Categories: Trending now

Apple Stock Falls Amid Broad Selloff as Berkshire Hathaway Trims Stake Again

2024-08-06 04:25:02

Key Takeaways

  • Warren Buffett’s Berkshire Hathaway reduced its stake in Apple by nearly 50% during the second quarter.
  • The conglomerate sold 13% of its Apple holdings during the first quarter.
  • Apple remains Berkshire’s largest overall holding.

Shares of Apple (AAPL) took a hit after Warren Buffett’s Berkshire Hathaway (BRK.ABRK.B) revealed over the weekend that it reduced its stake in the company by nearly 50%.

The conglomerate’s most recent Securities and Exchange Commission (SEC) filing showed an Apple stake worth $84.2 billion as of June 30—49% lower than its stake a quarter earlier. The move comes after Berkshire slashed its Apple holdings by 13% in the first quarter. 

Despite the cuts, Apple remains Berkshire’s largest holding, ahead of Bank of America (BAC), American Express (AXP), The Coca-Cola Company (KO), and Chevron (CVX).

Apple, whose stock fell about 4% to $210.91 as of 11:55 a.m. ET Monday, did not immediately respond to an Investopedia request for comment. 

Apple’s App Store Revenue Growth Slows, UBS Says

Another bearish sign for the tech giant: UBS said its analysis indicated App Store revenue growth decelerated to 11% year-over-year in July from 13% in June.

“While we caution extrapolating one month of data, we estimate App Store comprises ~25% of the segment [revenue],” the firm said in a note over the weekend. “Therefore, below segment level spend in the App Store increases the reliance on other categories to accelerate from June to act as an offset.”

The firm holds a “neutral” rating and $190 price target for Apple.

News Today

Share
Published by
News Today

Recent Posts

Kareena Kapoor’s Next Untitled Film With Meghna Gulzar Gets Prithviraj Sukumaran On Board

Kareena Kapoor is working with Raazi director Meghna Gulzar for her next film. The project,…

20 hours ago

Purdue basketball freshman Daniel Jacobsen injured vs Northern Kentucky

2024-11-09 15:00:03 WEST LAFAYETTE -- Daniel Jacobsen's second game in Purdue basketball's starting lineup lasted…

20 hours ago

Rashida Jones honors dad Quincy Jones with heartfelt tribute: ‘He was love’

2024-11-09 14:50:03 Rashida Jones is remembering her late father, famed music producer Quincy Jones, in…

20 hours ago

Nosferatu Screening at Apollo Theatre Shows Student Interest in Experimental Cinema – The Oberlin Review

2024-11-09 14:40:03 A silent German expressionist film about vampires accompanied by Radiohead’s music — what…

20 hours ago

What Are Adaptogens? Find Out How These 3 Herbs May Help You Tackle Stress Head-On

Let's face it - life can be downright stressful! With everything moving at breakneck speed,…

20 hours ago

The new Mac Mini takes a small step towards upgradeable storage

Apple’s redesigned Mac Mini M4 has ditched the previous M2 machine’s SSD that was soldered…

20 hours ago