“The historic surge in Apple Inc.’s stock on Wednesday is finally giving investors something other than declining iPhone sales to talk about, and could confirm what Warren Buffett may have believed several months ago, that a bottom has already been seen,” Tomi Kilgore writes for MarketWatch.
“The stock ran up 6.5% to close at a three-month high. The split-adjusted price gain of $6.28 was the second-biggest one-day rise in Apple’s history, in the wake of the technology giant’s better-than-expected quarterly results,” Kilgore writes. “It was just behind the biggest-ever gain of $7.10 on April 25, 2012.”
“Buffett disclosed in May that his Berkshire Hathaway Inc. owned 9.8 million shares of Apple as of the end of the first quarter. If he still owns that amount, he could have made $61.6 million on his Apple bet in one day,” Kilgore writes. “Meanwhile, the stock was still down 5.5% from the March 31 close of $108.99. But the filing doesn’t detail when or at what price the shares were bought, which means there’s a good chance Buffett is already making money on his investment.”
Read more in the full article here.
MacDailyNews Take: It certainly wasn’t rocket science.
The second half of the year should look better than the first. — MacDailyNews, April 22, 2016
By the way, Mr. Market, thanks ever so for that lovely dip into the $80s on May 12th! We waited all year for that! There’s nothing like a deep, deep discount on AAPL to get us backing up the truck.
Be fearful when others are greedy and to be greedy only when others are fearful. — Warren Buffett