Financial news on August 1st, 2012

Business and Financial news
A Campus Built by Labor Is Going on the Block

National Labor College, founded by the AFL -CIO, is selling its 47-acre campus in Silver Spring, Md. Read more..

By EUGENE L. MEYER - The New York Times

After Splashy Introduction, Airtime Seems to Deflate

Airtime, the video-chat service started by the founders of Napster, does not appear to be attracting many users, despite a flashy unveiling and millions in venture funding. Read more..

By JENNA WORTHAM - The New York Times

Archer’s Profit Drops 25% on Losses in Ethanol Unit

Corn processing company Archer Daniels Midland posts a 25 percent decline in quarterly profit, hurt by record corn prices and a decline in profit from its ethanol operations; company earned $284 million, or 43 cents a share, below the $381 million, or 58 cents a share, it earned a year ago; revenue slipped less than 1 percent to $22.68 billion from $22.87 billion a year earlier. Read more..


Business Day Live | August 1, 2012

A setback for efforts to hold Wall Street accountable. | Online poker sites forfeit millions. | India's booming TV business. Read more..

Mac William Bishop, Nadia Sussman, Channon Hodge and Pedro Rosado - The New York Times

Condé Nast Traveler Sees the World in Anniversary Style

Stuart Elliott Advertising column on Conde Nast Traveler, which has signed Chase Card Services and United Airlines to sponsor a promotion selling discounted travel packages in commemoration of its 25th anniversary. Read more..

By STUART ELLIOTT - The New York Times

Economic Thinkers Try to Solve the Euro Puzzle

Europe’s financial difficulties have created the opportunity of a lifetime for ambitious idea merchants looking for fame; top economic policy theorists like Graham Bishop, Daniel Gros and Markus K Brunnermeier are promoting competing plans for solving Europe's debt debacle. Read more..

By LANDON THOMAS Jr - The New York Times

Global Slowdown Pulling More Heavily on Asia

The European sovereign debt crisis, a slowing China and sluggish activity in the United States are weighing on global demand, hurting exporters like Japan, South Korea and Taiwan. Read more..

By REUTERS - International Herald Tribune

Home Prices Rose in May for 4th Consecutive Month

S&P/Case-Shiller composite index shows that home prices rose for the fourth month in a row in May 2012, suggesting the recovery in the housing market continues to gain traction even as other economic indicators show signs of weakness. Read more..

By REUTERS - The New York Times

Profit at Aetna and Allstate Tops Analysts’ Expectations

Aetna and Allstate both report earnings that exceed Wall Street expectations; Aetna reports second-quarter net income of $457.6 million, or $1.32 a share, compared with $536.7 million, or $1.39 a share, a year earlier; quarterly revenue rose to $8.82 billion from $8.32 billion a year earlier; Allstate reports a net profit of $423 million, or 86 cents a share, in contrast to a $624 million loss in the same period a year earlier, or $1.19 a share; quarterly revenue rose to $8.28 billion, from $8.08 billion a year earlier. Read more..

By REUTERS - The New York Times

U.S. Steel Beats Forecasts in a Tough Climate

US Steel reports second-quarter earnings that exceed Wall Street's expectations, though net income still fell by half in the three months ending in June 2012 compared to the year-ago quarter; reports earnings of $101 million, or 62 cents a share, down 54.5 percent from net income of $222 million, or $1.33 a share, a year ago; revenue fell 2 percent to $5.02 billion. Read more..


Stock Markets

Values are reported in US Dollars

StockTicker symbolOpenHighLowCloseVolume
Cisco SystemsCSCO16.0116.0715.7615.9847.4M
Wells Fargo & Co.WFC33.9234.8033.8033.9041.1M
General ElectricGE20.8620.9520.7120.7335.7M
HP Inc.HPQ18.3118.4517.6117.6628.8M
AT&T Inc.T38.1438.2837.6437.6428M
JPMorgan ChaseJPM36.1936.4035.8236.0022.2M
Verizon CommunicationsVZ45.4346.4145.0645.2118.3M
Oracle Corp.ORCL30.3430.5230.0330.3217.3M
General MotorsGM19.7820.5819.4319.6614.8M
Johnson & JohnsonJNJ69.4869.7569.2569.3811.7M
Berkshire HathawayBRK.B85.0485.3182.1284.629.87M
Wal-Mart StoresWMT74.7074.7973.4273.629.7M
Abbott LaboratoriesABT66.4366.7466.0666.109.15M
Home DepotHD52.3152.5351.5551.688.33M
Procter & GamblePG64.8764.9763.9064.017.78M
UnitedHealth GroupUNH51.2151.9250.7551.217.62M
Bristol-Myers SquibbBMY35.7336.0035.5435.607.04M
Walt Disney & Co.DIS49.1449.1449.1449.146.78M
Gilead SciencesGILD54.4554.6053.5053.636.57M
United TechnologiesUTX74.9075.3774.4174.794.14M
International Business MachinesIBM196.96197.85194.72195.182.56M
Union PacificUNP123.09123.23121.18121.591.71M
Exchange Rates of August 1st, 2012
CurrenciesExchange Rates
US DollarJapanese Yen1 USD = 78.420 JPY1 JPY = 0.013 USD
US DollarCanadian Dollar1 USD = 1.005 CAD1 CAD = 0.995 USD
US DollarSwiss Franc1 USD = 0.982 CHF1 CHF = 1.018 USD
US DollarChinese Yuan1 USD = 6.369 CNY1 CNY = 0.157 USD
EuroJapanese Yen1 EUR = 95.900 JPY1 JPY = 0.010 EUR
EuroPound Sterling1 EUR = 0.787 GBP1 GBP = 1.271 EUR
EuroAustralian Dollar1 EUR = 1.169 AUD1 AUD = 0.855 EUR
EuroCanadian Dollar1 EUR = 1.229 CAD1 CAD = 0.814 EUR
EuroSwiss Franc1 EUR = 1.201 CHF1 CHF = 0.832 EUR
EuroChinese Yuan1 EUR = 7.790 CNY1 CNY = 0.128 EUR
Japanese YenPound Sterling1 JPY = 0.820 GBP1 GBP = 1.219 JPY
Japanese YenAustralian Dollar1 JPY = 1.218 AUD1 AUD = 0.821 JPY
Japanese YenCanadian Dollar1 JPY = 1.281 CAD1 CAD = 0.781 JPY
Japanese YenSwiss Franc1 JPY = 1.252 CHF1 CHF = 0.799 JPY
Pound SterlingAustralian Dollar1 GBP = 1.485 AUD1 AUD = 0.673 GBP
Pound SterlingCanadian Dollar1 GBP = 1.562 CAD1 CAD = 0.640 GBP
Pound SterlingSwiss Franc1 GBP = 1.526 CHF1 CHF = 0.655 GBP
Pound SterlingChinese Yuan1 GBP = 9.899 CNY1 CNY = 0.101 GBP
Australian DollarCanadian Dollar1 AUD = 1.051 CAD1 CAD = 0.951 AUD
Australian DollarSwiss Franc1 AUD = 1.028 CHF1 CHF = 0.973 AUD
Australian DollarChinese Yuan1 AUD = 6.663 CNY1 CNY = 0.150 AUD
Canadian DollarSwiss Franc1 CAD = 0.977 CHF1 CHF = 1.023 CAD
Canadian DollarChinese Yuan1 CAD = 6.336 CNY1 CNY = 0.158 CAD
Swiss FrancChinese Yuan1 CHF = 6.482 CNY1 CNY = 0.154 CHF

See what else happened on August 1st, 2012