Buffett’s Berkshire sells more Bank of America shares 📉

Bank of America Corp. (BAC.US) slumped more than 2.05% today after Warren Buffett’s Berkshire Hathaway Inc.(BRKB.US) sold between Aug 15 and Aug 19 more than $550 million worth of shares, further shrinking its stake in the bank. The bank's shares have risen nearly 16% since the beginning of the year. Thus, the Buffett-managed conglomerate is increasing its stock of available cash. 

During the quarter, Berkshire reduced its stake in Bank of America by a total of 104.39 million shares. Source: Bloomberg Financial LP

Following this news, the company's shares broke out below the short-term consolidation zone.  Source: xStation