Warren Buffett Is Good On IBM
Rumors suggested that billionaire investor Warren Buffett wasn't happy with the stock. He confronted them in a recent interview on CNBC with Becky Quick.
“That's not true, no. no, I've actually bought a few shares this year…And I've never sold a share,” said Buffett, noting that that's for this year, and not since the earnings report came out.
He doesn't think the earnings report should be a surprise.
“It was actually roughly what they said in the earnings call a quarter earlier. The revenues were down two percent, I think, on a constant currency basis,” said Buffett.
“And I expected that, and I don't think they said anything different. They said earlier that they expected to earn about $2.50 [per share]. They signaled the charge they were going to make ahead of time for layoffs essentially."
"So I - it did not strike me as a big surprise what they reported. Now, it may be a surprise a year from now or two years from now, but I have not been surprised by what they reported.”
Whether or not he'll buy more IBM shares depends on the price, Buffett said.
“We could buy it, but, I mean, I don't announce anything that we're going to buy or sell, but…I wouldn't rule it out.”
© 2017 Benzinga.com. Benzinga does not provide investment advice. All rights reserved.