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Apple stock hits record high after Buffett's Berkshire Hathaway increases stake
05 May 2018, 06:12 | Vickie Mathis
Berkshire Hathaway's Charlie Munger says single payer healthcare will come when Democrats take control
In reaction, AAPL stock is up 1.1% out of the gate to trade at $178.86, on track for a fifth straight gain - which would mark its longest winning streak since mid-February. He also said that investors would be keenly looking for updates on Berkshire's investment into aviation sector as he bought into the sector after being bearish for years. But the billionaire investor is out of the company IBM.
US stocks closed sharply higher Friday as Wall Street shrugged off lackluster numbers in the government's monthly jobs report while shares of Apple hit an all-time high to lead the technology sector higher.
Buffett has also recoiled away from financing in technology companies. Zacks Investment Research raised shares of Berkshire Hathaway from a "hold" rating to a "buy" rating and set a $227.00 price target for the company in a research note on Tuesday, January 9th.
Apple's stock rose to as much as US$179.14, just short of its US$179.26 record close on January 18 and shaking off a sell-off of more than 10 percent earlier this month following a lackluster quarterly report.
Apple Chief Executive Officer Tim Cook told CNBC he was "thrilled" to have Buffett and Berkshire as a major investor.
Buffett's announcement comes just days after Apple reported quarterly sales and profit that topped analyst estimates on surging services as revenue rose at the fastest pace in more than two years.
This is a pitch Apple CEO Tim Cook has been making in his own interviews in the past year, and the message apparently resonated with the Oracle of Omaha. Government lending data reviewed by Reveal from The Center for Investigative Reporting shows the companies direct their lending toward white borrowers and white neighborhoods, even in population centers such as Philadelphia where a majority of residents are people of color.
"The idea that you're going to spend loads of time trying to guess how many iPhone X ... are going to be sold in a 3 month period totally misses the point", Buffett says.
Apple shares rise after sales quell iPhone worries
Apple reported a 25.3 percent rise in earnings to $13.8 billion following 15.6 percent increase in revenues to $61.1 billion. The iPhone is Apple's most important product, accounting for more than 60% of its revenue .
Walmart's Asda to Merge With Sainsbury's
Asda, meanwhile, saw its fourth consecutive quarter of positive like-for-like sales growth in the three months to March 31. The Labour Party's business spokeswoman, Rebecca Long-Bailey, has already called for an investigation of the proposed deal.
Trump says he'll build USA embassy in Jerusalem on the cheap
U.S. ambassador to Israel David Friedman allegedly told the president that the embassy move could be done for a mere $150,000. I can take a corner of the building, and for Dollars 150,000, we can fix it up, make it attractive , open our embassy .
Explosion at Superior refinery
Calumet Superior operates as a subsidiary of Calumet Specialty Products Partners, which sold the plant to Husky Energy past year . Electric crews from Hunt Electric were performing annual maintenance at the plant, so more workers than usual were on site.
Mets lose Jacob deGrom to hyperextended right elbow
Bettors can gamble on the game's total with odds listed at -120 for over 7.5 runs and even money (+100) for under 7.5. The Atlanta Braves will be squaring off against their divisional rival New York Mets at Citi Field.