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Speaker 1: News when you want it with Bloomberg News now I

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Speaker 1: med Kleggi. A labour strike that would shut down six

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Speaker 1: out of ten of the busiest ports in the US

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Speaker 1: just weeks before the presidential election is looking increasingly likely.

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Speaker 1: Negotiations on a labor contract covering trade hubs from Boston

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Speaker 1: to Houston have stalled since June, when the dockworker union

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Speaker 1: called off high level wage talks with the United States

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Speaker 1: Maritime Alliance, which represents ocean carriers and terminal operators. The

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Speaker 1: International Longshoremen's Association now says it will present final contract

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Speaker 1: demands to union delegates at a meeting on September fourth

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Speaker 1: and fifth, and will also discuss strike strategies and the

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Speaker 1: event a deal is not reached before the September thirtieth deadline.

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Speaker 1: Florida's Big Bend Coast is under a hurricane warning for

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Speaker 1: as soon as late Sunday night, as the storm moving

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Speaker 1: across the Gulf of Mexico has strengthened into tropical storm.

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Speaker 1: Debi jack Be, senior hurricane specialist with the US National

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Speaker 1: Hurricane Center, rights hurricane conditions are expected in the hurricane

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Speaker 1: warning area by late Sunday night or Monday morning, with

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Speaker 1: tropical storm conditions expected to arrive during the day on Sunday.

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Speaker 1: In addition to the hurricane warning for the area between

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Speaker 1: the Swanee and O'clockney rivers near Florida's Gulf Coast, the

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Speaker 1: Center has issued a less severe hurricane watch for areas

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Speaker 1: to the east and west, as well as storm surge

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Speaker 1: watches and warnings. Now it's not exactly a by signal.

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Speaker 1: Berkshire Hathaway has slashed its stake in Apple by almost

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Speaker 1: fifty percent as part of a massive second quarter selling spree.

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Speaker 1: We get more from Bloomberg's Denise Pellegrinie.

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Speaker 2: Berkshire sold seventy five and a half billion dollars worth

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Speaker 2: of stock on a net basis in the period. That

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Speaker 2: is way more than somewhere expecting, and that sent the

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Speaker 2: cash pile at billionaire Warren Buffett's conglomerate to a record

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Speaker 2: two hundred and seventy six point nine billion dollars. Berkshire

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Speaker 2: has also been significantly ring its biggest bank, bet Bank

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Speaker 2: of America. It trimmed that position by eight point eight

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Speaker 2: percent since mid July, according to a filing late Thursday. Meantime,

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Speaker 2: Berkshire did repurchase about three hundred and forty five million

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Speaker 2: dollars of its own shares during the quarter, but that's

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Speaker 2: the least since the company changed its buyback policy in

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Speaker 2: twenty eighteen. Operating earnings at Berkshire rose to eleven point

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Speaker 2: six billion dollars in the quarter, up from ten billion

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Speaker 2: dollars from the same period a year ago. Denise Pellgritty

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Speaker 2: Bloomberg Radio.

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Speaker 1: There's more US legal trouble for TikTok. Bloomberg's Nancy Lyons reports.

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Speaker 3: TikTok is being sued by the US for allegedly collecting

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Speaker 3: data on children in violation of an online Privacy Act.

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Speaker 3: The Justice Department says the app that's owned by the

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Speaker 3: Chinese company by Dance, has allowed millions of children under

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Speaker 3: the age of thirteen to create accounts without their parents'

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Speaker 3: knowledge or consent, and official state TikTok made it hard

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Speaker 3: for parents to request deletion of a child's account. TikTok

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Speaker 3: says many of the claims are inaccurate or have been

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Speaker 3: a dressed in Washington, Nancy Lyons Bloomberg Radio.

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Speaker 1: The violent rotation from big Tech plunged the Nasdaq one

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Speaker 1: hundred index into correction. Territory Friday, wiping out more than

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Speaker 1: two trillion dollars in value in just over three weeks.

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Speaker 1: We get more from Bloomberg's Charlie Pellet.

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Speaker 4: Traders have been unwinding bets that had been minting money

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Speaker 4: for over a year. The index closed down two point

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Speaker 4: four percent Friday, taking its loss since a July tenth

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Speaker 4: record to more than ten percent, passing the threshold that

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Speaker 4: meets the definition of a correction. The index closed that

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Speaker 4: it's lowest since mid May Friday, but does remain up

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Speaker 4: nearly ten percent for the year. In New York Charlie

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Speaker 4: Pellette Bloomberg Radio.

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Speaker 1: Morgan Stanley got its first bearish call from an analyst

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Speaker 1: this year. We get more from Bloomberg's Karen moscow Well.

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Speaker 5: Spargo's Mike Mayo lowered his rating on Morgan Stanley shares

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Speaker 5: to underweight from equal weight. In said the stock's valuation

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Speaker 5: looks rich given pressure on some businesses. Mayo and the

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Speaker 5: bank's wealth management unit faces headwinds. The downgrade leaves him

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Speaker 5: with the only cell equivalent recommendation among more than two

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Speaker 5: dozen analysts covering the stock, according to data compiled by Bloomberg.

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Speaker 5: The analysts also cited downward pressure on IT, interest income

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Speaker 5: and accelerating insider sales. Karen Moscow Bloomberg Radio

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Speaker 1: And that's news when you want it with Bloomberg News Now,

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Speaker 1: I met Kleggi, and this is Bloomberg