Apple shares on verge of record high after Buffett's investment


That adds to 165 million shares that Berkshire had at the end of previous year. The report highlights Berkshire Hathaway's top ten investments which will reveal the company's approval of Tim Cook's firm.

USA stocks jumped more than 1 percent on Friday, helped by Apple and other technology shares and by data that showed weaker-than-expected and wage growth, while US oil prices hit their highest in more than three years.

"It's an wonderful business", he said.

Shares of Apple rose almost 2 percent on Monday and were on the verge of hitting a record high after billionaire Warren Buffett talked up his company's stake in the iPhone maker.

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The Dow Jones Industrial Average slashed an opening 150-point drop to trade sharply higher Friday afternoon, on the back of a pop in Apple Inc.

Buffett isn't looking to spend time trying to guess how many iPhone Xs Apple will sell in any one given quarter, he said during a CNBC interview Friday morning. Berkshire's 3.3 per cent stake in Apple is worth more than its positions in Wells Fargo, Bank of America, Kraft Heinz and Coke.

The billionaire investor recently sold out of an unsuccessful investment in International Business Machines Corp, at the same time he was buying Apple.

Apple reported US$61.1b in revenue for the March quarter, up from US$52.9b a year ago, and promised US$100b in additional stock buyback. Buffett said fretting about short-term iPhone sales is the equivalent of "worrying about the number of BlackBerrys 10 years ago", and that Apple is "an fantastic business". The business had revenue of $58.91 billion during the quarter. The conglomerate held about 2 million shares of IBM at the end of 2017, were down from more than 37 million shares three months earlier, according to a regulatory filing.