Apple closes at record high after Buffett boosts stake

by Susie Olson May 5, 2018, 18:11
Apple closes at record high after Buffett boosts stake

In fact, during the first quarter Buffet's Berkshire Hathaway holding company purchased 75 million shares of Apple at an unknown price.

In more good news for Apple and its investors, a report has shown that the iPhone X was the best-selling smartphone in the first three months of 2018. The iPhone X, iPhone 8, iPhone 8 Plus, and iPhone 7 were the top four selling smartphones in the world.

In a letter to shareholders in February, Buffett explained how his conglomerate, Berkshire Hathaway, got into the real estate business by default in 2000 when Berkshire bought the energy company MidAmerican, which owned HomeServices. The upcoming report by Berkshire Hathaway will reveal information on the company's 10 biggest holdings.

Apple declined to comment on Friday.

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Apple shares added 3.9 percent, to $183.83, as investors hoped to grab some of the Buffett investment magic.

Recently, Berkshire nearly sold out its entire investment in IBM Corp and at the same time bought more Apple shares. Shares of the corporate software giant have gone nowhere since the beginning of that year. His Apple investment has performed better, but Buffett has also said he missed out on investing in Google and Amazon.com Inc.

Buffett has praised Apple Chief Executive Tim Cook and suggested he views Apple more as a consumer company, despite its Silicon Valley pedigree. Apple also predicted revenue of $51.5 billion to $53.5 billion in the June quarter, ahead of the $51.6 billion. One analyst has rated the stock with a sell rating, one has given a hold rating, three have assigned a buy rating and one has issued a strong buy rating to the company.

Warren Buffett's Berkshire Hathaway has sold its entire stake in IBM, the billionaire investor said Friday in an interview with CNBC.


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