“Warren Buffett’s Berkshire Hathaway sharply increased its bet on Apple Inc. during the second quarter, bringing its stake in the iPhone maker to roughly $1.5 billion,” Tess Stynes reports for The Wall Street Journal.
“Berkshire disclosed in May that it had made a $1 billion bet on Apple stock,” Stynes reports. “Apple’s stock has since advanced more than 20% in the past three months.”
“Berkshire added 5.42 million Apple shares to its position in the second quarter, bringing the firm’s total stake to 15.2 million shares, worth $1.46 billion at the end of the period,” Stynes reports. “Berkshire’s first big step into the tech sector was in 2011, when the company disclosed a stake in International Business Machines valued at more than $10 billion, which has since been expanded. During the second quarter, Berkshire left its IBM stake unchanged.”
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MacDailyNews Take: Well, now, there’s a nice little vote of confidence.
Apple: Is a surprise coming? – August 16, 2016