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Berkshire Hathaway raises stake in Occidental Petroleum, Farfetch stock surges

Yahoo Finance markets contributor Remy Blaire takes a look at stocks to watch, including Occidental Petroleum after Berkshire Hathaway raises its stake in the company, as well as Farfetch Limited.

Video transcript

BRAD SMITH: Welcome back, everyone. Let's check in on the latest market moves to kick this off in this trading session. Let's go to the New York Stock Exchange where Yahoo Finance contributor, Remy Blaire, is standing by. Hey Remy.

REMY BLAIRE: Good morning. Well Wall Street has had yet another positive open this morning, and this does come on the heels of two straight sessions of gains. Given the advance that we saw in the major stock averages, the NASDAQ and S&P 500 hit their highest levels for the close for this year. As for today's session, the latest earnings reports, as well as XP continue to be in the spotlight.

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As for market moving stocks that we're watching here at the New York Stock Exchange, let's start out with a look at Occidental Petroleum. Now shares of the company have advanced in New York morning trade, and this comes on the heels of news that Berkshire Hathaway has scooped up more stock of the energy company, purchasing approximately $200 million, raising its total stake to a whopping $12.7 billion. Now Buffett's conglomerate controls over 20% of Occidental stock.

Also another stock that we're watching this morning on the heels of the latest earnings report out from retailers is Farfetch Limited. As of this morning, at the open we saw shares pop a whopping 20%, and this means that the company's stock has come off recent lows. The luxury online retailer reported first quarter revenue that was up 8% year-on-year, and its bottom line fell less than forecasts as consumers kept shopping, at least with the luxury retailer.

Now boosting numbers for the company, they did see an improvement in inventory in the latest quarter, as well as successful brand partnerships, and stronger in-store sales contributing to that strong quarterly result. Now, it is possible that when it comes to discretionary spending, at least in the luxury space, consumers continue to spend.

Very recently, in terms of other earnings coming out from the luxury sector, we saw LVMH Moet Hennessy Louis Vuitton and Richemont report Q1 performance that did top expectations. Here in the US, as we look ahead to the end of the month, we will continue to get earnings out from retailers, including Lowe's, as well as Nordstrom.

JULIE HYMAN: Thanks Remy, looking forward to all those numbers come in next week.