International Business Machines Corp. has climbed above the price that Warren Buffett paid for shares in the computer company, reversing more than $2 billion in paper losses for his Berkshire Hathaway Inc.
IBM rose 2.2 percent to $170.55 at 4 p.m. Friday in New York after giving 2017 profit guidance on Thursday that was higher than analysts? estimates. That compares with the average of $170.19 that Buffett spent for 81 million shares, according to Omaha, Nebraska-based Berkshire?s most recent annual report.
IBM has outperformed so-called momentum tech stocks such as Amazon.com Inc. and Facebook Inc. after Donald Trump?s election win as investors shifted to companies with consistent dividends and buybacks, said Dan Morgan, senior portfolio manager at Synovus Trust.
