Buffett sold Hewlett-Packard stock at a loss, reducing his shareholding to less than 10%.
CTOnews.com, Oct. 9 (Xinhua)-- Berkshire Hathaway, owned by Warren Buffett, continued to sell its shares in Hewlett-Packard at a loss this week, and its stake in HP has fallen to less than 10%, according to SEC filings.
Berkshire Hathaway sold about 3.07 million HP shares in the past few days and cashed out about $80.4 million, according to filings with the Securities and Exchange Commission on Thursday local time. (CTOnews.com Note: current about 588 million yuan). Earlier, Berkshire Hathaway sold about 5.5 million HP shares for the first time, cashing out about $160 million (currently about 1.17 billion yuan).
But hp's share price, which has been hovering around $26 this week, has plummeted nearly 14% in the past month. The company's share price was more than $30 last spring, when Berkshire Hathaway first bought shares in the company.
It is unclear whether Buffett plans to sell all of Berkshire Hathaway's shares in hp, which owned more than 12% of the company before it began selling shares last month. It now owns less than 10% of the company, and the company no longer has to disclose every transaction. As a result, investors who want to keep an eye on Buffett will have to wait for Berkshire Hathaway's quarterly update of its roughly $350 billion portfolio to learn more.
It has been difficult for Buffett to invest in technology stocks, an area he has shunned for years because he says it is difficult to pick long-term winners in a fast-changing industry. But Buffett is confident in Apple because he sees it as a consumer goods company with extremely loyal customers.
In addition to stocks, Berkshire Hathaway owns a complete range of businesses, including Geico Insurance, BNSF Railways, several major utilities and a range of manufacturing and retail businesses, including well-known brands such as Dairy Queen, See's Candy and Helzberg Diamonds.
