A sharp decline in shares of International Business Machines Corp. on Friday was cutting its market capitalization by about $3.8 billion. The Armonk, N.Y.-based computing giant was seeing its shares slide by about 2.7% to put its market cap at around $145.565 billion, from $149.427 billion at Thursday’s close, according to FactSet data. The slump for the computing giant, best known for its artificial-intelligence system, known as Watson, comes after billionaire Warren Buffett told CNBC in an interview on Thursday that he sold about a third of his stake in the company after he lost confidence in the investment. “I don’t value IBM the same way that I did six years ago when I started buying,” Buffett told CNBC. “I’ve revalued it somewhat downward,” he said. IBM’s shares were most recently off 2.7%, putting on track for its worst daily decline since a 5.4% drop on April 21. For the week, IBM’s shares are off 3.4%, compared to slight gains for the S&P 500 index , the Dow Jones Industrial Average and the Nasdaq Composite Index .
Market Pulse Stories are Rapid-fire, short news bursts on stocks and markets as they move. Visit MarketWatch.com for more information on this news.
From:: Stock Market News