Fox Business
Expand
Browse All Video
Watch Live

You're watching...

Warren Buffett Reveals He Has Prostate Cancer

Details

  • Description

    FBN’s Diane Macedo breaks down the stories moving the markets around the world.

  • Duration 4:59
  • Date

Clips

Also in this playlist...

Latest Video

Auto-advance: ON

Auto-advance
View All

Transcript

This transcript is automatically generated

This is the Imus in the morning -- -- on the Fox Business Network.

Diamonds and morning everyone repairing then from Halliburton the oil field services companies reporting a profit of 89 cents a share that beat the estimate.

For 85 cents revenue of six point nine billion dollars came in also above the estimate for six point 78 billion.

Meanwhile Berkshire Hathaway chairman and CEO Warren Buffett says he's been diagnosed with prostate cancer revealing the news in a letter to shareholders yesterday.

Fox Business is Robert -- in our news.

Room with more on -- -- hi Robert thank -- good morning essar would drive the one of the world's richest man one of the most successful investors of all time here.

Now Warren Buffett did -- -- as you said after the markets close -- in a letter to shareholders here.

He is 81 years old announcing that he was diagnosed with stage one prostate cancer.

Just one week ago -- of course is both chairman and Chief Executive Officer.

All of Berkshire he said he will Begin radiation treatment in July the two month daily treatment will limit his travel but otherwise says it will not.

I inhibit his up capacity as chairman CEO India any other way.

In the letter to share or is he says quote my condition is not remotely life threatening or even debilitating in any meaningful way.

He cities had a cat scan a bone -- and it MRI all of them showing no spreading of the cancer.

Still a concern to shareholders again because he has both chief executive and chairman of the company the stock was -- 2% in after hours after the news hit the tape.

Buffett of course synonymous with -- saying that they do have a successor plan.

And chosen -- they've never publicly announced who that person is he has said -- -- Howard will succeed him as a non executive chairman.

It's that the company will continue on in the -- that vain if you will that's had a couple former hedge fund managers in the past couple of years helped choose stocks.

For -- 75 billion dollar portfolio keep in mind.

Berkshire Hathaway that -- largest investor in a number of blue chip names including IBM Coca-Cola.

And American Express among those.

Others and he also goes on to say lastly Diane in that letter to shareholders that he will let them know immediately.

Should his health situation change saying quote eventually of course it will but I believe that day is a long way off.

Back to you all right Robert -- -- live from the newsroom thanks Robert you're welcome.

Here's a look at futures now here in the US they are down across the board Dow futures down by 25 yes -- down by three in the NASDAQ down by six.

Over in Europe concerns about Spain are again weighing on the markets you can see London Paris and Frankfurt.

Are all -- across the board now let's take a closer look at why with European -- with rabobank international senior currency strategist Jane Foley.

Over in London Jane we have ECB member Jens -- saying that nobody can rule out that a single country might leave the European Union.

Assuming he's talking about Greece here -- investors make of that.

Well it's been -- to sink is if we went back after a year assay lab and -- seeing that may stick policy makers politicians successor in Europe we're -- -- -- -- -- At the eurozone would stay as is with a woman mandates that remaining part of that -- We have -- the last few months that seems to be some recognition.

That maybe Greece could potentially see a path to the system.

And the rest of Europe -- -- remain intact and -- -- is a big risk because possibly if Greece west to exit.

And then it could cause contagion and other cracks could -- and that.

It was maybe six we do have the Greeks getting to you at the polls enough to that.

The political landscape from Greece increase would bill could be -- -- that.

And -- he also spoke about Spain.

Basically saying that it's not the ECB's job to buy bonds from these countries that -- now.

The fail safe here is the emergency that firewall there aren't so that he says that the -- -- -- should not be concerned with this what do you make of that announces.

Well he we have this.

I theme I think from from some of the ECB officials recently suggesting that the TV really has done his job because he cut that is massive that.

And liquidity injections and -- CRA's thank -- descend back and February.

But looking at this punishment by -- he could be forgiven for believing that that's a fact is where Greenspan know what the ECB would like it's got to -- was pushed.

At the end is back on the politicians.

Pots have until the recessionary conditions it's very difficult -- them and -- full Spanish politicians to achieve their objectives -- -- -- I think they would hope that that would come from support.

At for monetary policy -- very difficult set at consents banks from.

That they ECB and from the Spanish government.

And the markets in the middle and putting more pressure on Spanish -- market.

Indeed a -- one of the situation where there are critics on either side Jane so.

It's hard for them to win here but thanks so much announces change.

Thank you.

Here's a quick look at commodities now oil and gold are both down Imus in the morning continues right now.

Load More