Latest news with #Reston
Bloomberg
2 days ago
- Business
- Bloomberg
Berkshire Hathaway Seeks Up to $1.25 Billion for VeriSign Stake
Berkshire Hathaway Inc. is selling about a third of its stake in VeriSign Inc., locking in a sizable gain since the Warren Buffett-led investment firm began building its stake in the domain name registry services company more than a decade ago. Affiliates of Berkshire are offering the 4.3 million shares in the Reston, Virginia-based firm for $285 to $290 each, according to people familiar with the matter. The remaining shares beneficially owned by Berkshire will be subject to a one-year lockup, a statement Monday showed. The price range represents a discount of as much as 6.9% to Monday's closing price, Bloomberg calculations show.
Yahoo
2 days ago
- Business
- Yahoo
Buffett's Berkshire to sell one-third of VeriSign stake
(Reuters) -Berkshire Hathaway will sell about one-third of its more than $4 billion stake in VeriSign, an internet infrastructure and domain name registry company that Warren Buffett's conglomerate has invested in since 2012, VeriSign said on Monday. VeriSign, based in Reston, Virginia, said the sale of 4.3 million shares was intended to reduce Berkshire's stake to below 10%, a threshold that triggers regulatory obligations. Berkshire may sell an additional 515,032 shares to meet demand. VeriSign will receive no proceeds from the sale. As of March 31, Berkshire owned 13.29 million VeriSign shares, or about 14.2% of the company, regulatory filings show. Those shares were worth about $4.07 billion based on VeriSign's closing price of $305.98 on Monday. In after-hours trading, VeriSign fell 6.9% to $285.00. Berkshire ended March with $347.7 billion of cash, and through that month was a net seller of stocks for 10 straight quarters. The VeriSign investment may have been spearheaded by one of Buffett's portfolio managers, Todd Combs or Ted Weschler. Berkshire had been adding to the stake as recently as January. Buffett, 94, has run Omaha, Nebraska-based Berkshire since 1965. He is expected to step down as chief executive at year end, and be replaced by Vice Chairman Greg Abel, 63. Buffett would remain chairman. JPMorgan Securities is underwriting the VeriSign share sale. Error in retrieving data Sign in to access your portfolio Error in retrieving data Error in retrieving data Error in retrieving data Error in retrieving data
Yahoo
2 days ago
- Business
- Yahoo
Buffett's Berkshire to sell one-third of VeriSign stake
(Reuters) -Berkshire Hathaway will sell about one-third of its more than $4 billion stake in VeriSign, an internet infrastructure and domain name registry company that Warren Buffett's conglomerate has invested in since 2012, VeriSign said on Monday. VeriSign, based in Reston, Virginia, said the sale of 4.3 million shares was intended to reduce Berkshire's stake to below 10%, a threshold that triggers regulatory obligations. Berkshire may sell an additional 515,032 shares to meet demand. VeriSign will receive no proceeds from the sale. As of March 31, Berkshire owned 13.29 million VeriSign shares, or about 14.2% of the company, regulatory filings show. Those shares were worth about $4.07 billion based on VeriSign's closing price of $305.98 on Monday. In after-hours trading, VeriSign fell 6.9% to $285.00. Berkshire ended March with $347.7 billion of cash, and through that month was a net seller of stocks for 10 straight quarters. The VeriSign investment may have been spearheaded by one of Buffett's portfolio managers, Todd Combs or Ted Weschler. Berkshire had been adding to the stake as recently as January. Buffett, 94, has run Omaha, Nebraska-based Berkshire since 1965. He is expected to step down as chief executive at year end, and be replaced by Vice Chairman Greg Abel, 63. Buffett would remain chairman. JPMorgan Securities is underwriting the VeriSign share sale. Sign in to access your portfolio
Yahoo
23-07-2025
- Business
- Yahoo
NVR's quarterly profit drops on lower homebuilding margins
(Reuters) -NVR on Wednesday posted a decline in second-quarter profit, as incentives for buyers lowered margins on home sales amid higher interest rates and rising costs. The homebuilder's net income fell 17% to $333.7 million in the quarter ended June 30 from a year ago, amounting to a 10% decline in per share profit to $108.54. Elevated interest rates and U.S. President Donald Trump's import tariffs have lifted costs of construction materials for homebuilders. They have also been offering incentives to buyers such as mortgage rate buydowns and smaller, affordable homes to overcome weakening consumer sentiment, hurting their margins. NVR also noted a negative impact on margins from higher lot costs and contract land deposit impairments during the quarter. Gross profit margin in the reported quarter decreased to 21.5%, from 23.6% a year ago. The Reston, Virginia-based company's revenue was mostly flat from a year ago at $2.55 billion, but was still ahead of analysts' estimate of $2.42 billion, according to data compiled by LSEG. Error while retrieving data Sign in to access your portfolio Error while retrieving data Error while retrieving data Error while retrieving data Error while retrieving data
Yahoo
17-07-2025
- Science
- Yahoo
Exclusive: Military contractor says she was fired for noting problem that ‘jeopardized the safety of U.S civilians and troops'
A software engineer working for one of the Pentagon's most prominent defense contractors claims she was fired after flagging 'critical software safety issues and errors' written into the code that controls high-tech automated artillery systems used by U.S. forces, as well as various other nations throughout the world. Deborah Hale alleges the problems violated at least eight different laws, rules, or regulations set out by the Army, Department of Defense, NATO and even NASA, which 'would have prevented appropriate safety tests from being properly developed and tested, severely jeopardizing the safety of American civilians, troops, and allies,' according to a state lawsuit that has now been removed to federal court. Hale's suit says that since she was let go in 2023, the Reston, Virginia-based Science Applications International Corporation – known as SAIC, Inc. – has blackballed her throughout the industry. SAIC has annual revenues of some $7.5 billion, and works extensively with the federal government across numerous agencies, in addition to the DOD. Attorney Kelly Chanfrau, who is representing Hale, called her client 'an incredible employee with vast knowledge and experience.' 'Her allegations and complaints are serious and no employee should be retaliated against based upon complaints, especially when she was trying to protect our military and civilians,' Chanfrau told The Independent. In an email, an SAIC spokesperson said, 'SAIC cannot comment on any litigation matters.' The software underpinning the U.S. military's Multiple Launch Rocket System, or, MLRS, contained crucial errors, according to a whistleblower lawsuit. The software underpinning the U.S. military's Multiple Launch Rocket System, or, MLRS, contained crucial errors, according to whistleblower Deborah Hale's lawsuit (U.S. Army photo by KCpl. Siwon Koo, 2nd Infantry/ROK-U.S. Combined Division Public Affairs) Hale has worked as a software safety engineer since 1983, at defense giants such as BAE Systems, Lockheed Martin and Northrop Grumman. A Subject Matter Expert in system safety of military weapons, SAIC hired Hale in September 2022, as a software safety engineer, her complaint states. On April 1, 2023, Hale was promoted to system safety manager, which came with a salary increase from $175,000 to $180,000, and 'required [her] to conduct a line-by-line review of the software code' underpinning the Multiple Launch Rocket System, or, MLRS, an automated surface-to-surface rocket artillery platform, according to the complaint. Among other things, the MLRS software is used to calculate missile trajectories based on targeting information human operators type into the system, military analyst Dan Grazier, who served as an officer in the U.S. Marine Corps and is now at the nonprofit Stimson Center, told The Independent. In addition to the U.S. military, precision-fire MLRS systems are a key part of various European arsenals, along with Egypt, South Korea, and Norway, and have seen action in Iraq, Ukraine and beyond. Shortly after beginning the code review, Hale discovered 'several' serious problems with it that could put U.S. and allied troops in harm's way, the complaint contends. 'The issues and errors were in violation of the following laws, rules, and regulations, including, but not limited to: the Department of the Army and United States Army Aviation and Missile Command AMCOM Regulation 385-17 Software System Safety Policy, the Defense Acquisition System, the United States Army Safety Program, the Department of Defense Standard Practice for System Safety, Joint Services Safety Authorities, Missile Defense Agency Assurance Provisions, NASA-GB-1740.13, and North Atlantic Treaty Organization Allied Ordinance Publication 52,' the complaint goes on. Deborah Hale says the problems she brought up concerning the MLRS missile system could have put American civilians, troops, and allies in harm's way, but that she was ignored by her supervisors at defense contractor SAIC (PAUL J. RICHARDS/AFP via Getty Images) Although court filings do not list the specific aspects the code allegedly violated, AMCOM Regulation 385-17, for example, says '[s]oftware defects affecting safety-critical functions are causes of system level hazards, such as unplanned missile launch,' and that 'near-misses' have occurred 'as a result of software defects or inadequate specification of software system safety requirements.' Hale promptly notified her bosses about her findings, according to the complaint. However, it maintains, 'Instead of taking action to correct the code and ensure the code was safe, [SAIC] ignored [Hale's] reports, and nothing was done.' A week later, Hale raised the issue again, bringing her concerns to a different manager at SAIC, the complaint continues. This manager, it says, looped in two higher-level managers 'due to the seriousness of the issue.' But a few days after that, Hale was suddenly informed by her supervisor that she was being removed from the MLRS project and would be reassigned to another team, the complaint states. On April 13, 2023, before the transfer had a chance to occur, Hale spoke up at a staff meeting, appealing to higher-ups about the issues and errors she said were baked into the MLRS project's code, according to the complaint. A senior safety engineer corroborated Hale's findings, it says. In response, Hale's boss reiterated that the MLRS program 'would be moving forward without her,' the complaint alleges. The next day, Hale was placed on unpaid leave, and told that she had until May 12 to find another job at SAIC or she would be terminated, according to the complaint. 'To no surprise to [Hale], she could not secure another position with [SAIC] due to her complaints of violations, rules, and regulations compromising safety,' the complaint states. It says that by making it impossible for Hale to transfer internally, she was 'effectively terminated' on April 14. Since then, SAIC 'has continued to retaliate against [Hale] by making it difficult for her to find subsequent employment,' according to the complaint. Hale's 'allegations and complaints are serious and no employee should be retaliated against based upon complaints, especially when she was trying to protect our military and civilians,' her attorney Kelly Chanfrau told The Independent (75th Field Artillery Brigade/U.S. Army photo by Sgt. Christian Carrillo) 'The whistleblower angle of this story is all-too-common unfortunately,' Grazier told The Independent. 'I've seen this a few times, when earnest people identify a problem and try to deal with it through the appropriate channels only to see their concerns ignored and receive a termination notice as a reward for trying to do the right thing.' Had everyone on Hale's team had simply listened to her and dealt with things, the outcome, across the board, would have been far better, according to Grazier. 'But for some odd reason, it happens this way far too often,' he said. It is unclear if the issues that Hale flagged have since been addressed. An Army spokesperson told The Independent that it 'does not comment on ongoing litigation.' Contrary to SAIC's apparent distaste for Hale, she has received glowing recommendations on LinkedIn from former managers. 'Deborah is the single smartest woman with whom I have ever worked in systems safety,' one wrote. 'Her high level of professionalism ending with products exceeding expectations make her a valuable asset to any organization.' Another said: 'I was Deborah's manager when she transferred into System Safety, an engineering discipline that usually takes years to become effective; she grasped the concepts and was producing within months… Deb is definitely a team player[,] always ready to assist others and ensures the final product achieves the customer's expectations.' Hale's lawsuit says her firing from SAIC led to emotional distress and humiliation. She is seeking back pay and benefits, front pay, compensatory damages, emotional distress damages, punitive damages, attorneys' fees and court costs and reinstatement to her former position. Solve the daily Crossword
