Apple shares fall amid broad sell-off as Berkshire Hathaway cuts stake again

Apple (AAPL) shares fell after Warren Buffett’s Berkshire Hathaway (BRK.A, BRK.B) revealed over the weekend that it had cut its stake in the company by nearly 50%.

The conglomerate’s latest report filed with the Securities and Exchange Commission (SEC) shows that Apple’s shares were worth $84.2 billion as of June 30, down 49% from a quarter earlier. The decision follows Berkshire reducing its stake in Apple by 13% in the first quarter.

Despite the cuts, Apple remains Berkshire’s largest investment, ahead of Bank of America (BAC), American Express (AXP), The Coca-Cola Company (KO) and Chevron (CVX).

Apple, whose shares were down about 4% to $210.91 as of 11:55 a.m. ET Monday, did not immediately respond to a Investment request for comment.

Apple’s App Store revenue growth slows, UBS says

Another bearish sign for the tech giant: UBS said its analysis showed App Store revenue growth slowed to 11% year-over-year in July from 13% in June.

“While we caution against extrapolating single-month data, we estimate that App Store accounts for ~25% of the segment (revenue),” the company said in a note over the weekend. “Therefore, below-segment spend in App Store increases reliance on other categories to accelerate from June onward and act as compensation.”

The firm gave Apple shares a “neutral” rating and a $190 price target.