Financial news on May 6th, 2008

Business and Financial news
Acquisition of Lender Is Possibly in Jeopardy

Wall Street is buzzing that Bank of America’s offer for Countrywide Financial Corporation, the troubled mortgage giant, may be unraveling. Read more..

By ERIC DASH - The New York Times

Aflac Investors Get a Say on Executive Pay, a First for a Publicly Traded U.S. Company

The insurer has become the first American company to give shareholders a say on pay — a vote on top management’s compensation. Read more..

By CLAUDIA H. DEUTSCH - The New York Times

Bernanke Urges Flexibility in Mortgage Regulation

The Federal Reserve chairman urged Congress to give federal agencies “greater latitude” to take an innovative approach to dealing with the housing crisis. Read more..

By MICHAEL M. GRYNBAUM - The New York Times

Calling on Tourists to Come for New York City, but Stay for the State

The “I love New York” slogan is being updated to reflect everything from the new media choices consumers are making to higher gas prices and other travel expenses. Read more..

By STUART ELLIOTT - The New York Times

Chief of Random House Said to Be Stepping Down

Peter W. Olson, one of the most powerful figures in American book publishing, will step down amid mounting pressure over declining profits at Random House. Read more..

By MARK LANDLER and MOTOKO RICH - The New York Times

Free Wi-Fi, but Not for All

As travelers demand free Internet access, and providers seek revenue, a compromise is emerging to offer both free and paid options. Read more..

By SUSAN STELLIN - The New York Times

Microsoft to Put Voice-Activation Software in Hyundais

With both Ford and Hyundai as customers, Microsoft’s software could potentially be put into more than eight million vehicles worldwide each year. Read more..

By JOHN R. QUAIN - The New York Times

Run a Red Light, It Goes on the Tab

Rental car companies have a brilliant, and perhaps a bit spooky, way to handle minor traffic ticket fines you might receive in one of their cars: put them on your bill. Read more..

By JOE SHARKEY - The New York Times

Service Sector Improved Its Hiring in April, a Survey Finds

Service companies added jobs last month for the first time this year, activity slowed down at the nation’s service industries as inflation further squeezed businesses. Read more..

By MICHAEL M. GRYNBAUM - The New York Times

Yahoo Chief Says Microsoft Was the Stubborn One

Jerry Yang said Yahoo was open to Microsoft all along but said he felt that the company he co-founded was simply worth more than what Microsoft put on the table. Read more..

By BRAD STONE and MIGUEL HELFT - The New York Times

Stock Markets

Values are reported in US Dollars

StockTicker symbolOpenHighLowCloseVolume
Cisco SystemsCSCO26.0326.4925.7826.3391.6M
General ElectricGE33.0633.1732.6233.0042.6M
Oracle Corp.ORCL21.4321.7721.2521.5032.9M
JPMorgan ChaseJPM47.3448.7047.2548.2025.4M
AT&T Inc.T39.5139.7839.0439.5624.3M
Wal-Mart StoresWMT56.9957.2456.0356.3521.2M
Wells Fargo & Co.WFC30.6331.5930.5131.2721.2M
Walt Disney & Co.DIS33.4433.7832.7933.7315.1M
Verizon CommunicationsVZ38.7939.0838.2938.8914.8M
Home DepotHD29.2829.3328.7129.2814.3M
Bristol-Myers SquibbBMY23.5523.6022.9023.1813.1M
UnitedHealth GroupUNH33.0733.2732.5632.8011.9M
HP Inc.HPQ48.2448.8647.5448.6411.6M
Abbott LaboratoriesABT53.5853.5851.8452.5811M
Procter & GamblePG66.2166.8866.2166.659.82M
Johnson & JohnsonJNJ67.7067.9867.3167.589.49M
International Business MachinesIBM121.50123.34120.78122.825.91M
Gilead SciencesGILD53.9054.2953.1954.145.5M
United TechnologiesUTX74.4874.9273.8474.682.56M
Union PacificUNP144.41149.37144.41148.932.06M
Berkshire HathawayBRK.B4355.004355.004305.004345.0033.7K
Exchange Rates of May 6th, 2008
CurrenciesExchange Rates
US DollarJapanese Yen1 USD = 104.720 JPY1 JPY = 0.010 USD
US DollarCanadian Dollar1 USD = 1.003 CAD1 CAD = 0.998 USD
US DollarSwiss Franc1 USD = 1.052 CHF1 CHF = 0.951 USD
US DollarChinese Yuan1 USD = 6.988 CNY1 CNY = 0.143 USD
EuroJapanese Yen1 EUR = 162.650 JPY1 JPY = 0.006 EUR
EuroPound Sterling1 EUR = 0.787 GBP1 GBP = 1.271 EUR
EuroAustralian Dollar1 EUR = 1.635 AUD1 AUD = 0.612 EUR
EuroCanadian Dollar1 EUR = 1.557 CAD1 CAD = 0.642 EUR
EuroSwiss Franc1 EUR = 1.634 CHF1 CHF = 0.612 EUR
Japanese YenPound Sterling1 JPY = 0.484 GBP1 GBP = 2.068 JPY
Japanese YenAustralian Dollar1 JPY = 1.005 AUD1 AUD = 0.995 JPY
Japanese YenCanadian Dollar1 JPY = 0.957 CAD1 CAD = 1.045 JPY
Japanese YenSwiss Franc1 JPY = 1.004 CHF1 CHF = 0.996 JPY
Pound SterlingAustralian Dollar1 GBP = 2.078 AUD1 AUD = 0.481 GBP
Pound SterlingCanadian Dollar1 GBP = 1.978 CAD1 CAD = 0.506 GBP
Pound SterlingSwiss Franc1 GBP = 2.075 CHF1 CHF = 0.482 GBP
Australian DollarCanadian Dollar1 AUD = 0.952 CAD1 CAD = 1.051 AUD
Australian DollarSwiss Franc1 AUD = 0.999 CHF1 CHF = 1.002 AUD
Canadian DollarSwiss Franc1 CAD = 1.049 CHF1 CHF = 0.953 CAD

See what else happened on May 6th, 2008