Warren Buffet loses billions

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Warren Buffett’s Bershire Hathaway has lost 4.7 billion.

Berkshire Hathaway is the largest single holder of Wells Fargo stock, owning 10% of the company.

Despite being the largest shareholder in Wells Fargo, Buffett has been relatively quiet on the matter involving the sham accounts created so that thousands of employees could meet internal sales targets.

It seemed like a good idea.

Get some great old rock stars together for a concert and charge tickets to see it.

But Bloomberg reports tickets to Desert Trip are selling for less than half their original price on the secondary market, as speculators appear to have overestimated demand.

Desert Trip has been billed as a once-in-lifetime chance to see stars such as Paul McCartney, The Who, Rolling Stones, Bob Dylan, Pink Floyd’s Roger Waters and Neil Young all in one place.

The concert is being held in the California desert about 3 hours from Los Angeles.

Stocks closed higher as energy and bank companies led the gains.

Oil rallied sending oil stocks higher.

The Dow closed up 112 points.

Chuck E. Cheese is switching from tokens to stored value cards.

As you can imagine, some Twitter users aren’t happy, calling it the end of an era.

Chuck E. Cheese’s is phasing out tokens because the cards will be “easier for everyone.” For example, rewards cards could make it easier for customers to keep track of their points, even if they lose their cards.

Olive Garden sales are up when other restaurants are struggling.

Why?

Pepperoni fettucine.

That one dish helped drive sales higher in the quarter, along with its to go options.

For more business headlines from Jane King at the Nasdaq, watch Daybreak Monday through Friday.