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 by Staff Writers New York (AFP) May 5, 2017
IBM shares tumbled Friday after billionaire investor Warren Buffett revealed he has sold about a third of his stake and "revalued" downward the computing giant. In early Wall Street trade, IBM shares were down 2.5 percent at $154.00. Buffett, one of IBM's biggest shareholders, told CNBC he had divested shares in the first and second quarter. "I don't value IBM the same way that I did six years ago when I started buying," he told the financial channel. "I've revalued it somewhat downward." Buffett added that "IBM is a big strong company, but they've got big strong competitors too." Buffett, who heads the Berkshire Hathaway holding company and is among the world's richest individuals, invested some $10.7 billion in IBM in 2011 for a stake of some 5.5 percent. His stake was worth an estimated $13.5 billion at the end of 2016. The move comes with Buffett set to release his closely followed annual shareholder letter, offering important clues for investors who follow his advice.
HSBC pre-tax profit slides but hails 'good result'Hong Kong (AFP) May 4, 2017 HSBC said on Thursday that pre-tax profit fell 19 percent in the first three months of the year but the bank's chief described them as "a good set of results" after a turbulent 2016. The London-based giant has been on a recovery drive over the past two years aiming to slash costs with measures including laying off tens of thousands of staff and slimming down its business. It blamed the d ... read more Related Links Global Trade News
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