HP stock soars after Warren Buffett's company buys over 11%

Shares of HP are up 18% after Warren Buffett's company snapped up 11.5% of the company that makes printers and computers over the past week in another uncharacteristic investment for the billionaire in a tech company

OMAHA, Neb. -- Shares of HP Inc. jumped nearly 18% Thursday after Warren Buffett's company snapped up more than 11% of the printer and computer maker over the past week in another uncharacteristic tech investment from the billionaire.

Berkshire Hathaway Inc. said in a filing with the Securities and Exchange Commission that it now owns nearly 121 million HP shares, giving it control of 11.5% of the company.

HP shares rose more than $6 to $41.12 in the first day of trading since the purchases were disclosed. The company is based in Palo Alto, California.

Buffett began the year telling shareholders he was having trouble finding anything at attractive prices to invest Berkshire's nearly $147 billion pile of cash. Since airing that sentiment February in his annual letter, Berkshire said it would spend $11.6 billion to acquire the Alleghany insurance conglomerate, and it bought more than $7 billion worth of Occidental Petroleum stock.