Market Wrap: Buffett's Cancer; Chesapeake is Cool with McClendon; eBay Investors Hit 'Buy It Now'

Market wrap-up for April 18th

End of the Day: Dow Jones down 82.8 to 13,032.75; Nasdaq down 11.4 to 3,031.45; S&P 500 down 5.6 to 1,385.14

The following is a brief summary of events moving markets today:

• Proper disclosure is the best disclosure: After the market closed Tuesday, Berkshire Hathaway (NYSE: BRK-A)(NYSE: BRK-B) Chief Warren Buffett sent a letter to shareholders disclosing that he had Stage I prostate cancer. For more color, click here.
  
  Notably, Buffett said, "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."
  
  
• Bid, bid, bid...sold!: For its first quarter, eBay's (Nasdaq: EBAY) revenue rose 29 percent from $2.55 billion last year to $3.28 billion. Non-GAAP net income ripped 17 percent from $619 million in the first quarter of 2011 to $725 million, or 55 cents per share.
  
  The Street was looking for revs of $3.15 billion and EPS of 52 cents.
  
  For more on the quarter, including juicy PayPal info, click here.
  
  
• Really, what's all the fuss about?: Chesapeake Energy (NYSE: CHK) issued a response to the Reuters story about CEO Aubrey K. McClendon activity related to the Founders Well Participation Program. The Board said, "The Board of Directors is fully aware of the existence of Mr. McClendon's financing transactions and the fact that these occur is disclosed in the proxy. Additionally, the total amount of his cost obligations and revenue attributable to the FWPP for each year are detailed in the proxy. The Founders Well Participation Program fully aligns the interests of Mr. McClendon with the company and the Board of Directors supports this program as does the majority of its shareholders."
  
  Chesapeake shares ended 5.5 percent lower on the session.
  
  
• Possibly some M&A smoke and mirrors?: Roche decided not to extend its $51.00 cash tender offer for all of the shares of Illumina. The offer will expire at 6:00 p.m., New York City time, on April 20, 2012.
  
  
• More spectrum in the market is bad for at least one company: Clearwire (Nasdaq: CLWR) dropped and gained back a little ground on reports Verizon's (NYSE: VZ) spectrum sale would be a negative for the company. For more color from analysts, click here.

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