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Warren Buffett sells a third of stake in IBM - CNBC
Friday, May 05, 2017 - 01:35
Warren Buffett sold about one-third of Berkshire Hathaway's stake in IBM, saying he ''revalued it somewhat downward,'' according to CNBC. Fred Katayama reports.
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Legendary investor Warren Buffett told CNBC that he has sold about one-third of his stake in IBM. Buffett's company Berkshire Hathaway owned about 81 million shares of IBM at the end of 2016. He unloaded a chunk of that stake over the first and second quarters of this year. Buffett said, "IBM is a big strong company, but they've got big strong competitors .... I've revalued it somewhat downward." IBM stock dropped on the news. It was the Dow's biggest decliner Friday morning. Jen Ablan covers the story for Reuters. (SOUNDBITE) JENNIFER ABLAN, EDITOR-IN-CHARGE, REUTERS, SAYING: "Buffett threw in a towel. He essentially said 'I can't back my whole holdings on to this. So, this is a huge black eye for IBM investors and IBM. I think, Buffet may be less abrasive in his words this weekend at the annual meeting on Saturday, and come out and be a little bit more supportive of management. Because the last thing that you want is for someone, like Buffett, sell, offload a tone of his stock." Berkshire Hathaway still owns over 50 million shares of IBM, and Buffett said he has stopped selling. The IBM stake had grown to be one of Berkshire's largest stock investments. Others include American Express, Coca-Cola, Wells Fargo, and, more recently, Apple and Kraft Heinz. In April, IBM reported a bigger-than-expected drop in revenue for the first time in five quarters on weak demand in its IT services business.
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Warren Buffett sells a third of stake in IBM - CNBC
Friday, May 05, 2017 - 01:35
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