(UPDATED 11:32 a.m. ET)
What: Shares of Kraft Foods
So what: CEO Irene Rosenfeld said the breakup reflects a desire to capitalize on two "strong, but distinct, portfolios." Irony? Perhaps. It was only 18 months ago that Kraft acquired Cadbury after a series of offers and counteroffers. Now, it seems, the businesses are (ahem) "distinct."
Either way, Kraft put together a fine performance in Q2. Revenue increased 13.3%, to $13.9 billion, while operating earnings per share rose two pennies to $0.62. Analysts had been calling for $0.58 on $13.15 billion in revenue, according to data compiled by Yahoo! Finance.
Management also raised full-year earnings guidance from $2.20 to $2.25 a share, slightly above Wall Street's consensus estimate.
Now what: Berkshire Hathaway's
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