Berkshire Hathaway Shares Shrug Off Buffett News

By @DavidZie on
Berkshire Hathaway chairman and CEO Buffett attends the Allen and Company Sun Valley Conference in Sun Valley
Berkshire Hathaway chairman and CEO Warren Buffett attends the second day of the Allen and Company Sun Valley Conference in Sun Valley, Idaho July 7, 2011. REUTERS

Shares of Berkshire Hathaway (NYSE: BRK/A) shrugged off news that CEO Warren E. Buffett has prostate cancer and will require treatment soon.

At Wednesday's close, Berkshire Hathaway shares fell $1,560 to $119,750, down 1.3 percent, only slightly down from their 52-week high of $125,599.

Buffett, 81, is the veteran CEO and chairman of the Omaha, Neb., holding company whose properties include Geico Insurance, the BNSF Railway, International Dairy Queen, The Buffalo Evening News and the Omaha World-Herald newspapers.

The company also holds major stakes in companies including Coca-Cola (NYSE: KO), Washington Post (NYSE:WPO) and Procter & Gamble (NYSE: PG). Last year, it became one of the biggest investors in International Business Machines Corp. (NYSE: IBM).

After the market closed Tuesday, Buffett announced he's in the early stages of cancer and will be treated soon.

Buffett has said a successor has been designated but the identity hasn't been disclosed. Speculation has surrounded several internal candidates from the insurance and investment side of the business.

Buffett's son, Howard, a farmer, has said he never wanted to be considered to succeed his father.

Berkshire's market capitalization is $198.1 billion.

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