In today’s Bulldog wrapup of technology and life science news:

  • GlaxoSmithKline shares are climbing on takeover talk
  • AT&T workers in southeast are without a contract
  • Tesla is burning $4,000 in cash for very car sold
  • A bad quarter for Warren Buffet’s investments

The details:

  • Takeover talk driving up GSK shares, website says

Bidness Etc. reports that shares in GlaxoSmithKline have risen some 7.5 percent since GSK reported better than expected earnings on July 29.

So what’s driving the surge?

Takeover talk, the new site says.

One of the first to report that Pfizer was eyeing GSK for a potential takeover, Bidness now says Novartis and Roche might be interested.

Read more at:

http://www.bidnessetc.com/49766-glaxosmithkline-plc-adr-gsk-stock-update-takeover-rumors-drive-recent-gain/

  • AT&T workers in southeast without contract

AT&T workers in the southeast are now working without a contract after the old deal expired over the weekend. But right now there is no talk of a strike.

Communications Workers of America District 3 vice president Richard Honeycutt told The Atlanta Journal and Constitution that workers want more time at home.

“Right now, AT&T forces employees to work an unlimited amount of overtime hours,” Honeycutt said. “That’s excessive and keeps parents from spending time with their children and balancing their work and family lives.”

Some 25,000 workers are affected.

Read more at:

http://www.ajc.com/news/news/local/nearly-25000-att-workers-without-contract-talks-co/nnGWy/

  • Tesla’s cash burn

Shares in Tesla Motors fell nearly 9 percent last Thursday and another 2 percent on Friday after its latest quarterly financials reported a continuing cash burn.

“The Silicon Valley automaker is losing more than $4,000 on every Model S electric sedan it sells, using its reckoning of operating losses, and it burned $359 million in cash last quarter in a bull market for luxury vehicles. The company on Wednesday cut its production targets for this year and next. Chief Executive Elon Musk said he’s considering options to raise more capital, and didn’t rule out selling more stock,” Reuters reports.

The wire service added that Tesla had “just $1.15 billion on hand as of June 30, down from $2.67 billion a year earlier.”

  • Buffett’s company reports 37 percent drop in 2Q earnings

Warren Buffett’s Berkshire Hathaway reported a 37 percent drop in its second-quarter profit as the paper value of its investments fell and its insurance companies reported an underwriting loss.

Berkshire Hathaway’s net income fell to $4.01 billion, or $2,442 per Class A share. That’s down from last year’s $6.4 billion, or $3,889 per share. Those results were helped by a $1.1 billion paper gain on a stock exchange deal.
Revenue grew 3 percent to $51.4 billion.

The four analysts surveyed by FactSet expected Berkshire to report operating earnings per Class A share of $2,997.14. By that measure Berkshire reported per share profit of $2,367, down from $2,634.

Buffett recommends investors pay more attention to Berkshire’s quarterly operating earnings because they exclude the swings in the value of investments and derivatives, which can vary greatly from quarter to quarter.