Dow Jones Industrial Average Rallies As AAPL Stock, Oil Push Higher

On the deal front, Tribune Publishing (NYSE: TPUB) rallied more than 22% after receiving a second unsolicited bid from Gannett Co. (NYSE: GCO) for $15.50 per share. Barron's reports that Tribune Publishing had received urgent demands from its third-largest shareholder Oaktree Capital Management to accept a previous deal worth $12.50 per share. As Gannett aggressively tries to boost growth in market share, Tribune could see their investors push for the revised offer.

But the big news today was Warren Buffett – who dominated the headlines on multiple fronts.

First, Buffett said that his firm may take part in a takeover bid for embattled tech giant Yahoo Inc. (Nasdaq: YHOO). The technology giant saw shares of YHOO stock rally more than 1.7% on news that Buffett has emerged as a candidate to help finance a bid. Buffett said over the weekend that he could help Cleveland Cavaliers owner and Quicken Loans' head Dan Gilbert compete for the embattled technology giant. That puts pressure on Verizon Communications Inc. (NYSE:  VZ), which has been viewed by many analysts as the front-runner for a Yahoo takeover.

Meanwhile, Buffett's Berkshire Hathaway Inc. (NYSE: BRK-A) announced that it now owns a 9.8 million share stake in technology giant Apple Inc. (Nasdaq: AAPL), according to 13D filings. But the more than $1 billion investment in Apple wasn't Buffett's idea, according to the investment legend. Buffett said this morning that the investment was made by Ted Weschler or Todd Combs at Berkshire. Shares of AAPL had their best day in four months, ticking up more than 4%.

Meanwhile, Buffett's firm increased its stake in International Business Machines Corp. (NYSE: IBM), reduced its stake in Wal-Mart Stores Inc. (NYSE: WMT), and abandoned its entire position in AT&T Corp. (NYSE: T).

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