Within a month, Buffett cut meat again...

On Thursday, local time, Warren Buffett's Berkshire Hathaway company filed a filing with the US Securities and Exchange Commission (SEC), showing that the company recently sold about 3.07 million shares of HP stock for about $80.4 million.
It is worth noting that this is the second time in a month that Berkshire has reduced its stake in HP. Meanwhile, Berkshire's stake in HP has fallen below 10% following the sale.
This means that in the future, Berkshire will no longer need to file with the SEC if it continues to reduce its stake in HP.
Rare! Cut meat twice in one month
Buffett, who has not been too cold on technology stocks, surprised the market by building a large position in HP at the beginning of 2022. At the time, Buffett's Berkshire owned 120 million shares of HP.
However, after Buffett completed the position, HP's stock price plunged by more than 40%. After patiently holding on for a year and a half, Buffett's Berkshire sold about 5.5 million shares of HP (HPQ) at an average price of $29 a share for about $160 million, according to an SEC filing in September.
After the sale, Berkshire Hathaway owns about 11.7 percent of HP, according to SEC filings.
After Mr. Buffett first sold his stake in HP, the company's shares tumbled again, falling below the $26 mark on Friday, down about 14% from around $30 in early September.
According to previous reports, Buffett's cost of holding a position is around $30. This means that Buffett has reduced his position in HP twice in a month, both below his holding cost.
In the future, whether Buffett will fully withdraw from HP needs to wait until Berkshire's earnings report next year to see what it looks like.
Hewlett-packard cut its full-year profit forecast amid weak demand for PCS
From the perspective of the timeline, Buffett's reduction was after HP announced the third fiscal quarter of 2023.
After the close of the United States eastern time on August 29, HP announced the third fiscal quarter of 2023. Results showed that in the fiscal third quarter ended July 31, HP under the United States general accounting principles (GAAP) calculation of total revenue reached 13.2 billion dollars, down 9.9%, below the market expectation of 13.4 billion dollars; Non-GAAP net income was RMB800 million, down 32% from the same period last year. Adjusted earnings per share were $0.86, down 17% year-over-year.
HP expects free cash flow of $3 billion for the fiscal year ending in October 2023, compared with its previous forecast of about $3.25 billion. HP also cut its non-GAAP earnings forecast to $3.23 to $3.25 per share from $3.30 to $3.50.
"While we expect continued sequential growth in the fourth quarter, the external environment has improved less quickly than expected, so we have adjusted our expectations," said Enrique Lores, HP's president and chief executive.
After the announcement of the earnings report, on August 30, Eastern time, HP shares opened sharply lower, falling once to 10.59%, and then recovered to close at $29.29, down 6.63%.
In a post-earnings conference call, Laureys said HP "continues to navigate a volatile environment," with corporate customers generally cautious about spending due to higher capital costs and weakness in the consumer space.
By region, HP's revenue fell 8 percent in the Americas, 5 percent in Europe, the Middle East and Africa (EMEA), and 9 percent in Asia Pacific and Japan (APJ), the latter of which Laures attributed mainly to weak demand in China.
Lenovo still holds the top spot in the Chinese PC market, but its shipments fell sharply by 24 per cent year on year. HP and Huawei ranked second and third, respectively, with year-on-year growth of 6 per cent.