All 49 Buffalo stocks declined for the week
NEW YORK (Bloomberg) — Buffalo stocks declined for a third week, led by Berkshire Hathaway, Northrop Grumman Corp. and M&T Bank Corp.
The Bloomberg Buffalo Index fell 39.67, or 20 percent, to 163.22, the lowest since May 2003. All 49 stocks in the index, which is down 38 percent this year, declined for the week.
Billionaire investor Warren Buffett’s instant paper profits on Goldman Sachs Group Inc. and General Electric Co. have been wiped out amid the stock market’s worst yearly slump since 1937. Buffett’s Berkshire Hathaway, which invested in the companies, fell $25,400, or 18 percent, to $113,100.
Northrop Grumman is bidding against rival Lockheed Martin Corp. for a $40 billion program to replace the U. S. fleet of Humvees. This week, Lockheed produced a third vehicle prototype it hopes will give it an edge over Los Angeles-based Northrop. Northrop fell $14.95, or 26 percent, to $41.80.
M&T Bank, a regional bank whose second-largest shareholder is Berkshire Hathaway, lost almost a third of its value in the past six trading sessions as lending between financial institutions has seized up since the collapse of Lehman Brothers Holdings Inc. on Sept. 15. M&T Bank fell $14.92, or 17 percent, to $72.75.
The Bullfinch Fund’s Unrestricted Series fund fell $1.39 to $10.42. Its Greater Western New York Series fund fell $1.67 to $10.68
