Market Focus

Berkshire Hathaway

Warren Buffet’s Berkshire Hathaway had a pretty good quarter. The company’s operating earnings beat Wall Street estimates, rising 29 percent. Berkshire earnings more than $4.5 billion in the quarter. Class B shares were up slightly to close at $143.61. Just for fun, if you want to dabble in class A shares, which costs a mere $215,000 a piece, well, those were higher too.

Abercrombie & Fitch

It doesn’t seem like things are getting any better at Abercrombie & Fitch. The teen retailer saw its shares drop 12 percent in its third quarter, which was even more than analysts were expecting. It blamed slower mall traffic and said sales were even weaker towards the end of the quarter. Shares tumbled more than 16 percent to $29.50.

Gap 

Investors got a chance to react to guidance from Gap. The retailer posted disappointing October sales, but investors were more optimistic because of its outlook. The company won’t report until later this month, but it’s expecting its profit to top consensus because of cost cuts and a tax benefit. Shares were 2.5 percent higher to $38.83.

Sears

Sears is exploring a new plan to raise cash as it has been struggling to return to profitability. The retailer is considering selling up to 300 of its stores to a real estate investment trust or a REIT, which it would than offer to shareholders through a rights offering in order to raise money, that’s according to a regulatory filing. Shares surged 31 percent to $42.81.

General Mills

Cheerios maker General Mills lowered its profit and sales guidance for the year. The packaged food maker blamed weak food industry trends and slow growth in emerging markets. The stock fell more than 3.5 percent to $51.36.

Humana

Humana also fell after it posted weaker than expected third quarter results. The insurer blamed expenses related to the health exchanges and higher specialty drug costs. The stock was down $9.29 to close at $130.58.

Intercept Pharmaceuticals 

Intercept Pharmaceuticals plummeted on safety issues regarding its experimental liver drug. Trial results showed the treatment may have some negative side effects like increasing bad cholesterol levels, meaning more studies may be needed. It also posted a wider than expected loss. Shares fell 30 percent to $172.59.

Transocean

Transocean hit investors with news that it will take a $2.8 billion charge when it reports its third quarter results. The driller explained that demand for its rigs is falling. Shares fell a fraction to $29.71.

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