OMAHA, Neb. (AP) — Investor Warren Buffett is praising both IBM and ExxonMobil even though the computing business has struggled and Berkshire Hathaway sold its 41 million shares in the oil producer.
Buffett appeared on CNBC Monday after releasing his annual letter to Berkshire shareholders over the weekend.
Buffett says he still likes IBM's prospects even though the company has been dealing with declining sales. He backed that up by increasing Berkshire's stake in IBM to nearly 77 million shares in the fourth quarter.
Buffett says ExxonMobil remains a wonderful company even though its earnings power has been diminished by lower oil prices.
Buffett says he unloaded Berkshire's ExxonMobil stock because he thought he could use the money better for other stocks and maybe an acquisition. But Buffett didn't say what he might buy.