• Berkshire Hathaway (NYSE:BRKA) cut its exposure in Kraft (NYSE:KFT) by 23% in the first quarter. Kraft shares had rallied yesterday following a Barron’s article, which advised the company’s Cadbury purchase could help expand revenues and lower costs, a deal which was opposed by Buffett. Berkshire also shed holdings in Procter & Gamble (NYSE:PG), Johnson & Johnson (NYSE:JNJ) Costco (NASDAQ:COST), Gannett (NYSE:GCI) and Conoco Philips (NYSE:COP), as the firm raised funds for its $27 billion purchase of Burlington Northern (NYSE:BNI)
• Home Depot (NYSE:HD) reported first quarter earnings of 45 cents, versus Zacks expectations of 40 cents and 35 cents a year earlier, on estimate-topping revenues of $16.86 billion, up from estimates of $16.4 billion. The company said it sees full-year earnings of $1.88, one penny higher than average estimates
• Goldman Sachs (NYSE:GS) added Textron (NYSE:TXT) to its Conviction Buy List with a price target of $30
• Dick’s Sporting Goods (NYSE:DKS) topped estimates with first quarter earnings of 22 cents, up from Zacks estimates of 14 cents and 11 cents a year ago, on revenues of $1.05 billion, versus Zacks expectations of $1.03 billion. The company said it sees full-year earnings of $1.41 to $1.44, versus consensus estimates of $1.38
• Abercrombie & Fitch (NYSE:ANF) reported first quarter results of a 13 cent loss, in-line with Zacks estimates, but below last year’s 31 cent loss, on a 14.3% revenue increase to $688 million, which beat Zacks estimates of $670 million
• Citigroup (NYSE:C) upgraded Beazer Homes (NYSE:BZH) to “buy” from “hold” with a price target of $7
