Berkshire Hathaway‘s revamp of its portfolio sent certain stocks higher Monday, as investors parsed the company’s latest bets and exits disclosed in the conglomerate’s quarterly filings.

The Omaha-based conglomerate disclosed its quarter-end equity holdings in a regulatory filing Friday, offering one of the first looks at the portfolio under new CEO Greg Abel, who took over at the start of the year from legendary investor Warren Buffett.

One of the biggest moves from the latest filing was a sizeable new stake in Delta Air Lines. Berkshire purchased 39.8 million shares in the airline, valued at $2.6 billion at the end of March, making it the company’s 14th largest holding by the end of March. Delta shares jumped more than 3% at one point Monday.

The Delta purchase marked a return to the airline industry for Berkshire. Six years ago, Buffett surprised the market by exiting Berkshire’s entire U.S. airline portfolio, unloading positions worth more than $4 billion in United, American, Southwest and Delta Air Lines. Buffett argued at the time that the pandemic had permanently reshaped consumer habits and travel demand.

Berkshire also initiated a position in Macy’s last quarter. The department store shares climbed more than 1% Monday after the filing revealed Berkshire took a new stake valued at roughly $55 million at the end of the first quarter.

Meanwhile, the Omaha-based conglomerate significantly increased its relatively new position in Alphabet, making the Google parent its seventh-largest holding. Also among Berkshire’s largest holdings, the firm trimmed its stake in Chevron.

Berkshire sold a slew of stocks last quarter, likely as part of an effort to unwind positions tied to Todd Combs, who left the company at the end of 2025 to join JPMorgan. Combs had been personally recruited by Buffett to manage Berkshire’s equity portfolio alongside Weschler.

Notable sales included Mastercard and Visa, two early Combs investments that reflected positions from his former hedge fund, as well as a full exit from Amazon, another holding widely seen as tied to him.

Other stocks Berkshire sold included UnitedHealth Group, Aon, Pool Corporation, Domino’s Pizza and Charter Communications.

Abel, who took center stage at Berkshire’s annual meeting earlier this month, said he continues to consult the 95-year-old Buffett on investment decisions.

“He’s in the office every day, so we’re talking every day if I’m in Omaha, we’re always connecting,” Abel said in March. “If I’m traveling, like I was yesterday, I often check in just to catch up on what he’s seeing, what he’s hearing, what am I feeling. So if it’s not every day, it’s every couple days.”

— Alex Crippen contributed to this report.

Berkshire Hathaway added a sizeable stake in Delta Air Lines, marking the conglomerate’s return to the airline industry after exiting the sector entirely during the Covid-19 pandemic in 2020.

The Omaha-based company built a position worth more than $2.6 billion, making Delta Berkshire’s 14th-largest holding at the end of March, according to a new regulatory filing.

Warren Buffett stunned investors six years ago when he sold Berkshire’s entire equity portfolio of U.S. airlines, including stakes worth more than $4 billion across United, American, Southwest and Delta Air Lines. Buffett said at the time that the pandemic had fundamentally altered consumer behavior and travel patterns.

Among Berkshire’s largest holdings, the firm trimmed its stake in Chevron during the quarter while significantly increasing its relatively new position in Alphabet. The Google parent is now Berkshire’s seventh-largest holding.

Berkshire also initiated a small position in Macy’s, valued at roughly $55 million at the end of the first quarter.

Unwinding Todd Combs positions

Meanwhile, the conglomerate sold a slew of stocks last quarter, likely as part of an effort to unwind positions tied to departed lieutenant Todd Combs.

The longtime investment manager and Geico chief left for JPMorgan at the end of 2025. Combs had been one of two portfolio managers recruited by Buffett to help oversee Berkshire’s equity portfolio. Ted Weschler, the other investment manager, continues to oversee about 6% of the holdings.

Among the most notable sales were Mastercard and Visa, the first stocks Combs purchased after joining Berkshire and positions that mirrored major holdings from his former hedge fund, Castle Point Capital.

The conglomerate also fully exited Amazon after trimming the position late last year. The investment had long been viewed by some investors as a Combs-driven bet.

Other stocks Berkshire sold included UnitedHealth Group, Aon, Pool Corporation, Domino’s Pizza and Charter Communications.

Not ideal environment

Buffett, who stepped down as CEO after more than six decades at the helm, remains chairman of the Omaha, Nebraska-based company and continues to come into the office five days a week.

New CEO Greg Abel has said he consults Buffett, 95, on investments and capital allocation, including the recent resumption of buybacks in the first quarter.

Buffett recently acknowledged displeasure with the investing backdrop as Berkshire’s cash hoard swells to a record nearing $400 billion.

“It isn’t our ideal surrounding area — or environment, I should say — in terms of deploying cash for Berkshire,” the former CEO said.

President Donald Trump said Friday that his administration gave a “final” bailout proposal for Spirit Airlines as the budget carrier could be forced to liquidate without a lifeline.

Talks with bondholders for a government bailout this week have not yielded a deal as of Friday. The Trump administration last month had offered a $500 million loan that could have given the government up to a 90% stake in the Florida-based airline, according to people familiar with the matter who requested anonymity to speak about the discussions.

“If we could do it, we’d do it, but only if it’s a good deal this weekend, because they haven’t gotten a deal looking at it,” Trump told reporters at the White House on Friday. “I said I’d like to save the jobs but we’ll have an announcement sometime today. … We gave them a final proposal.”

The White House, the Department of Transportation and the Commerce Department didn’t immediate respond to a request for comment.

Spirit declined to comment on liquidation plans. The airline’s lawyer, Marshall Huebner, told a bankruptcy court in New York on April 23 that Spirit’s cash “is not going to last for very much longer.”

The carrier is in its second bankruptcy in less than a year and now has the added challenge of a spike in jet fuel prices amid the Middle East conflict.

United Airlines said the carrier is “preparing to support Spirit customers and employees” if Spirit shuts down and strands crews and passengers, a spokeswoman told CNBC. Other airlines are likely to follow suit.

American Airlines said it has “immediately implemented fare caps on Main Cabin tickets for Spirit routes where we also offer nonstop service and will continue to support as many customers as possible.” JetBlue also said it would provide passengers and crews affected by a potential Spirit shutdown with flight options.

Spirit, which pioneered the low-cost budget airline model, has been challenged for years by rising costs, changing consumer tastes and a engine recall. A planned acquisition of Spirit by JetBlue Airways was successfully challenged by the Biden administration two years ago.

The airline had expected to emerge from bankruptcy midyear before the jump in fuel prices.

Spirit flew around 1.7 million U.S. domestic passengers, with a 3.9% market share in the U.S. market, as of February, according to aviation data firm Cirium. That was down from 5.1% market share last year the airline axed flights to cut costs.

United Airlines CEO Scott Kirby confirmed Monday that he contacted American Airlines about a potential merger, a possibility American rejected.

“I approached American about exploring a combination because I thought we could do something incredible for customers together,” Kirby said in a statement. He said he shared his “big, bold vision” because he was confident it could win regulatory approval.

American rejected the idea and its CEO, Robert Isom, last week said such a merger would be bad for customers and “anticompetitive.”

Kirby had floated the idea to the Trump administration earlier this year, according to people familiar with the matter who weren’t authorized to discuss the private conversation, in hopes that the combination would mean a big global airline to compete with foreign rivals

American declined to comment on Kirby’s Monday statement.

“I was hoping to pitch that story to American, but they declined to engage and instead responded by publicly closing the door,” Kirby said in his statement Monday. “And without a willing partner, something this big simply can’t get done.”

He said that “American’s public comments make it clear that a merger like this is off the table for the foreseeable future” but outlined his vision for a combined airline.

Kirby reiterated that the country has deficit with foreign airlines that fly more than half of the long-haul seats into the U.S., with most of the customers being Americans.

“The combined scale of United and American would be a better way to compete with foreign carriers,” he said.

President Donald Trump said he was against the idea of a combination last week.

“I don’t like having them merge,” he told CNBC’s “Squawk Box” on Tuesday morning. He said he would, however, like someone to buy struggling discount carrier Spirit but he also suggested that the federal government could “help that one out.”

Spirit and the Trump administration are in advanced talks for a rescue package.