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Apple jumps on Buffett investment

By AFP
16 May 2016   |   3:01 pm
Apple rose early Monday following news of an investment in the tech giant by Warren Buffett, helping to push US stocks higher.
(FILES) This file photo taken on June 05, 2012 shows billionaire Warren Buffett, CEO and chairman of investment company Berkshire Hathaway, speaking at the Economic Club of Washingtron, during the club's 25th anniversary dinner in Washington. Billionaire investor Warren Buffett has taken a $1 billion stake in Apple, whose stock has been in an extended slump. The stake was revealed May 16, 2016 in a regulatory filing by Buffett's holding company Berkshire Hathaway after Apple shares skidded last week to their lowest level in two years. The filing with the Securities and Exchange Commission showed Berkshire with a holding of 9.8 million Apple shares at a value of around $1.07 billion. Apple has been under pressure as a result of slowing iPhone sales, threatening its chief revenue and profit source. / AFP PHOTO / NICHOLAS KAMM

(FILES) This file photo taken on June 05, 2012 shows billionaire Warren Buffett, CEO and chairman of investment company Berkshire Hathaway, speaking at the Economic Club of Washingtron, during the club’s 25th anniversary dinner in Washington.<br />Billionaire investor Warren Buffett has taken a $1 billion stake in Apple, whose stock has been in an extended slump. The stake was revealed May 16, 2016 in a regulatory filing by Buffett’s holding company Berkshire Hathaway after Apple shares skidded last week to their lowest level in two years. The filing with the Securities and Exchange Commission showed Berkshire with a holding of 9.8 million Apple shares at a value of around $1.07 billion. Apple has been under pressure as a result of slowing iPhone sales, threatening its chief revenue and profit source.<br />/ AFP PHOTO / NICHOLAS KAMM

Apple rose early Monday following news of an investment in the tech giant by Warren Buffett, helping to push US stocks higher.

Apple jumped 2.4 percent as Buffett’s Berkshire Hathaway disclosed about a $1 billion stake in Apple.

Economic data in China was lackluster, with industrial production and retail sales rising less in April than they had in March.

About 30 minutes into trade, the Dow Jones Industrial Average was at 17,608.36, up 0.4 percent.

The broad-based S&P 500 gained 0.4 percent at 2,054.27, while the tech-rich Nasdaq Composite Index advanced 0.5 percent to 4,743.24.

Anacor Pharmaceuticals, a California biotech firm, shot up 54.5 percent on news it reached a deal to be bought by pharma giant Pfizer for $5.2 billion. Dow member Pfizer was flat.

Yahoo rose 2.2 percent following reports that Buffett is backing a bid from an investment consortium to acquire Yahoo’s core assets.

Petroleum-linked shares bounced on higher oil prices. Apache, EOG Resources, Halliburton and Baker Hughes all rose more than 2.0 percent.

Natural gas producer Memorial Resource Development jumped 7.7 percent following news it agreed to be acquired by Range Resources for $4.4 billion. Range sank 7.0 percent.

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