Apple bounces as Buffett takes a bite
Wall Street rose yesterday on news of the billionaire's purchase. The iPhone maker's shares were also up 2.9% at $93.15. The stock gave the biggest boost to the three indexes.The stake was revealed in a regulatory filing by Buffett's holding company, Berkshire Hathaway, after Apple shares skidded last week to their lowest level in two years.The filing with the Securities and Exchange Commission did not indicate when Buffett purchased the shares or his reasons. Its filing showed Berkshire with a holding of 9.8 million Apple shares at a value of about $1.07 billion.Apple has been under pressure as a result of slowing iPhone sales, threatening its chief revenue and profit source.On Thursday the dip briefly pushed Google parent Alphabet to the No1 position among companies based on market value.Buffett's entry comes weeks after another billionaire, Carl Icahn, announced he had sold all his Apple holdings after an extended campaign to get the company to deliver more value to shareholders...
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