HP stock soars after Warren Buffett’s company buys more than 11% | Nebraska News

By JOSH FUNK, AP Business Writer

OMAHA, Neb. (AP) – Shares of HP Inc. jumped nearly 18% on Thursday after Warren Buffett’s company took more than 11% of the printer and computer maker over the past week in another investment billionaire’s unusual technology.

Berkshire Hathaway Inc. said in a filing with the Securities and Exchange Commission that it now owns nearly 121 million HP shares, giving it control of 11.5% of the company.

HP shares rose more than $6 to $41.12 on the first day of trading since the disclosure of the purchases. The company is based in Palo Alto, California.

Buffett started the year by telling shareholders he was struggling to find anything attractively priced to invest Berkshire’s nearly $147 billion in cash. Since expressing that sentiment in February in its annual letter, Berkshire has said it will spend $11.6 billion to acquire insurance conglomerate Alleghany, and it has bought more than $7 billion from Occidental Petroleum shares.

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Buffett has long been hesitant to invest in tech companies, saying it’s too hard to pick long-term winners. Still, he’s liked Apple’s prospects enough to buy more than 5.6% of the iPhone maker in recent years, and it seems he’s found something equally enticing in HP.

Berkshire’s filing does not reveal whether Buffett or any of Berkshire’s other investment managers made the HP purchases, but Buffett said he typically manages investments over $1 billion. Berkshire did not immediately respond to questions about the HP investment on Thursday.

Many investors closely follow Buffett’s investment moves due to his stellar track record over the decades.

Berkshire owns $351 billion in stock, including large stakes in Bank of America and Coca-Cola. But in addition to its investment portfolio, the Omaha, Nebraska conglomerate also owns more than 90 companies, including BNSF Railroad, Geico and a number of other major insurers, several large utilities and an assortment of manufacturing and retail companies.

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