Berkshire Hathaway's first-quarter operating income falls 4.8 percent

Cornelia Mascio
Mag 6, 2017

"As such, he "revalued it somewhat" and actually sold a" reasonable amount" of stock for a profit at above $180 per share.

Legendary investor Warren Buffett has disclosed cutting his stake in IBM by a third this year, explaining that he no longer valued the technology giant as much as he did when he started buying the stock in 2011. The event doubles as a showcase for Berkshire's dozens of businesses and a platform for Buffett, 86, to share his investing gospel with thousands of adoring fans. Get twice-daily updates on what the St. Louis business community is talking about.

The divestiture is the latest blow to IBM, which said last month that its revenue fell for the 20th consecutive quarter in the first three months of the year.

Tim Rinne with Nebraskans for Peace said the group's members hope they'll be able to change Buffett's mind because he could be powerful advocate for fighting climate change, but they also appreciate the chance to speak to the large crowd about divesting stocks linked to fossil fuels.

Buffett may need to review Berkshire's support of Wells Fargo Co, in which it holds a roughly 10 per cent stake, despite a sales scandal over bogus customer accounts.

But Buffett says Berkshire Hathaway, which kicks off its annual meeting Saturday, could still buy IBM shares.

In Friday trading, Berkshire Class A shares rose 0.2 percent to $250,000 and its Class B shares rose 0.1 percent to $166.55. Mr. Buffett also has called his 1965 purchase of Berkshire, originally a New England textiles company, a major mistake.

In November of the same year, Drukenmiller said he was shorting IBM shares because of the competitive threat of cloud computing to the company.

In Buffett's annual letter to shareholders this year, he wrote that last year's first-ever webcast of the meeting drew 1.1 million live viewers, and another 11.5 million unique visitors watched replays.

It is unclear whether Berkshire booked losses as Buffett began selling some of its stock in IBM Corp IBM.N , which it has owned for about six years.

Coca-Cola has continued to rely on being a beverage company in a shifting world where Americans are eating more snacks than meals, while also ditching sugary soda and aspartame laden diet colas.

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