Berkshire shares trade higher as Buffett successor Abel scores good marks at meeting, earnings jump

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Berkshire Hathaway

shares rose in premarket trading Monday after CEO Greg Abel’s solid performance over the weekend helming the annual meeting for the first time, as well as a jump in the conglomerate’s earnings.

Class B shares of the conglomerate gained 0.5%, following the positive reception to Warren Buffett’s handpicked successor at the Berkshire Hathaway gathering in Omaha, Nebraska, on Saturday. Many in the investment community acknowledged the loss of the wit and storytelling that were Buffett’s signature, but were also reassured by the demonstration of Abel’s firm grasp over Berkshire’s sprawling enterprise, as well as his insights into the conglomerate’s future direction.

“Greg Abel performed well in his first Annual Meeting as CEO, in our view, exhibiting a deep understanding of all of BRK’s major businesses and plans to drive operational excellence,” UBS’ Brian Meredith wrote in a Sunday note.