Financial news on August 1st, 2008

Business and Financial news
Automakers Drop Leases as Their Losses Mount

With consumers flocking to smaller cars, Detroit’s automakers are taking huge losses on the leases that once fueled the boom in trucks and S.U.V.’s. Read more..

By BILL VLASIC - The New York Times

Cuts and Concessions Demanded at New Jersey Papers

The Star-Ledger of Newark and a smaller sister paper in Trenton need to eliminate at least 20 percent of their staffs and win concessions from trade unions to stay afloat, their management said. Read more..

By RICHARD PÉREZ-PEÑA - The New York Times

Deutsche Bank’s Chief Proves Right for Times

Josef Ackermann, the chief of Deutsche Bank, which has weathered the credit crisis, argues that investment banks could emerge from the current turmoil with a vibrant future. Read more..

By MARK LANDLER - The New York Times

High Fuel Costs Delay Airplane Orders

Despite a multiyear backlog of airplane orders at both Airbus and Boeing, aircraft manufacturers are seeing troubling signs among their customers. Read more..


More Arrows Seen Pointing to a Recession

The American economy slowed from April to June, while numbers for the last three months of 2007 were revised downward to show a contraction. Read more..

By PETER S. GOODMAN - The New York Times

Motorola Reports a Profit, but Phone Sales Still Lag

Lagging mobile phone sales continue to plague Motorola, once a mobile leader, as it readies a plan to spin off the cellphone operations into a separate company. Read more..

By LAURA M. HOLSON - The New York Times

Once Dumped, ImClone Soars

If they only had been more patient investors of ImClone Systems, Martha Stewart and others might have done just fine, and avoided jail time. Read more..

By ANDREW POLLACK - The New York Times

Profit Data May Explain U.S. Gloom

Corporate profits earned in the United States rose much more rapidly from 2005 through 2007 than had been earlier reported, making the subsequent fall seem even more precipitous. Read more..

By FLOYD NORRIS - The New York Times

Shares of Exchanges Sink With Markets

The share price of the company that owns the venerable New York Stock Exchange has tumbled even more than the stock market, losing 45 percent of its value this year. Read more..

By LOUISE STORY - The New York Times

Stock Markets

Values are reported in US Dollars

StockTicker symbolOpenHighLowCloseVolume
Cisco SystemsCSCO22.2722.3521.6721.9943.6M
Wells Fargo & Co.WFC30.2730.6429.7130.5040.4M
General ElectricGE28.4328.7028.1028.2137.4M
AT&T Inc.T31.0131.6730.1830.4436.1M
JPMorgan ChaseJPM41.1141.7539.7740.7630.8M
Oracle Corp.ORCL21.6921.6921.2721.5025M
Verizon CommunicationsVZ34.4434.6433.9734.0018.1M
Wal-Mart StoresWMT58.7558.7857.3657.7517.3M
Walt Disney & Co.DIS30.5030.7029.8330.0815.1M
Bristol-Myers SquibbBMY21.1621.3721.0721.1114.5M
Abbott LaboratoriesABT56.3457.1155.8356.0712.2M
Home DepotHD24.0324.2122.8223.9011.9M
Procter & GamblePG65.7365.9864.7264.9511.1M
HP Inc.HPQ44.8045.0043.7043.9611M
UnitedHealth GroupUNH27.9928.3127.4428.1310.7M
Johnson & JohnsonJNJ68.5068.8067.9368.109.05M
Union PacificUNP82.4582.8678.8579.447.92M
United TechnologiesUTX64.0764.3362.9463.566.09M
Gilead SciencesGILD54.9254.9752.9753.696.04M
International Business MachinesIBM128.52129.30126.28126.644.94M
Berkshire HathawayBRK.B3845.003905.003823.003887.0016.9K
Exchange Rates of August 1st, 2008
CurrenciesExchange Rates
US DollarJapanese Yen1 USD = 107.680 JPY1 JPY = 0.009 USD
US DollarCanadian Dollar1 USD = 1.027 CAD1 CAD = 0.974 USD
US DollarSwiss Franc1 USD = 1.050 CHF1 CHF = 0.953 USD
US DollarChinese Yuan1 USD = 6.843 CNY1 CNY = 0.146 USD
EuroJapanese Yen1 EUR = 167.610 JPY1 JPY = 0.006 EUR
EuroPound Sterling1 EUR = 0.788 GBP1 GBP = 1.269 EUR
EuroAustralian Dollar1 EUR = 1.674 AUD1 AUD = 0.597 EUR
EuroCanadian Dollar1 EUR = 1.598 CAD1 CAD = 0.626 EUR
EuroSwiss Franc1 EUR = 1.634 CHF1 CHF = 0.612 EUR
Japanese YenPound Sterling1 JPY = 0.470 GBP1 GBP = 2.129 JPY
Japanese YenAustralian Dollar1 JPY = 0.999 AUD1 AUD = 1.001 JPY
Japanese YenCanadian Dollar1 JPY = 0.953 CAD1 CAD = 1.049 JPY
Japanese YenSwiss Franc1 JPY = 0.974 CHF1 CHF = 1.026 JPY
Pound SterlingAustralian Dollar1 GBP = 2.126 AUD1 AUD = 0.470 GBP
Pound SterlingCanadian Dollar1 GBP = 2.028 CAD1 CAD = 0.493 GBP
Pound SterlingSwiss Franc1 GBP = 2.073 CHF1 CHF = 0.482 GBP
Australian DollarCanadian Dollar1 AUD = 0.954 CAD1 CAD = 1.048 AUD
Australian DollarSwiss Franc1 AUD = 0.975 CHF1 CHF = 1.026 AUD
Canadian DollarSwiss Franc1 CAD = 1.022 CHF1 CHF = 0.979 CAD

See what else happened on August 1st, 2008