The health care venture Haven formed by Amazon AMZN, Berkshire Hathaway Inc. (NYSE: BRK-A) (NYSE: BRK-B) and JPMorgan Chase JPM is breaking up after operating for three years, according to CNBC.
What Happened: The Boston-based firm Haven started informing its employees Monday that it will shut down by the end of February, reports CNBC, citing people familiar with the matter.
Haven workers are expected to be spread out and placed at Amazon, Berkshire Hathaway or JPMorgan Chase as the firms push forward in their efforts.
Why It Matters: The aim of the joint venture was to lower costs and improve health care. According to the report, one factor for its failure was that the three founding companies executed their own projects separately with their own employees.
Price Action: Amazon shares were trading down 2.33% at $3,181.02. The stock has a 52-week high of $3,552.25 and a 52-week low of $1,626.03.
JPMorgan Chase shares were trading down .08% at $125.75. The stock has a 52-week high of $141.10 and a 52-week low of $76.91.
Berkshire Hathaway B-shares were trading down 1.78% at $227.74. The stock has a 52-week high of $234.99 and a 52-week low of $159.50.
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