24/7 Wall St.

Stocks in Asia collapsed. According to Reuters:

Asian stocks retreated to a one-year low on Wednesday as bearish Chinese markets worsened investor sentiment already hurt by Turkey’s financial crisis

Warren Buffett diversified his portfolio last quarter. According to 24/7 Wall St.:

Warren Buffett has already confirmed in prior quarters that his first pick technology pick of International Business Machines Corp. (NYSE: IBM) was a big mistake. Buffett’s IBM stake did not appear at all in the same 13F filing from May 15, 2018 (for March 31, 2018 holding date). We have also seen that Buffett continued to increase his position in Apple Inc. (NASDAQ: AAPL), In fact, the Berkshire Hathaway quarterly earnings report showed that Apple stake was worth a whopping $47.2 billion. Buffett also admitted back in 2017 that Amazon and online retailing elsewhere were top reasons for why he sold most of his shares in Walmart Inc. (NYSE: WMT). That Walmart stake is now down to just 1.393 million shares, the same as at the end of March.

The hedge fund run by the CEO of Sears Holdings Corp. (NASDAQ: SHLD) offered to buy the retailer’s Kenmore appliance division:

Edward Lampert, the chief executive of Sears Holdings Corp., has offered to buy the company’s Kenmore brand for $400 million in cash, according to a letter Mr. Lampert sent to Sears’s board.

The offer, from Mr. Lampert’s hedge fund, ESL Investments, is contingent on obtaining equity financing from an unnamed potential partner, according to the letter. ESL also proposed buying the home-improvement business of the Sears Home Services division for as much as $80 million.

Amazon.com Inc. (NASDAQ: AMZN) has over $1 billion in investments in other companies. According to CNBC:

Amazon has become a more active corporate investor in recent years — and now its investment portfolio is worth $1 billion for the first time.

Amazon disclosed in its latest quarterly report that it now owns $1 billion worth of stock in public and private companies, as of the end of the second quarter. That’s up 60 percent from the year-ago period’s $623 million and a 163 percent increase from the $380 million it disclosed in the same quarter of 2016. Compared to early 2015, it’s almost a fivefold increase in value.

Verizon Communications Inc. (NYSE: VZ) is giving away phones and services to draw in 5G customers:

Verizon will offer customers who sign up for its new 5G internet service a free Apple TV box and a subscription to Google’s YouTube streaming television service, the company announced Tuesday.

Apple’s TV device normally sells for $179 while YouTube’s TV service costs $40 a month. The promotion will likely be temporary: Verizon said that it the deal will be available for the “initial” 5G broadband offering when it launches in four cities later this year. The service will debut in Los Angeles, Houston, Sacramento, California, and Indianapolis, Indiana.

Alphabet Inc. (NASDAQ: GOOGL) is getting into the health insurance business. According to CNNMoney:

Alphabet is pouring $375 million into Oscar Health, a small insurer that thinks it can use big data to revolutionize its industry.

The investment by Google’s parent company, announced Tuesday, follows its participation in a $165 million infusion earlier this year. That round included investments from Verily Life Sciences, a division of Alphabet focused on using technology to prevent, detect and manage disease. Google also has invested in the company through its Capital G venture capital fund.