This just isn’t Warren Buffett’s week.
The Oracle of Omaha has notched two consecutive days of $1 billion losses.
It started Monday morning when IBM (IBM), Buffett’s fourth-largest investment, issued a gloomy earnings report and pulled its 2015 profit goal. The bad news led to a dramatic drop in IBM’s stock price, dragging it to a three-year low and wiping away nearly $1 billion worth of Buffett’s money. Buffett owns 70.17 million IBM shares through his Berkshire Hathaway investment business.
The story looks very similar today, but instead features Buffett’s No. 2 holding Coca-Cola (KO). Coke’s stock plunged $2.61, or 6%, Tuesday after the iconic soda seller reported weak earnings and revenue that fell shy of analysts’ expectations.
Buffett, of course, has often said he focuses on company fundamentals over short-term market moves, but he has has chalked up losses of over $1 billion across his 400 million shares in the Atlanta-based company, and the losses may continue to mount. Coke’s shares are headed for their biggest one-day drop since Oct. 2008 Tuesday.
Coke has been one of Buffett’s portfolio standards for decades, and he’s publicly voiced his admiration for the company — including during a conversation with Fortune’s Carol Loomis at Berkshire’s annual meeting this year.
It’s not all bad news for Buffett today though. His top holding, Wells Fargo (WFC), is performing well, gaining 3.3% so far this week. The $1.59 improvement is a nearly $740 million boost for Buffett, though not nearly enough to cover the losses he’s seen at IBM and Coke.