have also shored up significant reserves to cover potential office loan losses.

Oppenheimer also expects the industry to post a 7% rise in investment banking revenues for all banks on average, and banks may report a decline in trading revenue amid a seasonal drop in volume.

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