IBM (IBM) - Get International Business Machines Corporation Report shares were indicated lower in premarket trading Friday after Warren Buffett told CNBC that he had sold about a third of his stake in the company.
Speaking to the network's Becky Quick, Buffet said he sees IBM differently at this point and that he sold around 25 million of his Berkshire Hathaway's (BRK.A) - Get Berkshire Hathaway Inc. Class A Report 81 million shareholding -- one of its largest -- in the Armonk, N.Y.-based software group in the first and second quarters of this year.
"I don't value IBM the same way that I did six years ago when I started buying ... I've revalued it somewhat downward," Buffet said, adding, however, that "I don't think we'll sell much more from here."
IBM shares were 2.7% lower in premarket trading from their $159.05 close. The stock has fallen around 13% since it touched an all-time high of $182.79 on Feb. 16.
RealMoney's technical expert, Bruce Kamich, thinks that "we and Warren Buffett are probably going to see a test of the October/November lows."
Don't miss these top stories on TheStreet:
- Market Recon: Jobs Day Could Turn Into a Negative Sentiment Trade
- Tesla Didn't Earn Any Money in the First Quarter, but Here Are 8 Awesome Things We Just Discovered
- A Top Puma Bio Exec Resigns Ahead of FDA Panel, Analysts Defend With Conflicting Stories