Buffett may be getting out of consumer staples because those particular stocks are getting too expensive. JNJ recently not only hit a 52-week high - it hit an all-time high. Consumer staples are a safe haven. People buy toothpaste and band aids regardless of the economy. That he's getting out may indicate that he believes the worst is over, and it's take to take on more risk. Perhaps he'll begin buying more consumer cyclicals like automotive and retail stocks.
JNJ has made inroads of late in high tech optical and surgery products. They have stuff up their sleeves.
Hot Stock Tip: B&G Foods [NYSE:BGS] is a good value right now. Pays a decent dividend and the company has a business model of gobbling up trusted but neglected brand staple food items. Specifically, they repackage these items to be able to priced for the shelves of Dollar Stores... which I see more and more being built. I don’t see a majority of the middle class dining on Porterhouse Steaks and Lobster Tails every week... but I do see them buying potted meat... It’s the last resort on the way to Cat Food on Saltines.