Company News for May 18, 2010 - Corporate Summary

• Berkshire Hathaway BRKA cut its exposure in Kraft 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 PG, Johnson & Johnson JNJ Costco COST, Gannett GCI and Conoco Philips COP, as the firm raised funds for its $27 billion purchase of Burlington Northern BNI

• Home Depot 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 GS added Textron TXT to its Conviction Buy List with a price target of $30

• Dick's Sporting Goods 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 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 C upgraded Beazer Homes BZH to "buy" from "hold" with a price target of $7