NEW YORK-Stock market guru Warren Buffett has purchased approximately $320 million of Nextel Communications Inc.’s bonds and preferred stock since last year through his Berkshire Hathaway Inc. holding company, according to an insurance filing.
The acquisitions reportedly include $155.6 million of bonds and preferred stock by Berkshire’s General Reinsurance Corp. subsidiary and $164.3 million of Nextel securities by Berkshire’s insurance unit GEICO.
Nextel’s stock price jumped nearly $1 per share to $19.33 per share on heavy trading following the report.
