ToplineShares of department store Dillard's surged close to 30% on Monday after a regulatory filing revealed that Ted Weschler, one of the highest ranking money managers at Warren Buffett's storied conglomerate and investment vehicle, Berkshire Hathaway, owns a nearly 6% stake. Weschler now owns 1,081,000 shares of Little Rock, Ark.-based Dillard's–equal to roughly 5.89% of the firm's shares outstanding, the filing notes. Dillard's stock is still down nearly 25% for the year, but the retailer is now doing much better than its peers: The S&P 500 Department Stores Index is down about 54% in 2020. Key BackgroundLike other department stores this year, Dillard's has been slammed by the coronavirus pandemic. Wedbush is forecasting third-quarter sales of $1.25 billion, down 12% year over year and slightly higher than $1.2 billion consensus estimates.

Source: Forbes October 12, 2020 19:58 UTC