The Dow Jones Industrial Average on Friday was trading modestly lower, withe the lion’s share of the drop driven by a 2.4% decline in shares of International Business Machines Corp. Shares of the computing giant were under pressure 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. In recent trade, IBM was cutting about 28 points from the price-weighted Dow , which was trading 25 points, or 0.1% lower. The S&P 500 index , meanwhile, was up less than 0.1% at 2,390, while the tech-laden Nasdaq Composite Index gained 0.1% to 6,081. Berkshire at one point was IBM’s largest stakeholder, with about a $13 billion stake. On April 20, the Armonk, N.Y.-based company reported weaker-than-expected results.
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