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Warren Buffett News: Bank Investments, Berkshire Hathaway Inc. (BRK.A) & H.J. Heinz Company (HNZ)’s Goals

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Editor’s Note: Related tickers: Berkshire Hathaway Inc. (NYSE:BRK.A), H.J. Heinz Company (NYSE:HNZ), The Bank of New York Mellon Corporation (NYSE:BK), Wells Fargo & Co (NYSE:WFC), U.S. Bancorp (NYSE:USB), Suncor Energy Inc. (USA) (NYSE:SU)

Heinz Weighs Almost 250 Job Cuts in U.K., Ireland (Bloomberg)
H.J. Heinz Company (NYSE:HNZ), the ketchup maker taken private this year by Warren Buffett’s Berkshire Hathaway Inc. (NYSE:BRK.A) and Jorge Paulo Lemann’s 3G Capital, said its weighing job cuts in the U.K. and Ireland. “Heinz continues to examine every aspect of our business globally to ensure we are operating as efficiently and effectively as possible in order to reach our growth goals,” Michael Mullen, a spokesman for Pittsburgh-based H.J. Heinz Company (NYSE:HNZ) wrote in an e-mailed statement. Proposals “may result in the elimination of 248 office positions across the U.K. and Ireland. We regret the impact this may have.”

hedge funds vs. mutual funds

Berkshire Hathaway ups BNY Mellon stake (BizJournals)
Warren Buffett is snapping up bank stocks and back to buying shares of The Bank of New York Mellon Corporation (NYSE:BK) after selling some of that stock earlier in 2013. His company, Berkshire Hathaway Inc. (NYSE:BRK.A), acquired 5.7 million shares of BNY Mellon (NYSE:BK) in the second quarter, according to a filing with the SEC, and the Omaha, Neb.-based investment firm now holds 2.14 percent of the venerable financial institution, which is based in New York but ranks among the largest banks serving Pittsburgh. This upped Berkshire Hathaway’s (NYSE:BRK-A) total holdings in BNY Mellon by 30 percent to 24.6 million shares, according to a report SNL Financial released Wednesday.

Buffett Buying Bank Stocks, Einhorn Scales Back (AmericanBanker)
A pair of prominent investors are pursuing opposing strategies in their bank investments: Warren Buffett is buying, while David Einhorn is cutting back. Warren Buffett’s Berkshire Hathaway Inc. (NYSE:BRK.A) increased its stake in Wells Fargo & Co (NYSE:WFC), U.S. Bancorp (NYSE:USB) and Bank of New York Mellon (BK) during the second quarter, the company disclosed in a regulatory filing. The conglomerate bought roughly 5 million shares of Wells Fargo common stock, raising its ownership stake to 8.7%. The San Francisco company remained the largest single position in Berkshire’s portfolio, accounting for 21% of total holdings, according to analysis by SNL Financial.

5 Stocks Warren Buffett Is Buying in 2013 (TheStreet)
Warren Buffett has his two favorite stock pickers hard at work this summer, picking up shares of their favorite stocks for Berkshire Hathaway Inc. (NYSE:BRK.A) $89 billion portfolio. Buffett’s betting big on these names; the question is, are you? …Todd Combs and Ted Weschler are former hedge fund managers hand-picked by Warren Buffett to help him manage massive chunks of Berkshire’s enormous portfolio. So far, the Oracle of Omaha’s lieutenants have been earning their keep: both managers beat the S&P 500 by double digits last year.

Buffett and Moynihan share a meal… and a deal? (CNBC)

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