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On the economic front, producer prices rose by 0.3% in October. Excluding volatile food and energy prices, the core PPI fell 0.6% slightly above expectations. The core figure was also above forecasts. Industrial production rose 0.1% in October, well below an expected 0.4% rise and compared to an increase of 0.6% the prior month. Home improvement retail giant Home Depot (NYSE: HD - news) saw third quarter earnings fall to $689m from $756m a year earlier, but the drop was not as steep as feared. Despite splashing out $44bn in cash and shares to buy the Burlington Northern Santa Fe railroad at the beginning of the month, the spending has not stopped at Berkshire Hathaway (NYSE: BRK-A - news) , the investment vehicle of investment guru Warren Buffett. Filings to the US Securities and Exchange Commission reveal that Berkshire Hathaway has taken stakes in Swiss foods group Nestle (4707.KL - news) and US oil colossus Exxon Mobil (NYSE: XOM - news) . The company, which likes to invest in old school businesses, also virtually doubled its stake in WalMart, the US supermarket group that owns Asda (NYSE: WMT - news) in the UK. Berkshire Hathaway bought 3.4m American depositary receipts (ADRs) in Nestle and 1.28m shares in Exxon. The value of the Nestle stake is currently around $144m while the Exxon stake is valued at around $87m. Auto and home lender GMAC Financial Services has announced that its chief executive Alvaro de Molina is stepping down with Michael A. Carpenter named as his successor.
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