FIRST AIRED: May 16, 2016

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>> News of Warren Buffett's Berkshire Hathaway billion dollar bet on Apple, pushing up the stock 3% on Monday. The bet coming as Apple stock slumps after its first quarterly iPhone sales drop. Reuters Market Correspondent, Noel Randewich, says the investment packs a strong message about Apple.>> Warren Buffett investing in Apple really underscores how Apple has changed in the eyes of the investors over the last couple of years.
When Apple was a company that was growing by double digits percentages every year, it was seen as a growth stock. Which means people were buying that stock, cuz they expected a lot of growth out of it. Now the idea is like value. Is the stock price cheap compared to the earnings the company is expected to deliver?
And on that basis, by a lot of measures, it does look like a cheap stock right now. Warren Buffett is a value investing specialist.>> But it's not clear who is calling the shots at Berkshire Hathaway. The Oracle of Omaha himself or one of his portfolio managers, Todd Combs and Ted Weschler, who each manage about $9 billion dollars.
Although Buffet typically makes Berkshire's major investment calls. Filings Monday show Berkshire Hathaway was holding close to 10 million Apple shares as of the end of March. Buffett has generally shown the tech sector, apart from an investment in IBM, saying he doesn't invest in things he doesn't understand. Although on Friday, Reuter's just reported exclusively that he was backing a bid by his friend Dan Gilbert, the Chairman of Quicken Loans and owner of Cleveland Cavaliers, for Yahoo.
Berkshire's new commitment to Apple showing, perhaps, the tech giant now getting put in the same investment basket as See's Candies, Geico Insurance, and Heinz ketchup.