Here are the stories that caught our eye this week.
Buffett sells IBM
Warren Buffett revealed to CNBC this week he has recently been selling part of his InternationalBusiness Machines Corp (NYSE:IBM) stake. Approximately one third of Berkshire’s position in the company has been sold thus far in 2017.
Buffett told host Becky Quick "I don’t value IBM the same way I did six years ago… When it got above $180, we actually sold a reasonable amount." IBM shares fell approximately 3% on the news.
Berkshire meeting this weekend
Capitalists everywhere will be making the pilgrimage to Omaha this weekend for the Berkshire Hathaway Inc. (NYSE:BRK.A)(NYSE:BRK.B) annual meeting. Approximately 40,000 people are expected to appear to watch Buffett and his right-hand man Charlie Munger spend a marathon day answering questions from the audience.
Investors who can’t make it to Omaha will be able to watch the live stream on Yahoo Finance. The meeting itself kicks off at 10 a.m. Eastern Time on Saturday.
Republicans pass new health care bill
After weeks of failure, House of Representative Republicans got a major victory on Thursday, narrowly passing their version of health care reform to replace controversial Obamacare. The bill will move onto the Senate, which will likely make major changes or even introduce a brand new bill before approval.
Still, it was good news for America’s largest health insurers. Humana Inc. (NYSE:HUM) shares jumped nearly 2% when the bill was passed, and increased more than 3% total for the week.
