Skip to main content

NEW YORK (

TheStreet

) -- Warren Buffett sent shockwaves through Silicon Valley on Monday, spending more than $10 billion for a

stake

in

IBM

(IBM) - Get International Business Machines (IBM) Report

.

The

Berkshire Hathaway

(BRK.B) - Get Berkshire Hathaway Inc. Class B (BRK.B) Report

CEO, who has typically avoided tech stocks, told

CNBC

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."

TheStreet Recommends

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

increasingly attractive

to investors looking for stability in a volatile tech sector, and shares recently hit new highs.

> > Bull or Bear? Vote in Our Poll

Analysts predicted that Buffett's

faith

in IBM could lift a host of other stocks including

EMC

(EMC)

,

Oracle

(ORCL) - Get Oracle Corporation Report

,

VMware

(VMW) - Get VMware, Inc. Class A Report

and

Intel

(INTC) - Get Intel Corporation (INTC) Report

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.

Dell

(DELL) - Get Dell Technologies Inc Class C Report

was also in the news this week. The tech giant's

third-quarter revenue

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.

Apple

(AAPL) - Get Apple Inc. (AAPL) Report

appointed

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

Walt Disney

(DIS) - Get Walt Disney Company Report

CEO

Robert Iger

will join the iPhone maker's board and serve on its audit committee.

In other Apple news, wireless specialist

iPass

(IPAS) - Get iPass Inc. Report

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.

Storage maker

NetApp

(NTAP) - Get NetApp, Inc. (NTAP) Report

missed Wall Street's revenue forecast with its

second-quarter results

, 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

Angie's List

(ANGI) - Get ANGI Homeservices Inc Class A Report

made its

debut

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

Yelp!

filed

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

HP

(HPQ) - Get HP Inc. (HPQ) Report

reporting its fourth-quarter results after the market close on Monday. Storage specialist

Brocade

(BRCD)

reports its own fourth-quarter results on the same day.

-- Written by James Rogers in New York

>To follow the writer on Twitter, go to

http://twitter.com/jamesjrogers

.

>To submit a news tip, send an email to:

tips@thestreet.com