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This is very -- most of the morning.
On the -- Good morning everyone Berkshire Hathaway chairman and CEO Warren Buffett has revealed he's been diagnosed with prostate cancer.
Fox Business is Robert -- in our newsroom now and Robert we got this -- -- -- what kind of reaction are you seeing to it today.
Well pretty much the same as we saw right after the news crossed the tape around 5 PM eastern Diane and I of course markets were closed but the stock -- still trading in after hours of move lower by a couple of percent.
We're starting to see that the Berkshire shares the class B a particular course much lower price.
A little more movement here in the early morning down a little more than 1% throughout much of the morning here's a keeping a close eye on the shares there is concern of course Warren Buffett.
One of the world's richest man one of the most successful investors out there.
81 years old and LT of course that he has stage one prostate cancer.
I -- it was diagnosed last week.
I city will Begin radiation treatment in July now that two month daily treatment will limit his travel that's as a -- not limit his abilities as both chairman and chief executive -- Some shareholder concerns -- he does hold both of the titles there.
In his letter to shareholders he said my condition is not remotely life threatening or even debilitating.
In any meaningful way he went on in the letter to -- setting cats -- bone scan and an MRI none of them show any spreading of the cancer through his body.
Buffett of course synonymous with Berkshire they've never publicly said who would take his place.
As CEO yes of that is -- Howard will continue on.
The buffet tradition of the company as a non executive chairman there Berkshire has -- it -- to -- pretty high profile hedge fund managers in the past few years.
To help oversee their investments 75 billion dollars in stock investments in that portfolio by the way Diane.
Huge shareholders in the likes of IBM.
Act American Express Coca-Cola and lastly said he had to shareholders that there will let them know immediately if -- if there's any change to his health situation.
He does a does that he believes that day is a long way off Diane back to you.
Our ever great live from the newsroom thanks -- Iraq.
And now let's take a look at the markets here in the US futures are down across the board Dow -- are now down a little lower than we saw our earlier by about 35 points.
Yes and he's down by three and a half of the nasdaq's down about six.
Over your concerns about Spain are again weighing on markets there they also.
Our read across the board -- now let's take a closer look at why with Schroeder's equity fund manager Andy -- over in London any.
After rebound yesterday problems in Spain are once again hitting markets this time over report that showed.
Bad loans there are surging what kind of the challenge does this pose in terms of hitting their deficit.
I think I think -- -- -- is pop city.
Short term problem but I think it's good news indeed in the long -- and what I mean by that is that.
That you've got a problem is the first step from the -- self.
And -- and should seeing bank about flames rising.
Issues of banks.
Facing up to that problem then the next step will be for them to news raise more capital to address -- problems.
I've been will be stopped and -- recovery say.
Balconies in the short term but actually a good first step for the for the long run and hopefully see a recovery.
But Andy if Spanish yield I know they were down yesterday but they have been rising lately if you continue to rise how hard -- beat.
For banks to raise capital if they have to compete with government backed.
It's it will set said -- that -- be -- the potential for crowding out obviously in Spain we've got the what's.
Cold patrol which is -- found -- seats available to banks to help them recapitalize.
In the event that they can't.
Access private markets saying that that stock option.
That is will save the European stability mechanism option back.
It's been suggested that that could be used to to help banks recapitalize.
In the event that it needs that they weren't able -- it's private money say it.
I think that all yeah a couple of back stops there it.
If that the world coming to play says the city's -- who crowding out but it's not it's not a material threat to my mind.
All right Andy lynch live from London Overture -- there thanks so much -- And black -- reported a first quarter profit of three dollars sixteen cents a share -- -- forecast by twelve cents.
Revenue of 2.2 five billion dollars was down slightly compared to year ago but still topped the analysts' forecast.
The world's largest asset manager says earnings got a boost from strong inflows to its popular iShares exchange traded fund business.
And let's take a look at commodities now oil and gold like the markets are now down across the board -- -- by about thirteen cents.
Hovering around 104 a barrel gold is down.
Eight bucks a little more than we saw earlier today right now -- at about 1642 an -- Imus in the morning continues right now on Fox Business.
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