Is This The Mini-Berkshire Sokol Was Talking About? (MBRG, BRK-A)
Shares of Middleburg Financial Corp. (NASDAQ: MBRG) are soaring more than 12% today, as the Wall Street Journal is reporting that the company could be the next Berkshire Hathaway (NYSE: BRK-A) that David Sokol was talking about this morning.
Sokol said this morning that he would like to start his own "mini-Berkshire", and traders are speculating that Middleburg is the place where Sokol eventually winds up.
Yesterday Sokol resigned from Berkshire Hathway, and there is constant speculation that the resignation may have had something to do with his purchases of Lubrizol (NYSE: LZ) shares, before Berkshire Hathaway eventually announced a takeover bid for the company. Sokol made over $3 million from his purchase.
CEO Warren Buffett said the resignation came as a surprise, but he did not try to stop him from resigning this time. Buffett had tried and succeeded from Sokol resigning twice before.
Sokol went on CNBC this morning to discuss his motives for leaving, saying that the Lubrizol purchases had nothing to do with his leaving.
Normally 4,000 shares trade a day, but today over 30,000 shares have traded. At last check, shares were up $1.85 to $16.90, a gain of 12.29%.
Middleburg Financial Corporation, through its subsidiaries, provides banking, fiduciary, and investment management services to individuals and small businesses.
© 2016 Benzinga.com. Benzinga does not provide investment advice. All rights reserved.