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News Corp. CEO Testifies in London

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  • Description

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

  • Duration 5:36
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This is a -- Imus in the morning program on the -- -- Morning everyone -- sports CEO Rupert Murdoch is in London facing his first day of questions but elevenths -- inquiry Fox Business Robert grade in London following those developments and Robert what's the latest there.

Hey good morning Diane that's right -- News Corp.

chairman and CEO Rupert Murdoch.

Winding down his second hour of testimony right now answering questions before the lettuce and inquiry into British media practices.

At the royal courts of London a mr.

Murdoch opened his testimony by saying the inquiry is needed because -- been quote some abuses.

He also said the state of media in the UK is quote of vital interest to all its citizens.

-- counsel for the agree Robert.

Mr.

-- said he did not expect any help from her and that he never asked a prime minister for any thing.

Mr.

-- also said he does not believe in -- mobile phone messages or private detectives -- the methods quote a lazy way of reporters not doing their jobs properly.

Rupert Murdoch's testimony comes today after his son testified he's -- deputy chief operating officer.

James Murdoch discussed his relationship and British officials including current prime minister David Cameron.

James Murdoch was also question about news -- bid for -- -- Mr.

hunt is expected to make a statement to parliament and about half an hours time now in the meantime Adam Smith the special advisor to mr.

hunt.

He has stepped down just about an hour ago Diana News Corp.

Of course is the parent company of the Fox Business Network back -- you.

All right Robert -- live from London thanks Robert.

Now let's take a look at the markets here in the US -- in the Green across the board Dow futures are up by 64 the SP is up by nine and the nasdaq's up.

By 52 over in Europe the UK is officially back in recession.

After GDP contracted in the first quarter stocks there are up by five in London by 54 comparison by 86.

Over in Frankfurt.

We're also getting quarterly results -- now from Sprint Nextel -- wireless companies reporting a loss of 29 cents a share.

The estimate there was for a loss of 41 cents a share -- -- -- a smaller loss than expected.

Revenue came in just shy of the estimated eight point seven billion dollars the -- there was for eight point 71 billion.

On the flip side shares of apple are soaring 9% in the premarket after the company surpassed Wall Street's expectations with its second quarter results.

The tech giant's profit nearly doubled from a year ago to twelve dollars thirty cents a share more than two dollars higher than what analysts were looking for.

Revenue jumps 59% from last year to 39 point two billion dollars.

Topping expectations of 36 point 81 billion iPhone sales remain strong coming in better than expected.

With 35 point one million units sold live -- sales.

We're just shy of expectations at eleven point eight million.

The company also says it sold four million Mac units and call it the apple effect but some of the company's parts suppliers got a boost.

After hours as well on the results including Intel which rose nearly 1%.

Qualcomm cutting nearly 2% boost.

And we just got earnings and from Motorola solutions.

That companies reporting a profit at 59 cents a share beating the estimates.

For 54 cents revenue came in at one point 96 billion dollars.

Estimate there was from one point nine to use a -- on both.

For Motorola and Harley-Davidson.

Is also reporting now the motorcycle maker says it made a profit of 74 cents.

Beating the estimate of 72 cents a share.

Revenue was also -- -- one point 27 billion dollars the estimate was for one point 22 billion -- not bad on the earnings so far.

Meanwhile Amgen has reached a deal to buy a -- generic drug company the Biotech giant will pay 700 million dollars for and then pharmaceuticals.

After competing with a number of international rivals for the business the move will allow -- -- to tap into emerging markets what you're seeing sales of pharmaceuticals grow faster.

In the US -- in the US and Europe and this comes after engine topped all Wall Street's expectations with its first quarter results.

The company's profit jumped 5% from a year ago on higher drug sales to a dollar 48 a share three cents better than expected.

Revenue increased 9% to four point 05 billion dollars.

Federal Reserve policy -- will wrap up their two day meeting today and the Central Bank is expected to keep interest rates at record lows through 2014.

The Fed is also expected to offer no signal of any new programs to lower long term rates amid signs the US economy has strengthened.

And improvements have been made in the European debt crisis the Fed will announce its interest rate decision this afternoon at 12:30 eastern.

And it will then release its updated forecast at 2 PM.

-- Fed Chairman Ben Bernanke's news conference at 215 now let's get the latest on weather from meteorologist Korean -- in our Fox Business by the senate primary.

He good morning and today's early this morning we're tracking an area of low pressure we -- criticism from Canada -- stepped down into parts of the midwest.

And will be bringing in some heavier showers across portions of the Great Lakes and Chicago Detroit could be looking at some travel delays especially later on -- day what we're expecting some stronger thunderstorms to fire up.

New York City you could get may be -- spotty shower from the storm system but you're pretty far -- and not looking at too many major impacts here.

On the -- a five quarter from -- out of Philadelphia Diana just gonna be another record day for us.

Embryo that's are I'll take it thank him.

Here's a look at commodities oil and gold -- mixed Imus in the morning continues right now on Fox Business.

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