Warren Buffett's Firm Sells Off Intel Stock, Buys Oil
Warren Buffet and his company Berkshire Hathaway are being watched closely, no they didn't do anything illegal. Instead the company is being watched due to its mass sales of various stock while purchasing stock in various Oil companies. One such sale included none other than Intel. Buffet dropped all 7.7 million shares of the semiconductor juggernaut, after which a move was made to buy 2.8 million shares in National Oilwell Varco and a further 27 million shares in Phillips 66. The company's purchase of stock in Phillips 66, a oil refining company that was spun off of Conoco Phillips, was expected due to a television interview previously. It was a bit odd however to see Intel's stock get dropped. That said the reasons for the sale are unknown and considering Buffet has given Todd Combs and Ted Weschler $2.75 billion each to manage within the company it is unknown if it was Buffet himself or one of the previous two men that made the sale. Overall this is important because the entire world in a sense is watching due to Buffets successful track record of smart investment decisions. Berkshire Hathaway, based out of of Omaha, closed on Tuesday with a stock protfolio of $74.3 billion.
Berkshire also sold a large chunk of its Johnson & Johnson stock. It now owns 10.3 million shares of J&J, down 64 percent from three months earlier. In another large sale, Berkshire cut its stake in Procter & Gamble to 59 million shares, down 19 percent from the previous filing. Buffett's firm tripled its stake in Bank of New York Mellon, from 5.6 million shares to 18.7 million. It also raised its stake in DirecTV from 23 million shares to 28 million.
Posted by | Mon, Aug 20, 2012 - 04:33 PM