Apple stock price hits new high after Warren Buffett reveals bigger stake

Warren Buffett has just made a remark on Bitcoin and you must read

Warren Buffett's Berkshire Hathaway has sold its entire stake in IBM, the billionaire investor said Friday in an interview with CNBC. Investors who do so may be totally missing the point, as Apple boasts a "wide, wide gap" against its peers, said Buffett, 87. Visit MarketWatch.com for more information on this news.

At the end of 2017, Buffett's company held 165.3 million Apple shares. In April, the company reported earnings that topped analyst expectations, but still sent the stock tumbling.

Based on Apple's stock price of $180.70 a share on Friday, Berkshire Hathaway's Apple holdings are worth $43.7 billion.

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The Dow Jones industrial average rose 220 points thanks to a 3.4 percent rally in Apple shares, which jumped higher after famed investor Warren Buffett revealed that he purchased 75 million shares during the first quarter. Apple reported iPhone unit sales of 52.2 million, slightly below the Thomson Reuters consensus of 52.3 million.

Buffett's Apple commitment over the past two years has surprised many, given his historical aversion to companies associated with the technology sector. It booked sales of $61.1 billion and grew earnings by 30%. Retailers and most other groups of stocks also were higher. And above all, Berkshire had $116 billion in cash at the end of past year, so has plenty of spare money to make big investments. I see how strong that ecosystem is, to an extraordinary degree. His investment in Apple in the first three months of 2018 totaled roughly $12.5 billion to more than $13 million.

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