Warren Buffett's Berkshire Hathaway (BRK-A) bought shares of Bank of New York Mellon (BK) while selling its stake in Home Depot (HD) during the third quarter.

The holding company acquired about 2 million Bank of New York shares, worth about $52 million, according to a Securities and Exchange Commission document the company filed Monday. Berkshire Hathaway, which had 2.8 million Home Depot shares, worth about $77 million as of June 30, sold that stake during the quarter, according to company filings.

Berkshire Hathaway also sold its shares of Iron Mountain (IRM) and Carmax (KMX) during the quarter.

Earlier this month, Berkshire Hathaway reported that second-quarter earnings fell 7.7% from a year earlier after losses from derivatives more than offset operating gains largely from its February acquisition of railroad operator Burlington Northern Santa Fe Corp. Net income was $2.99 billion, or $1,814 per Class-A a share, down from $3.24 billion, or $2,087, a year earlier.

Revenue increased 21% to $36.3 billion. Berkshire, whose companies also include GEICO, See's Candies and Dairy Queen, was expected to earn $1,677 a share on $33.7 billion in revenue, the average analyst estimate in a Thomson Reuters survey.

Home Depot shares were little changed in extended trading Monday, while Bank of New York shares rose 1.7% to $28.19 at about 5 p.m. Eastern time.

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Theresa Milhimes

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November 17 2010 at 12:39 AM Report abuse rate up rate down Reply

its simple when a recession is trying to get out of a jam and you have a lot of money to spend BUY MONEY you will make money. Banks and insurance companys are considered as money.

November 16 2010 at 10:12 AM Report abuse rate up rate down Reply
Dave Lewis

First thought: What do all these changes tell you about buy-&-hold as an investment strategy? Clearly, he's re-evaluating the situation and making changes accordingly.

November 16 2010 at 10:07 AM Report abuse rate up rate down Reply

Retail sales are rising Elvis is hiding, and Santa Claus has some American toys for you! :/

November 16 2010 at 8:15 AM Report abuse rate up rate down Reply

Oh ok thats the sign everybody sell like a Banchee!

November 16 2010 at 8:12 AM Report abuse +1 rate up rate down Reply

HomeDepot reports a 21% rise Buffet sells them? Did he sell after the stock rose or because he believed they peaked? Housing is sunk it isn't coming back in your life time.

November 16 2010 at 8:11 AM Report abuse +4 rate up rate down Reply

Buffet is making a lot of moves now. It's not good when Buffet sales large amount of stocks like this. It a sign from buffet.

November 16 2010 at 7:58 AM Report abuse rate up rate down Reply


November 15 2010 at 8:55 PM Report abuse rate up rate down Reply
Robert & Lisa

That is a smart move. George Soros's puppets, Obama and thugs strike again.

November 15 2010 at 6:31 PM Report abuse +1 rate up rate down Reply
1 reply to Robert & Lisa's comment

do they pay you to go everywhere and make senseless moronic attacks?

November 16 2010 at 9:07 AM Report abuse +1 rate up rate down Reply