Apple see stock hit record high
Apple's stock hit an all-time high in the past day.
This is after Warren Buffett’s Berkshire Hathaway disclosed it bought an additional 75 million shares of the iPhone maker in the first three months of the year.
Buffett’s increased stake, which was confirmed by a representative of the billionaire investor, pushed Apple’s shares up as much as 4.2 percent, taking the company’s market value to about £669.7 billion.
"If you look at Apple, I think it earns almost twice as much as the second most profitable company in the United States," Buffett told CNBC, which first reported here the news on Thursday.
Friday’s rise was the stock’s second significant gain this week after the Cupertino, California-based company surprised Wall Street on Tuesday with resilient iPhone sales and quarterly results that topped expectations.
Daniel Morgan, an investor in Apple, said it is “not surprising to see Buffet take a big position” in the company.
“He is an old ‘Graham and Dodd’ value investor,” said Morgan, who is a portfolio manager at Synovus Trust Company, which holds 270,415 shares in Apple.
Published: by Radio NewsHub