Financial news on January 05, 2007

Business and Financial news
2 Law Firms Call Off Plans for a Merger

Dewey Ballantine and Orrick, Herrington & Sutcliffe called off plans for a merger, the victim of too many insurmountable issues. Read more..

By MICHAEL J. de la MERCED - The New York Times

30 Seconds of Fame at Super Bowl XLI Will Cost $2.6 Million

More than a dozen marketers agreed to an estimated average of $2.6 million — a record amount — for each 30-second commercial during the game. Read more..

By STUART ELLIOTT - The New York Times

Australian Insurer Buys 2nd U.S. Firm

QBE Insurance Group agreed to buy the U.S. arm of Winterthur for $1.16 billion, its biggest purchase and second American acquisition in three weeks. Read more..

By BLOOMBERG NEWS - The New York Times

China: Google Invests in Internet Firm

In a move to expand beyond the search business in the world’s second-largest Internet market, Google has made an investment in Xunlei NetworkTechnology, a Chinese Internet video firm, the company said. A Google spokesman said that the investment i... Read more..

By MIGUEL HELFT - The New York Times

Gadflies Get Respect, and Not Just at Home Depot

An activist investor led the campaign against Home Depot’s management and strategy that culminated in the ouster of its chief executive. Read more..

By CHARLES DUHIGG - The New York Times

Gap Falters; Most Rivals Post Gains

The Gap’s directors are participating in a broad review of the company’s strategy to pull it out of a protracted sales slump. Read more..

By MICHAEL BARBARO - The New York Times

Hedge Fund Plans to Solicit Proxies

Pirate Capital plans to solicit proxies in support of its push to persuade the Brink’s Company to hire an investment bank for a possible sale. Read more..

By BLOOMBERG NEWS - The New York Times

Monsanto Profit Climbs 53% in Quarter

Demand for corn seeds and its Roundup herbicide contributed to the increase but the company forecast 2007 earnings below analysts’ estimates. Read more..

By BLOOMBERG NEWS - The New York Times

Saying the No. 1 Ranking Is Worth Keeping, G.M.’s Chief Vows to Fight Toyota

Rick Wagoner said G.M. is not ready to concede its No. 1 position, but offered scant evidence that it could fend off a challenge from Toyota. Read more..

By NICK BUNKLEY - The New York Times

Second-Largest Tribune Company Shareholder Hires Buyout Consultant

The McCormick Tribune Foundation said it had hired a buyout firm to advise it on a course of action while the Tribune Company is on the block. Read more..

By KATHARINE Q. SEELYE - The New York Times

Stock Markets

Values are reported in US Dollars

StockTicker symbolOpenHighLowCloseVolume
Cisco SystemsCSCO28.4428.5728.0528.4762.6M
AT&T Inc.T34.4034.5433.9533.9636.6M
Oracle Corp.ORCL17.6217.7617.4417.6436.2M
General ElectricGE37.5737.7637.3137.5627M
Home DepotHD40.4440.6339.7239.7921.7M
Verizon CommunicationsVZ38.0338.0637.3237.3819M
HP Inc.HPQ41.6442.2741.4842.2017.4M
Abbott LaboratoriesABT49.9050.0049.2749.9014.6M
Wal-Mart StoresWMT47.5047.8047.1547.3913.6M
JPMorgan ChaseJPM48.1748.2547.6347.7910.8M
Walt Disney & Co.DIS34.2734.4433.9934.1910.6M
Wells Fargo & Co.WFC35.7935.8335.5135.6010.3M
Procter & GamblePG63.8764.0063.3463.509.91M
Johnson & JohnsonJNJ66.8067.2566.5066.628.14M
Bristol-Myers SquibbBMY26.6926.7326.0526.188.01M
International Business MachinesIBM97.6097.9596.9197.427.22M
UnitedHealth GroupUNH52.8853.0551.9352.556.22M
United TechnologiesUTX62.6062.9962.0762.684.35M
Gilead SciencesGILD64.2264.8263.8564.213.51M
Union PacificUNP91.7291.7890.5890.661.61M
Berkshire HathawayBRK.B3633.003633.003563.003578.0018.6K
Exchange Rates of January 05, 2007
CurrenciesExchange Rates
US DollarJapanese Yen1 USD = 118.620 JPY1 JPY = 0.008 USD
US DollarCanadian Dollar1 USD = 1.173 CAD1 CAD = 0.853 USD
US DollarSwiss Franc1 USD = 1.236 CHF1 CHF = 0.809 USD
US DollarChinese Yuan1 USD = 7.809 CNY1 CNY = 0.128 USD
EuroJapanese Yen1 EUR = 154.250 JPY1 JPY = 0.006 EUR
EuroPound Sterling1 EUR = 0.674 GBP1 GBP = 1.484 EUR
EuroAustralian Dollar1 EUR = 1.669 AUD1 AUD = 0.599 EUR
EuroCanadian Dollar1 EUR = 1.525 CAD1 CAD = 0.656 EUR
EuroSwiss Franc1 EUR = 1.607 CHF1 CHF = 0.622 EUR
Japanese YenPound Sterling1 JPY = 0.437 GBP1 GBP = 2.290 JPY
Japanese YenAustralian Dollar1 JPY = 1.082 AUD1 AUD = 0.925 JPY
Japanese YenCanadian Dollar1 JPY = 0.988 CAD1 CAD = 1.012 JPY
Japanese YenSwiss Franc1 JPY = 1.042 CHF1 CHF = 0.960 JPY
Pound SterlingAustralian Dollar1 GBP = 2.477 AUD1 AUD = 0.404 GBP
Pound SterlingCanadian Dollar1 GBP = 2.262 CAD1 CAD = 0.442 GBP
Pound SterlingSwiss Franc1 GBP = 2.384 CHF1 CHF = 0.419 GBP
Australian DollarCanadian Dollar1 AUD = 0.913 CAD1 CAD = 1.095 AUD
Australian DollarSwiss Franc1 AUD = 0.962 CHF1 CHF = 1.039 AUD
Canadian DollarSwiss Franc1 CAD = 1.054 CHF1 CHF = 0.949 CAD

See what else happened on January 05, 2007