NEW YORK (
) -- Warren Buffett sent shockwaves through Silicon Valley on Monday, spending more than $10 billion for a
CEO, who has typically avoided tech stocks, told
on Monday that he owns about $10.7 billion worth of IBM shares.
Warren Buffett has bought about $10.7 billion worth of IBM.
"I don't know any large company that has been so specific about what they want to do," explained Buffett, who was won over by the firm's 2010 financial report. "I felt that IBM had a very good business."
Specifically, Buffett cited IBM's extensive reach into corporate IT departments, where it sells a vast array of wares such as highly lucrative software and services. The 100-year-old company has become
to investors looking for stability in a volatile tech sector, and shares recently hit new highs.
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Analysts predicted that Buffett's
in IBM could lift a host of other stocks including
as investors look for similar opportunities elsewhere in the sector.
Buffett also added another tech stock, Intel, to his portfolio, according to a regulatory filing.
IBM shares closed down 49 cents, or 0.26%, at $185.24 on Friday.
was also in the news this week. The tech giant's
failed to meet analyst expectations on Tuesday, even though quarterly earnings were ahead of estimates.
The world's third-largest PC maker reported adjusted earnings of 54 cents a share on revenue of $15.4 billion. Analysts were predicting earnings of 47 cents a share on revenue of $15.7 billion.
Dell also said it's on track to exceed its guidance of 17% to 23% operating income growth for the full fiscal year.
Shares of Dell closed down 2 cents, or 0.13%, at $14.90 on Friday.
Art Levinson chairman of its board on Tuesday, assuming the role held by Steve Jobs before his death last month.
The iPhone maker also announced that acclaimed
will join the iPhone maker's board and serve on its audit committee.
In other Apple news, wireless specialist
reported on Wednesday that the iPhone has ousted
Research In Motion's
( RIMM) BlackBerry as the top smartphone for mobile workers.
Apple shares were down $2.47, or 0.65%, at $374.94 on Friday.
missed Wall Street's revenue forecast with its
, released after market close on Wednesday. The company noted softness in some of its largest customer accounts.
Despite beating the consensus profit estimate, NetApp offered weak guidance for the third quarter.
"In aggregate, we saw strong revenue growth across most areas of our business, offset by some unexpected weakness in a handful of our largest accounts," explained NetApp CEO Tom Georgens, in a statement. NetApp, however, achieved the highest number of net new customer wins in more than two and a half years, he added.
NetApp ended the week down 99 cents, or 2.77%, at $34.74.
Consumer reviews Web site
as a public company on Thursday, with its shares rising nearly 40% from the initial offer price.
Shares opened at $18, up from its initial pricing of $13, but cooled during the afternoon session, closing at $16.26.
The Indianapolis-based Web site lets consumers research and review local services such as roofers, plumbers and house cleaners. The site has more than 1 million paying members who have access to its reviews.
Shares of Angie's List closed down 46 cents, or 2.83%, at $15.80 on Friday.
Local reviews site
for an IPO on Thursday, hoping to raise $100 million.
Yelp, which is not profitable, generated $58.4 million in net revenue for the first nine months of 2011, up 80% from the same period last year. Revenue grew to $48 million in 2011, up from $26 million from the year before.
Earnings season continues next week, with No. 1 PC maker
reporting its fourth-quarter results after the market close on Monday. Storage specialist
reports its own fourth-quarter results on the same day.
-- Written by James Rogers in New York
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