Apple shares bounced back big Monday after a billionaire investor’s firm disclosed placed a bet on the company as Apple CEO Tim Cook began a highly anticipated business trip to China.
Warren Buffett’s Berkshire Hathaway took a $900 million stake in Apple through the purchase of 9.8 million shares in the first quarter of 2016, the Omaha, Neb.-based holding company said in a Securities and Exchange Commission filing Monday. That investment would have been worth more than $1 billion at the end of the quarter, when Apple stock was $108.99.
Cook, meanwhile, began a tour of China, the second-biggest market for the company, days after Apple announced it invested $1 billion in Chinese Uber rival Didi.
The confluence of news sent Apple (AAPL) shares up nearly 4% in trading Monday to $93.87. The stock, which closed Friday at $90.52, has fallen 18% during the last month.