Investing.com — Apple Inc. (NASDAQ:) shares dropped 8.3% to $201.71 at ET 6:12 am (1012 GMT) in pre-market trading on Monday after Warren Buffett’s Berkshire Hathaway (NYSE:) cut its stake in the tech giant and amid a broader market selloff.
Berkshire Hathaway unloaded nearly half of its Apple holdings as part of a broader $75.5 billion selloff of stocks in the second quarter. The conglomerate also trimmed its investment in Bank of America, opting to boost its cash reserves to $276.94 billion.
Despite the massive reduction, Wedbush analysts emphasized that Buffett remains bullish on Apple, citing the company’s strong performance and promising outlook.
Apple still remains Berkshire’s largest holding, valued at $84.2 billion as of June 30.
The market is unsettled because of a weak jobs report and worries about a possible economic slowdown. Major banks are calling for interest rate cuts to mitigate the economic impact.