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Apple Shares Drop 10% After Berkshire Hathaway Reduces Stake
Aug 5, 2024 6:35 PM - Davit Kirakosyan(Last modified: Aug 6, 2024 12:25 AM)
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Apple Inc. (NASDAQ:AAPL) experienced around 10% decline in early trading today, triggered by Warren Buffett's Berkshire Hathaway significantly reducing its stake in the tech giant, coupled with a broader market downturn.
Berkshire Hathaway divested nearly half of its Apple holdings during the second quarter, part of a larger $75.5 billion stock selloff. Alongside Apple, Berkshire also reduced its position in Bank of America, increasing its cash reserves to $276.94 billion.
Despite this substantial sell-off, analysts at Wedbush noted that Buffett remains optimistic about Apple, highlighting the company's robust performance and favorable future prospects. As of June 30, Apple continues to be Berkshire's largest holding, valued at $84.2 billion.
The market's anxiety has been exacerbated by a weak jobs report and fears of an economic slowdown, prompting major banks to advocate for interest rate cuts to cushion the economic impact.
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