- Olympics: Cross-country skiing – Finn Niskanen takes gold in 50km mass start
- Olympics: Curling – Sth Koreans pray Garlic Girls can score crushing victory
- Geely chairman builds $9 billion stake in Germany’s Daimler
- Butler awaits scan on knee after injury against Rockets
- Olympics: Snowboarding – Ledecka creates history with PGS gold
The Oracle of Omaha still has a touch for stocks.
Teva Pharmaceutical climbed more than 9 percent in premarket trading Thursday after news late Wednesday that Warren Buffett‘s Berkshire Hathaway disclosed a $358 million stake in the drugmaker as of the end of the fourth quarter.
The quarterly filing also showed Berkshire increased its holdings of Apple by 23.3 percent. Shares of the iPhone maker climbed 1 percent in premarket trading.
The purchase shows the influence of Buffett’s investment deputies, Berkshire portfolio managers Todd Combs and Ted Weschler. One of them — the billionaire investor has declined to identify him — was responsible for the conglomerate’s initial stake in Apple in 2016, and Buffett has added to it since then.
Apple shares have fallen 1.1 percent this year but are up 23.5 percent over the last 12 months. Shares of Teva are up 2 percent so far this year and down 47.4 percent since last February.
Buffett is chairman of Berkshire Hathaway, and his business partner is 93-year-old vice chairman Charlie Munger. The conglomerate’s many subsidiaries include Duracell, Kraft Heinz and Geico.
In January, Berkshire announced the appointment of two new vice chairs, Gregory Abel and Ajit Jain. Buffett said on CNBC the move is “part of a movement to succession over time.” But the 87-year-old investor said the news had nothing to do with a change in his health.
— CNBC’s Liz Moyer, Matthew J. Belvedere and Berkeley Lovelace Jr. contributed to this report.