{"id":28341,"date":"2017-05-05T09:16:14","date_gmt":"2017-05-05T09:16:14","guid":{"rendered":"http:\/\/www.biphoo.com\/bipnews\/?p=28341"},"modified":"2017-05-05T09:16:14","modified_gmt":"2017-05-05T09:16:14","slug":"warren-buffett-says-he-sold-a-third-of-stake-in-ibm-cnbc","status":"publish","type":"post","link":"https:\/\/www.biphoo.com\/bipnews\/business\/warren-buffett-says-he-sold-a-third-of-stake-in-ibm-cnbc.html","title":{"rendered":"Warren Buffett says he sold a third of stake in IBM CNBC"},"content":{"rendered":"

\n\tWarren Buffett says he sold a third of stake in IBM CNBC<\/span><\/span><\/span><\/strong>
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\n\tWarren Buffett said he has sold about one-third of Berkshire Hathaway Inc's (BRKa.N) big stake in IBM Corp (IBM.N), CNBC reported on Thursday, reducing a bet by the famed investor that surprised many and which so far has yet to prove successful.<\/span><\/span><\/span>\n<\/p>\n

\n\tIBM's stock touched $180 on Feb 14 and reached a high of $182.78 during Feb. 16 trading. It closed on Thursday at $159.05 on the New York Stock Exchange.<\/span><\/span><\/span>\n<\/p>\n

\n\tBerkshire and Buffett's assistant did not immediately respond to telephone and email requests for comment. IBM could not be reached for comment outside regular business hours.<\/span><\/span><\/span>\n<\/p>\n

\n\tBuffett owned about 81 million shares of IBM at the end of 2016 and sold about a third in the first and second quarters of 2017, CNBC reported, citing Buffett.<\/span><\/span><\/span>\n<\/p>\n

\n\t"I don't value IBM the same way that I did six years ago when I started buying … I've revalued it somewhat downward," Buffett told CNBC in an interview.<\/span><\/span><\/span>\n<\/p>\n

\n\tThe IBM investment was initially viewed as a surprise, given Berkshire's longstanding underweighting in the technology sector and Buffett's resistance to investing in businesses he considered more difficult to understand.<\/span><\/span><\/span>\n<\/p>\n

\n\tThe IBM stake had grown to be one of Berkshire's largest stock investments, along with such companies as American Express (AXP.N), Coca-Cola (COKE.O), Wells Fargo (WFC.N), and more recently Apple (AAPL.O) and Kraft Heinz (KHC.O).<\/span><\/span><\/span>\n<\/p>\n

\n\tBuffett has long been willing to sell stock investments, as opposed to entire businesses, when they do not pan out or he finds something better.<\/span><\/span><\/span>\n<\/p>\n

\n\t"IBM is a big strong company, but they've got big strong competitors, too," he said.<\/span><\/span><\/span>\n<\/p>\n

\n\tBerkshire Hathaway still owns over 50 million shares of IBM and Buffett said he has stopped selling.<\/span><\/span><\/span>\n<\/p>\n

\n\tIn April, IBM reported a bigger-than-expected decline in revenue for the first time in five quarters due to weak demand in its IT services business.<\/span><\/span><\/span>\n<\/p>\n

\n\tsource:-http:\/\/www.reuters.com\/article\/us-warren-buffet-ibm-stake-idUSKBN18101J<\/span><\/span><\/span><\/p>\n

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