Berkshire Hathaway Waves Goodbye to Airline Sector

BRKA sold its entire stakes in four major U.S. airlines

Berkshire Hathaway Inc. (NYSE:BRK.A) sent airline stocks tumbling after CEO Warren Buffet announced that the conglomerate sold its entire stakes in the four largest U.S. airlines -- Delta Air Lines (DAL), American Airlines (AAL), Southwest Airlines (LUV), and United Airlines (UAL). The company also reported a first-quarter earnings and revenue miss, with its reported profits of $3,617.38 per share and revenue of $61.27 billion both lower than analyst estimates. At last check, BRK.A is down 2.4% to trade at $267,468.

On the charts, BRK.A has been pushing up against pressure at the $290,000 region, which coincides with the stock's 50-day moving average. The stock is now eyeing its third consecutive daily loss. Currently hovering just below its month-over-month breakeven, the equity is down 21.5% year-to-date.

Amid the news, BRK.A earned a price target hike from KBW to $325,000 from $310,000, and one price target cut by UBS to $350,000 from $358,000. Of two analysts in coverage, one sports a "buy" and the other a "hold."