•   
  •   
  •   

Offbeat Apple hits record high after Berkshire increases stake

19:41  04 may  2018
19:41  04 may  2018 Source:   reuters.com

Warren Buffett's Berkshire Hathaway buys 75 million more Apple shares, report says

  Warren Buffett's Berkshire Hathaway buys 75 million more Apple shares, report says Warren Buffett has upped his already big stake in Apple by 75 million shares. Buffett made the disclosure to CNBC ahead of Berkshire Hathaway's Saturday's shareholder meeting.Warren Buffett's big bet on Apple just got a whole lot bigger.

(Reuters) - Apple Inc’s stock hit an all-time high on Friday after Warren Buffett’s Berkshire Hathaway Inc disclosed it bought an additional 75 million shares of the iPhone maker in the first three months of the year. Buffett’s increased stake , which was confirmed by a representative of the billionaire

Buffett's increased stake , which was confirmed by a representative of the billionaire investor, pushed Apple 's shares up as much as 4.2 percent to 4.25, taking the company's market value to about 6 billion. Apple declined to comment on Friday. "If you look at Apple , I think it.

Apple stock hit an all-time high Friday after Warren Buffett's Berkshire Hathaway disclosed it had bought 75 million more shares of the iPhone maker in the first three months of the year.

Buffett's increased stake, confirmed by a representative of the billionaire investor, pushed Apple's shares up as much as 3.8 percent to $183.65.

It was the stock's second significant gain this week after the Cupertino, California-based firm surprised Wall Street on Tuesday with resilient iPhone sales and quarterly results that topped expectations.

"If you look at Apple, I think it earns almost twice as much as the second most profitable company in the United States," Buffett told CNBC, which first reported the news Thursday.

6 things to watch for in Warren Buffett's annual speech

  6 things to watch for in Warren Buffett's annual speech Warren Buffett speaks on Saturday at Berkshire Hathaway's annual shareholder meeting in Omaha, Nebraska.Load Error

Apple Inc's stock hit an all-time high on Friday after Warren Buffett's Berkshire Hathaway Inc disclosed it had bought 75 million more shares of the iPhone maker in the first three months of the year. Buffett's increased stake , confirmed by a representative of the billionaire investor

After the merger, Berkshire Hathaway had 15 plants employing over 12,000 workers with In 1962, Warren Buffett began buying stock in Berkshire Hathaway after noticing a pattern in the price In the late 1970s, Berkshire acquired an equity stake in the Government Employees Insurance Company

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

Berkshire's initial investment in Apple was small, suggesting it was made by one of Buffett's investment deputies, but with the latest stake purchase, it has grown to a massive 240.3 million shares worth $42.5 billion.

In February, Berkshire had said its Apple stake grew by about 23 percent since the end of September to roughly 165.3 million shares.

The billionaire investor recently sold out of an unsuccessful investment in IBM Corp, at the same time he was buying Apple.

Buffett has praised Apple Chief Executive Officer Tim Cook and suggested he views Apple more as a consumer company, despite its Silicon Valley pedigree.

Buffett's Berkshire braces for wild swings from new accounting

  Buffett's Berkshire braces for wild swings from new accounting Berkshire Hathaway investors should get ready for a bumpy ride. Warren Buffett’s company is scheduled to report earnings Saturday morning before its annual meeting, and a new accounting rule could sink results. Berkshire is now required to report unrealized gains and losses from equity investments in net income. Buffett has warned that the change could be significant because Berkshire’s more than $170 billion stock portfolio can easily fluctuate by $10 billion or more in a quarter.

(╯°□°)╯︵ ┻━┻. Can't retrieve data. Possible maintenance. Please try again in a moment.

Apple ( AAPL ) shares rose for the fifth straight trading session on Thursday as news surfaced that Warren Buffett-led Berkshire Hathaway (BRKB) has increased its investment stake in the iPhone Also, Appaloosa Management raised its stake in Apple and held 3.1 million shares as of year-end.

However, there may also be another reason for the investment: Berkshire's cash position.

Berkshire has gone more than two years since a major acquisition, and Buffett said in his annual letter that he wants one or more "huge" non-insurance acquisitions to help him reduce Berkshire's $116 billion in cash and equivalents.

Buying Apple accomplishes that, even though Buffett would rather buy whole companies than their stocks.

Berkshire typically discloses its largest common stock holdings and percentage stakes in its quarterly and annual reports. The report for the first quarter is scheduled for release on Saturday morning, just before Berkshire's annual shareholder meeting in its Omaha, Nebraska hometown.

Apple reported $61.1 billion in revenue for the March quarter, up from $52.9 billion last year, and promised $100 billion in additional stock buybacks.

Apple did not immediately respond to a request for comment Friday.

Up to Thursday's close, Apple stock had risen more than 5 percent since Berkshire disclosed on Feb. 14 that it had raised its stake in the company.

Apple made more profit in 3 months than Amazon ever has .
Apple is vastly more profitable than Amazon.Last week Buffett both lamented on not investing Amazon shares and revealed how he added massively to Berkshire Hathaway's stake in Apple.

—   Share news in the SOC. Networks

Topical videos:

usr: 1
This is interesting!