Financial news on July 7th, 2010

Business and Financial news
AgBank I.P.O. Raises $19.2 Billion

Agricultural Bank of China raised $19.2 billion in an initial public offering that could grow to $22.1 billion — the largest in history. Read more..

By DEALBOOK - The New York Times

E.U. Bank Watchdogs Set to Detail Stress Tests

European Union bank regulators were expected to reveal on Wednesday how tough their health checks of the region’s banks will be, in the hope of restoring confidence to markets worried about ballooning public debt, Reuters reported. Read more..

By DEALBOOK - The New York Times

How I Saved My Company: Darn Tough Vermont

When manufacturing work started going overseas in search of low-cost labor, business fell off sharply. Read more..


Live From Sun Valley, Day One

Greetings from verdant Sun Valley, where this year’s Allen & Company retreat for top media executives is well underway. Read more..

By MICHAEL J. DE LA MERCED - The New York Times

New Report Values Facebook at $12 Billion

A week after an investment by Elevation Partners pegged Facebook’s value at $23 billion, a report by pre-I.P.O. analysts Next Up Research calculated the the social networking firm was worth only half that amount, VentureBeat reported. Read more..

By DEALBOOK - The New York Times

Nokia to Exit Wireless Modem Business

Nokia is selling the business to Renesas Electronics of Japan for $200 million, as stiff competition from Chinese companies has driven down prices for the products. Read more..

By KEVIN J. O'BRIEN - International Herald Tribune

Regulators Prepare to Dig Into Google-ITA Deal

Last week, Google announced a deal to acquire ITA, a Boston-area company that makes flight information software. The move will give Google a large foothold in the online travel search market, and control over a critical data source used by many of its competitors, including, and Microsoft’s Bing. Read more..

By DEALBOOK - The New York Times

SonicWall Says Second Buyer No Longer Interested

SonicWall, the network security technology provider, said Tuesday a privately held rival, which the company calls ”Strategic Party D,” no longer wants to buy it. Read more..

By DEALBOOK - The New York Times

Tesla Motors Shares Drop Below Initial Sale Price

Shares of the high-end electric carmaker Tesla Motors fell on Tuesday beneath the stock’s initial public offering price after a stunning run-up last week, The Associated Press reported. Read more..

By DEALBOOK - The New York Times

To Address Its Housing Shortage, Paris Cracks Down on Pied-à-Terre Rentals

Experts estimate that tens of thousands of Paris’s 1.3 million residences are being tied up by foreigners who bought them as vacation homes or investment properties. Read more..

By JEAN RAFFERTY - The New York Times

Stock Markets

Values are reported in US Dollars

StockTicker symbolOpenHighLowCloseVolume
General ElectricGE13.9914.6613.9614.6291.7M
Cisco SystemsCSCO21.4922.4921.4522.4870.5M
Wells Fargo & Co.WFC25.2826.7325.1426.6648.8M
JPMorgan ChaseJPM36.6438.2436.4138.1544.6M
Oracle Corp.ORCL22.7023.1222.6023.0936.7M
AT&T Inc.T24.0124.4023.8824.3331.8M
Home DepotHD27.4928.0927.3128.0121.8M
Verizon CommunicationsVZ26.1226.5325.9926.5220.7M
Abbott LaboratoriesABT46.7447.7746.5947.7119M
HP Inc.HPQ43.2345.0643.1544.9618.3M
Bristol-Myers SquibbBMY25.2425.8825.1325.8017.4M
Johnson & JohnsonJNJ59.3360.7059.0460.6117.3M
Wal-Mart StoresWMT48.6648.9748.1648.9216.2M
Procter & GamblePG59.5060.9159.1360.8215.5M
Walt Disney & Co.DIS31.7333.1731.6633.1414.3M
Gilead SciencesGILD34.6735.0134.2734.9411.7M
Berkshire HathawayBRK.B77.7679.9977.1679.929.98M
UnitedHealth GroupUNH28.9829.2528.8029.208.98M
International Business MachinesIBM123.47127.12123.47127.007.09M
Union PacificUNP67.7170.3167.1370.245.4M
United TechnologiesUTX64.6066.5964.5666.555.26M
Exchange Rates of July 7th, 2010
CurrenciesExchange Rates
US DollarJapanese Yen1 USD = 87.760 JPY1 JPY = 0.011 USD
US DollarCanadian Dollar1 USD = 1.048 CAD1 CAD = 0.954 USD
US DollarSwiss Franc1 USD = 1.052 CHF1 CHF = 0.950 USD
US DollarChinese Yuan1 USD = 6.770 CNY1 CNY = 0.148 USD
EuroJapanese Yen1 EUR = 110.850 JPY1 JPY = 0.009 EUR
EuroPound Sterling1 EUR = 0.832 GBP1 GBP = 1.202 EUR
EuroAustralian Dollar1 EUR = 1.464 AUD1 AUD = 0.683 EUR
EuroCanadian Dollar1 EUR = 1.324 CAD1 CAD = 0.756 EUR
EuroSwiss Franc1 EUR = 1.329 CHF1 CHF = 0.753 EUR
EuroChinese Yuan1 EUR = 8.568 CNY1 CNY = 0.117 EUR
Japanese YenPound Sterling1 JPY = 0.750 GBP1 GBP = 1.333 JPY
Japanese YenAustralian Dollar1 JPY = 1.320 AUD1 AUD = 0.758 JPY
Japanese YenCanadian Dollar1 JPY = 1.193 CAD1 CAD = 0.838 JPY
Japanese YenSwiss Franc1 JPY = 1.198 CHF1 CHF = 0.835 JPY
Pound SterlingAustralian Dollar1 GBP = 1.759 AUD1 AUD = 0.569 GBP
Pound SterlingCanadian Dollar1 GBP = 1.591 CAD1 CAD = 0.629 GBP
Pound SterlingSwiss Franc1 GBP = 1.597 CHF1 CHF = 0.626 GBP
Pound SterlingChinese Yuan1 GBP = 10.279 CNY1 CNY = 0.097 GBP
Australian DollarCanadian Dollar1 AUD = 0.904 CAD1 CAD = 1.106 AUD
Australian DollarSwiss Franc1 AUD = 0.907 CHF1 CHF = 1.102 AUD
Australian DollarChinese Yuan1 AUD = 5.858 CNY1 CNY = 0.171 AUD
Canadian DollarSwiss Franc1 CAD = 1.003 CHF1 CHF = 0.997 CAD
Canadian DollarChinese Yuan1 CAD = 6.469 CNY1 CNY = 0.155 CAD
Swiss FrancChinese Yuan1 CHF = 6.444 CNY1 CNY = 0.155 CHF

See what else happened on July 7th, 2010