Buffett says he won't sell shares of IBM: CNBC

NEW YORK Fri May 3, 2013 7:54am EDT

CEO of Berkshire Hathaway Warren Buffett attends the Allen & Co Media Conference in Sun Valley, Idaho July 13, 2012. REUTERS/Jim Urquhart

CEO of Berkshire Hathaway Warren Buffett attends the Allen & Co Media Conference in Sun Valley, Idaho July 13, 2012.

Credit: Reuters/Jim Urquhart

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NEW YORK (Reuters) - Berkshire Hathaway chairman and chief executive Warren Buffett said that he would not sell shares of IBM Corp., even as the company missed earnings expectations last month.

"I won't be a seller of IBM," Buffett told cable television network CNBC ahead of Berkshire's annual shareholder meeting, which will begin May 4 in Omaha, Nebraska.

Buffett also said he did not buy more shares of IBM following the company's disappointing earnings results, which led to an 8 percent drop in the company's shares a day later.

Buffett added that he may buy more shares in IBM "from time to time," but that he neither bought nor sold shares after the company's quarterly earnings miss. He said that he "may have added a little bit" to Berkshire's stake in the company in the first quarter.

Buffett also told CNBC that he is "100 percent" in favor of JPMorgan Chase chairman and chief executive Jamie Dimon maintaining both roles at the bank. Dimon faces a shareholder vote this month at JPMorgan's annual meeting that could push the board to strip him of his chairman's role.

(Reporting by Sam Forgione; Editing by Alden Bentley and Chizu Nomiyama)

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Comments (1)
Randy549 wrote:
Buffett should be looking more at IBM’s stagnant or falling revenues. Their earnings increases have been funded entirely through cost-cutting; the company has bled itself white, to the point where it’s impeding their ability to produce revenue. This cycle is unsustainable and sooner or later the music is going to stop. Who will be left standing without a chair?

May 03, 2013 10:41am EDT  --  Report as abuse
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