IN THE NEWS TODAY
Berkshire Hathaway's Warren Buffett told CNBC he's sold about a third of his IBM holdings. Buffett said IBM did not perform the way he had expected when he bought the stock six years ago.
Buffett brushed off softer iPhone sales, saying Berkshire owns Apple stock for the long haul. Buffett said he sees U.S. economic growth at about 2 percent. And Buffett said Berkshire has $90 billion in cash and he's looking to "buy a big business." But nothing is on his list, he added. (CNBC)
Amazon (AMZN) CEO Jeff Bezos unloaded 1 million shares of Amazon stock in the last three days, totaling $940.74 million, according to a filing with the SEC. (CNBC)
The U.S. Department of Justice has begun a criminal investigation into Uber's use of a software tool that helped its drivers evade local transportation regulators. (Reuters)
Family members of three victims of the December 2015 shooting rampage in San Bernardino, California, have sued Facebook, Google and Twitter, claiming that the companies permitted Islamic State to flourish on social media. (Reuters)
Facebook virtual reality content production unit, Oculus' Story Studio, is shuttering its doors to shift focus on supporting external content makers, two years after the in-house studio launched. (Reuters)
YouTube adds seven new series in a move to get more TV ad dollars, including shows from Kevin Hart, Ellen Degeneres and Demi Lovato. At HBO, "Game of Thrones" nearing its end, but the pay service has commissioned top screenwriters to come up with potential spinoffs. (CNBC & USA Today)
Delta Air Lines (DAL) apologized after a couple said they were kicked off an overbooked flight with their two toddlers so their seats could be given to waiting passengers. (Reuters)
Johnson & Johnson (JNJ) was ordered by a jury to pay $110 million in a case involving its talc-based feminine hygiene products. The payment goes to a Virginia woman who told the court she developed ovarian cancer after using the products for several decades. (Reuters)
The Republican replacement plan for Obamacare just narrowly cleared the House — but the bill will almost certainly face more skepticism in the Senate. Some senators are signalling they may want to start from scratch on health care. (CNBC & NBC News)
STOCKS TO WATCH
CBS (CBS) beats estimates by 9 cents with adjusted quarterly profit of $1.04 per share. Revenue beat Street forecasts as well, boosted by content licensing and subscription fees.
Shake Shack (SHAK) came in 2 cents above estimates with adjusted quarterly profit of 10 cents per share, and revenue was also above consensus. However, comparable restaurant sales fell 2.5 percent, and the company also gave lower than expected revenue guidance.
Herbalife (HLF) surpassed consensus estimates by 35 cents with adjusted quarterly profit of $1.24 per share, and revenue was slightly above forecasts. The nutritional products maker also raised its full year earnings guidance above current consensus.
Zynga (ZNGA) shares are getting a pre-market boost after forecasting current quarter bookings above forecasts. The online gaming company's results are being helped by strong performances by games such as Words With Friends.
Zillow (ZG) reported adjusted quarterly profit of 11 cents per share, 6 cents above estimates, with revenue also scoring a beat. The real estate website operator also raised its full-year revenue guidance, but is predicting a wider loss than analysts were anticipating.
LendingClub (LC) lost 2 cents per share for its latest quarter, a penny smaller than expected, while revenue topped forecasts. The lender did raise its revenue forecast for the full year, but also reported higher expenses and a drop in loan originations.
WATERCOOLER
Tesla (TSLA) CEO Elon Musk took to Twitter asking for suggestions on what to name the tunneling machine which will be used for his new venture called The Boring Company. (CNBC)
Humans need to colonize another planet within 100 years or face the threat of extinction, high-profile physicist Stephen Hawking has warned. (CNBC)