Berkshire Hathaway Inc. (NYSE:BRKA) shares rebounded 1.5 percent after falling in late trading on Tuesday. Warren Buffett, Berkshire’s CEO, announced that he has been diagnosed with Stage 1 prostate cancer. “The good news is that I’ve been told by my doctors that my condition is not remotely life-threatening or even debilitating in any meaningful way,” he said in a letter to shareholders. “I received my diagnosis last Wednesday. I then had a CAT scan and a bone scan on Thursday, followed by an MRI today. These tests showed no incidence of cancer elsewhere in my body.”
Shares of International Business Machines Corp. (NYSE:IBM) dropped more than 2 percent before the opening bell. Late Tuesday, the company announced net income in the first quarter of $3.07 billion ($2.61 per share), compared to $2.86 billion ($2.31 per share) a year earlier.
Genworth Financial Inc. (NYSE:GNW) shares plummeted 11.3 percent in early trading. The company recently announced it was delaying the planned IPO of its Australian mortgage insurance business until early next year.
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Shares of THQ Inc. (NASDAQ:THQI) surged 46 percent after raising its fiscal fourth quarter outlook, citing strong sales of its Saints Row: The Third video game. The company is now expected to lose 10 cents to 20 cents per share, compared to 40 cents per share previously.
Chesapeake Energy Corp. (NYSE:CHK) shares fell 3.6 percent in early trading. It has been revealed that Aubrey McClendon, Chesapeake’s CEO, has borrowed as much as $1.1 billion over the last three years against his stake in thousands of company wells, reports Reuters.
Intel Corp. (NASDAQ:INTC) declined 2.6 percent after reporting first quarter results. Net income for the chip maker came in at $2.74 billion (53 cents per share), compared to $3.16 billion (56 cents per share) a year earlier. “The first quarter was a solid start to what’s expected to be another growth year for Intel,” said Paul Otellini, Intel president and CEO. “In the second quarter we’ll see the first Intel-based smartphones in the market, ship products based on 22nm tri-gate technology in high volume, and accelerate the ramp of our best server product ever, providing a tremendous foundation for growth in 2012 and beyond.”
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