meantime, david tepper got totally out of apple, dumping about 1.2 million shares valued at around $133 million. this also comes as ceo tim cook is taking a visit to china. the co-founder of elevation partners joins us from palo a s alto. is berkshire hathaway recognizing that apple is the ultimate value play? >> i believe it is a tremendous value play. i'm strongly in warren buffett's camp on this particular thing. it's got -- it's got no growth for the next year, i suspect, and who knows for how long thereafter. but at 2.5% yield, extraordinary cash flow. i think great management. and you know, there really is an opportunity either around automobiles or something else that will create a next big thing, maybe not for a few years but i don't think at this point with a 2.5% yield it makes any difference. >> the stock is up 3.5%, the 13 filings are usually lagging indicators because the actions took place during the quarter. but you have icahn getting out, tepper getting out, berkshire getting in and we just got news that leon cooperman is getting in. >> exactly. the buyers now, i think r

. >> david tepper got out of apple, correct? so david tepper is someone everyone on this desk really appreciates as a phenomenal investor. why not pay attention to what he's doing? carl icahn got out of apple. you have famed investors getting out and a famed investor getting in. >> i'm just saying how the market seems to be perceiving the berkshire news because again, this wasn't buffett himself per se, but the two associates who run the portfolio. >> maybe. maybe it is. you know, they have complete autonomy with air quotes, right, because -- >> they don't have any autonomy. >> it's a billion dollars and they run 20% of the portfolio into one stock? i don't know if that's all them. >> the market is bidding oil up 3.5% because it deems the berkshire position to be an overall bullish sign for the stock. no? >> note where the rally stopped. 92 with support for apple going back a long time, now it's probably resistance since it's broken below. don't be shocked by that. >> the institutional investors won't look and say it's time to g

same thing with david tepper, different numbers, but same thing with david tepper. i'm gone. leon couperman, gone. a lot of the folks -- >> in and out for a trade basically. right? >> exactly. now buffett, a guy who is obviously willing to take some pain which he's done in ibm and several others, getting in and saying i'm drawing the line in the sand here. if i'm a little early, that happens from time to time. but i want to be in for the long term. the 72 million, 77 million hand sets, i bought glw just in the last few minutes because of unusual call activity in that stock. that's one of the suppliers that pete's talking about that could potentially benefit here along with skyworks, qualcomm and those guys. >> got to run. looking to brew up returns? baird is reiterating starbucks is a buy, saying that stock has become increasingly attractive and the big rally could be ahead. it's our call of the day. joined by the analyst who made it. david tarantino. welcome. good to have you on. you say you are quote, reframing the valuation argument. how so? >> yeah. we took a look at star

reachers think it could be a safer at tepper -- a lot turntive for -- alternative for arm's disease.esearchers found that the chance of a pregnant woman infected with zika virus will have a baby with microcephaly are in the range of 1 to 14%. it's a condition in which a baby's skull is smaller than normal. women infected in the early stages of pregnancy face the greatest risk. >>> the extra time you devote to work could be take a toll on your mental health. a new study finds psychiatric disorders are common among work a a workaholics. they are younger and single and more educated with a higher so she economic status. when cigarette cravings hit, all i can think about is getting relief. only nicorette mini has a patented fast-dissolving formula. it starts to relieve sudden cravings fast. i never know when i'll need relief. that's why i only choose nicorette mini. >>> good saturday morning to you, so glad you stayed with us, 5:53 a.m. 65 degrees. sky6 live hd giving you a lovely glimpse over wilmington, delaware. if you love the sun and the heat you'll love the day. >>> next time you o

the hedge fund billionaire david tepper dumped his investment in apple.ccording to the new sec filing, joe dumped it a long time ago. you haven't been sending him the e-mails you have been accepteding me for quite some time. >> no, that's true. you're going to get another one soon. >> i bet i will. tepper used to have 1.2 million shares. he took a new interest in facebook. also he got into bank of america with 6.9 million shares and is following karl ikan's lead. >>> and apple ceo tim cook is on a charm offensive in china visiting apple stores and meeting with china's top app developers. eunice yoon is here with more on mr. cook's visit. >> reporter: thank you. tim cook is on a charm offensive. today he visited one of apple's main stores in downtown beijing and was accompanied by the president of did, chuxing. this is the company that specifies in taxi hailing apps and is also the one apple just invested $1 billion in. and today tim cook got to get a up close and look personal on what he paid for. both he and the president of didi took a ride in a didi ta

tepper is not one where he's -- you know, he's flipping stuff day to day necessarily.eant to actually be held for a little while, even if the information is stale. clearly not terribly concerned about the macro environment. i mean f you're in bank of america in any big way, it shows that you don't really think the world's falling apart. this guy, remember, was a credit guy by heritage. i mean, he clearly isn't too scared. but on the other hand, i think it's a lot of opportunistic stuff. buying valeant in the first quarter of this year was a bet this had staying power and was overdone on the downside. >> to me it's all about -- he runs a hedge fund and yet he's kind of picking and choosing stocks like any portfolio manager would. you have to wonder when you look at the holdings of a lot of these hedge funds f i'm buying into apple loose sa, if i buy a hedge fund, what am i really getting? >> stock picking if they do it well? >> that's not what you're supposed to be in a -- >> esoteric credit stuff, mess aneen debt -- >> successful hedge fund guys were george soros and t

david tepper announced on friday that he sold his apple stake in the first quarter.y, berkshire's largest stock holdings kraft and wells fargo are worth more than $20 billion. level,not quite at that but it was one that wall street took note of. su keenan, bloomberg news. yvonne: checking in on some of the other stories -- bsi has said to be investigating some employees over the dealings related to the troubled malaysian fund. the manager of the former bsi who was charged in singapore earlier this month is the one being checked. they have not accused him of any wrongdoing. several bsi employees have left the office in recent months over the investigation. reports that chinese authorities have targeted apple and other u.s. tech companies in a series of securities inspections. the new york times says the check focus is on area involving encryption and data storage. linked to inspections not targeting any particular country, product.or company twitter hoping to get users more freedom to express themselves. that will soon start counting photos and links in its 140- chara

looking at some of the filings of major investors, david tepper's shed his apple stock, while bridgewaterssociates cut its investment by two thirds. carl icahn exited stakes in six companies, including apple, last month. coming up, could didi chuxing be the first ride-hailer to go public yet go we will break down on how -- breakdown how apple's investment could pay off. our next guest discusses why one city could snatch the title of the world's most innovative tech hub in the near future. ♪ emily: to a story we are watching, facebook ceo mark zuckerberg has invited a group of conservative leaders for a meeting at the company's headquarters in menlo park. according to the associated press, attendees will include radio host glenn back, former white house press secretary dana perino, and donald trump campaign advisor barry bennett. this after reports that facebook employees are more involved in choosing stories for the trending topics section than we have been led to believe. next contractor claimed facebook would downplay conservative stories. facebook responded by saying the trending topic

and tepper got out of it.his is becoming a controversial stop with big money. >> an interesting point with apple yesterday which of course was much discussed the different styling investment coming into it. buffett is a great example of that. it was traditionally a growth stock and it's what the new innovation. buffett doesn't invest for that. he invests for value. is that actually a bad sign of apple moving forward? when you go from the whole of share holding to go from investors to growth holders then you're going have a long theory. it's a vote of confident for the buffett style. not a vote of confidence for guys who want high growth. >> it wasn't a buffett pick, maybe they thought it was too cheap at his level. and it did leave the dow yesterday. carl icahn, we know, is out of apple. he also sold his stake in other company it's in quarter. he got out of gannett,ing at the that, mentor graphics and hologic. it's notable that he didn't actually buy into any new companies during the company. >>> let's get on

and when the waitresses went on strike i was a waiter, and ever since then i have been an in scene tepper obscene tipper. i worked at a gas station. you cannot do that anymore. when i went to college, 80% of colleges were paid for by state governments. abe lincoln came up with this idea. you give them a chunk of land so that the college can work that land so that the students could go to college for free. abe lincoln was not the first to come up with this idea of free college. thomas jefferson created the university of virginia which was the first free college and he was so proud of that that on his tombstone it says founder of the university of regina -- of virginia. those were the things he was real proud of. that was his legacy. free college. byhe time i g tre, 80% s pa for. tuition s a coup of hundd dolls her term. it was not a wholeot. now it is upside down. collegesf the cost of paid for by tuition and 20% by the state and federal and local government and the college of self. -- college itself. looking not at what , described to you, this gap wrotes 1966 that "time" this article. pr

we know tepper was involved. bill miller. 90%, you start to get some lows, apparently from the people who drive you down that much. >> we have a cnbc news update right now with sharon epperson. >> hey, bill. a well backed campaign backed by a millionaire has collected enough signatures to raise the tax on cigarettes. it would triple the tax to $2.87 a pack. >>> the speak of the alabama house is going on trial on felony ethic charges that could result in his removal from office. jury selection beginning today for mike hubbard who's phasing 23 counts of using his office for personal gain. >>> nintendo says it will up its game in the film business. nintendo will reportedly invest proceeds by selling its stakes. and a burger king in finland has made the idea of enjoying a whopper in a sauna a reality. it features red and blue accents to match the restaurant's logo, 48-inch tv and tower featuring burger king branding. that's cnbc at this hour. what do you think of that? >> does it smell like burgers? >> i can't imagine the lavende

i'm thinking in new jersey, this is my home case, case of billionaire david tepper, left the state some hedge fund manager to escape the state's high income tax, approaches 9%, 10%, he moved to florida where there is no such tax. it is very possible in this case, you see this hedge fund like others, leave. so these people are very angry about a budget that leaves them in the middle of nothing getting done, programs getting cut. you can understand the frustration but the people they hope to tap to ameliorate that, up and leave. how real of a threat is that? >> look, i get it. it is frustrating. very expensive to live in chicago right now. they have a right to be upset. they should be upset at their own politicians for leading them astray and creating culture of no innovation, lousy schools, despite tens of millions of dollars get poured in. they should be angry and turn anger on people that created problem. the reality, great nairtive, the top 1% will solve the problems by taxing them into oblivion. they will leave and move to florida. what you will be left with high property taxes for p

meantime, david tepper got totally out of apple, dumping about 1.2 million shares valued at around $133ina. the co-founder of elevation partners joins us from palo a s alto. is berkshire hathaway recognizing that apple is the ultimate value play? >> i believe it is a tremendous value play. i'm strongly in warren buffett's camp on this particular thing. it's got -- it's got no growth for the next year, i suspect, and who knows for how long thereafter. but at 2.5% yield, extraordinary cash flow. i think great management.

. >> david tepper doesn't trade with a computer. >> no. >> he's done well.re all time, obviously. you can make money in the environment without a computer, it's just an extraordinary difficult environment to do so. >> for sure. if you look what the computer does in the case of bridgewater, basically you use the computer to monitor. it's not so much that you're trying to find things that no one else can find, it's really -- it's trying to basically discern those macro economic factors how they're going to move markets. >> nearly half of the top 25 earners use computer to trade, is that right? >> yes, or rely on them. it's pretty remarkable. if you look at the activists, which is the polar opposite, they had a tough year in 2015. there was only one activist that made the list. chris hawn of tci. >> it's harder to be an activist, i guess in a more flatter, down, more volatile market. >> for sure. just ask david einhorn. >> what about this year? are we seeing a change in any trend? >> i think, they have done well so far this year. they're still positive. whereas