Warren Buffett's Berkshire Hathaway continued selling off more of its HP Inc. shares this week at a loss and dropped its stake below 10% of the maker of printers and computers. Berkshire sold another 3 million shares Tuesday. HP’s shares have been selling around $26 dollars this week after taking a sharp fall of nearly 14% over the past month. The stock of the Palo Alto, California-based company was selling in the mid $30s last spring when Berkshire first bought it. It’s still not clear whether Buffett plans to unload all of Berkshire’s HP shares. But it's looking more like the HP investment will wind up similar to Buffett's ill-fated IBM purchases more than a decade ago instead of like his wildly successful Apple stake.
The Associated Press is an independent global news organization dedicated to factual reporting. Founded in 1846, AP today remains the most trusted source of fast, accurate, unbiased news in all formats and the essential provider of the technology and services vital to the news business. More than half the world’s population sees AP journalism every day.FILE - Berkshire Hathaway Chairman and CEO Warren Buffett smiles during an interview, May 7, 2018, in Omaha, Neb.
It’s still not clear whether Buffett plans to unload all of Berkshire’s HP shares because he doesn’t comment on stock sales while Berkshire is still making them. He only discloses what he’s required to as a substantial owner of the stock.Warren Buffett’s company dumps another 5 million shares of printer maker HPBerkshire used to own more than 12% of HP’s stock before it started selling off the shares last month.
At this point, it appears the HP investment may be more likely to wind up like the ill-fated IBM purchases Buffett made in 2011 rather than thethat is now the biggest holding in Berkshire’s portfolio. Buffett acknowledged in 2018 that he had been wrong about IBM and sold off the stock for little gain after six years.
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