Market Updates: Berkshire Hathaway (NYSE: BRKA), Burlington Northern Santa Fe (NYSE: BNI), Bank of America (NYSE: BAC), Johnson & Johnson (NYSE: JNJ),

Shares of Johnson & Johnson (NYSE: JNJ) shot up 1.7 percent to $60.50 in premarket trading today, after the company stated that it would cut roughly 6 percent to 7 percent of its work force in a restructuring move. In other news, shares of Intel (NASDAQ: INTC) dropped 2.4 percent to $18.55 in premarket trading after Morgan Stanley downgraded the company to "equal-weight." –Reuters

Warren Buffett apparently likes railroad stocks. One of his largest positions had been in Burlington Northern Santa Fe (NYSE: BNI). Now, his company Berkshire Hathaway (NYSE: BRKA) has agreed to buy the 77.4 percent of Burlington Northern that it does not currently own. And at a price of $100 a share, it will pay a large premium. Burlington Northern shares traded at $76.07 at the end of trading yesterday. AOL Money & Finance

Bank of America (NYSE: BAC) broadened its search for a chief executive officer to include candidates who desire to live in New York, acknowledging the bank’s largest units are no longer based in Charlotte, North Carolina. The board, led by Chairman Walter Massey, is also very concerned there may not be a deep enough pool of qualified candidates willing to move to Charlotte, speaking anonymously because the search is held privately. CEO Kenneth Lewis, who is stepping down at the end of the year said that Charlotte will remain headquarters as long as he is in charge. –Bloomberg

The pound tumbled today on concerns over the health of U.K. banks, while the dollar has lacked direction. The pound fell from $1.6350 as London trading started, to a low of $1.6295. It then extended its fall later as nerves over risk hit global markets again. The euro spiked from the £0.9030 to a high of £0.9061 before reversing the gains as the single currency fell against the dollar. –The Wall Street Journal

-Jutia Group