“Berkshire’s new stake in Apple totaled 9.8 million shares, while the company boosted its shares of IBM by 198,853 to 81.2 million shares,” CNBC reports. “Shares of Apple rose 2 percent in premarket trading immediately following the report. IBM’s stock was down 1.8 percent.”
CNBC reports, “The changes in the company’s holdings are as of March 31, 2016 and compared with the previous quarter ended as of December 31, 2015.”
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MacDailyNews Take: Wow! Buffett’s Berkshire Hathaway has long been notoriously tech averse, so this should be a very clear sign to all that Apple is severely undervalued.
“Mr. Buffett, who for years had avoided technology stocks, previously professed to not understand the sector and has argued that it is difficult to defend the competitive advantages of the companies,” Lauren Pollock reports for The Wall Street Journal. “In Apple, Mr. Buffett likely saw a buying opportunity as the shares are off sharply from last summer’s highs…”