nsucurrent.com
nsucurrent.com May 24, 2018


Warren Buffett's Berkshire Hathaway dumps its entire IBM stake (IBM)

05 May 2018, 06:11 | Ruby West

The 2018 Berkshire Hathaway Annual Meeting

Apple closes at record high after Buffett boosts stake

Apple shares rose after Warren Buffett's Berkshire Hathaway raised its stake in the iPhone maker.

Buffett's commitment to Apple over the past two years has surprised many, given his historical aversion to companies associated with the technology sector.

Buffett "If you look at Apple, I think it earns nearly twice as much as the second most profitable company in the United States", CNBC quoted Buffett as saying.

Shares of Apple rose almost 2 percent on Monday and were on the verge of hitting a record high after billionaire Warren Buffett talked up his company's stake in the iPhone maker.

Buying Apple shares partly accomplishes that, even though Buffett would prefer to buy whole companies.




Just days before Buffett disclosed the larger stake, Apple reported quarterly results that topped analysts' estimates on surging services revenue and stable iPhone performance. Apple appears to have about 4.9 billion shares outstanding (this data, too, is inconsistent), which would properly give AAPL a market cap of roughly $901 billion. He added Coca-Cola (KO), another Dow stock, to Berkshire Hathaway's portfolio in 1988 and has held tight ever since.

Apple Chief Executive Officer Tim Cook told CNBC he was "thrilled" to have Buffett and Berkshire as a major investor.

Yahoo Finance is once again exclusively hosting the online stream of the Berkshire Hathaway 2018 Annual Shareholders Meeting on Saturday, May 5th.

Although, the initial foray of Buffett into tech stock investment didn't turn out well; Berkshire's big position in IBM never panned out. "It's like worrying about the number of BlackBerrys 10 years ago".

"It's the year of the woman, and I think we are doing a great job at a lot of different companies and I think Berkshire is no different", she said.



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