The following is an excerpt from Noel Randewich | May 6, 2018 | reuters.com |
SAN FRANCISCO (Reuters) - Apple Inc (AAPL.O) was not the only one to leap on a chance to buy its stock at a fat discount last quarter as Warren Buffett stepped in to scoop up an additional 75 million shares for Berkshire Hathaway (BRKa.N) at the same time.
Between them - the two biggest players in the iPhone maker’s shares - they bought nearly one of every 10 Apple shares traded during the quarter, according to Thomson Reuters calculations.
But the discount window did not stay open long, with Apple’s stock back at a record high above $183 on Friday after trading in the mid-$150s for part of the first quarter.
The recovery in the share prices makes it less opportune for Apple’s corporate treasury to execute purchases as it proceeds with an additional $100 billion of buybacks in an effort to further winnow down its mountain of cash.
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