POLY - Why did HP Inc. stock go up today? Warren Buffett buys big stake

HP Inc. (NYSE:HPQ) shares surged on Thursday after Berkshire Hathaway (NYSE:BRK.A) (NYSE:BRK.B) disclosed it purchased an 11.4% stake in the PC maker worth $4.2 billion. Evercore ISI tech analyst Amit Daryanani said the move from Berkshire and its leader, Warren Buffett was a "positive," as it "validates HPQ's strategy/deep value." HP (HPQ) shares rose more than 15% to $40.27 in late trading on Thursday. Shares have gained more than 5% year-to-date, outpacing other PC makers such as Dell (DELL) and Apple (AAPL). More than 87 million shares changed hands shortly before the end of trading, more than six times its average daily volume. Daryanani also noted that HP, which suspended shipments to Russia in February amid the country's invasion of Ukraine, is "attractively" valued at current levels, trading at roughly 7 to 8 times earnings and it has a 13% to 14% free cash flow yield. The Enrique Lores-led company also has

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Why did HP Inc. stock go up today? Warren Buffett buys big stake