Warren Buffett Slashes Intel Stake, Adds More IBM
NEW YORK (TheStreet) -- Legendary investor Warren Buffett has drastically cut his position in chip maker Intel (INTC), while adding to his stake in IBM (IBM).
Buffett, known for being adverse to investments in technology, initiated a position in the world's largest chip maker in late 2011, but he's since cut that stake by some 4 million shares, per his latest filing with the Securities and Exchange Commission.
As of March 31, Buffett and his firm Berkshire Hathaway (BRK.A) held 7.745 million Intel shares, down from 11.495 million shares in the previous filing.
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| Warren Buffett cut his Intel stake drastically in the first quarter |
The 81-year old value investor made news in late 2011 with a massive purchase of IBM shares, and he added approximately 489,000 shares during the quarter.
The firm also disclosed a new position in Viacom (VIA.B). Berkshire disclosed a 1.6 million share stake in the entertainment and media conglomerate, worth approximately $75.5 million as of the end of the quarter. >>View Warren Buffett's Portfolio Shares of Intel fell 0.5% during the regular session to $26.88. Shares ticked lower in after-hours trading, losing 2 cents to $26.86. IBM shares lost 0.2% to close at $199.04 and saw no after-hours reaction to the news. Viacom shares lost 1.55% during the regular trading session to close at $46.99 and did not see a reaction in the extended session. Interested in more on Intel? See TheStreet Ratings' report card for this stock. Check out our new tech blog, Tech Trends. Follow TheStreet Tech on your wireless devices. --Written by Chris Ciaccia in New York >Contact by Email. Follow @Commodity_BullSelect the service that is right for you!
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