Financial news on May 7th, 2008

Business and Financial news
China-India Rivalry Possible in African Telecom Deal

The battle for the African telecommunications company, the MTN Group, could come down to a clash between the world’s largest, and fastest growing, emerging markets. Read more..

By HEATHER TIMMONS - The New York Times

No Signs of a Slowdown in Traffic at Disney’s Parks

Watched as an indicator of whether weakness is seeping deeper into the economy, Disney said that operating income in its parks and resorts unit rose 33 percent. Read more..

By BROOKS BARNES - The New York Times

Stocks Take a Fall Late in the Day

Stock markets had their worst session in nearly a month, as a swirl of unsettling economic news jolted investors. Read more..

By MICHAEL M. GRYNBAUM - The New York Times

Tight Credit Worries for a Hotel and Mall Operator

The Lightstone Group, which made one of the last big real estate deals before the credit squeeze, has defaulted on loans for two apartment complexes and is trying to renegotiate other loans. Read more..

By TERRY PRISTIN - The New York Times

UBS Banker Detained in Tax Inquiry

A top-ranking UBS executive was briefly detained in the United States in connection with an investigation into the bank’s work with questionable tax transactions, the bank said. Read more..

By LYNNLEY BROWNING - The New York Times

World Wrestling Entertainment’s Earnings Rise 29%

The producer of the television show “Friday Night SmackDown” said first-quarter net income grew to $19.5 million, from $15.1 million a year earlier. Read more..

By BLOOMBERG NEWS - The New York Times

Stock Markets

Values are reported in US Dollars

StockTicker symbolOpenHighLowCloseVolume
Cisco SystemsCSCO26.2127.0025.6525.7891.4M
General ElectricGE33.0133.1032.5032.5738.1M
Oracle Corp.ORCL21.4221.5120.9120.9937.8M
Walt Disney & Co.DIS34.3034.9534.0534.7030.9M
Wells Fargo & Co.WFC31.2231.2629.7829.9027.7M
JPMorgan ChaseJPM48.2248.4346.3946.5727.6M
Wal-Mart StoresWMT56.2756.8556.0356.8325M
AT&T Inc.T39.2239.4738.7238.8224.7M
HP Inc.HPQ48.5749.8748.3748.6518.8M
Verizon CommunicationsVZ38.4738.7638.0938.2816.4M
Home DepotHD29.2529.4828.4828.5614.7M
Abbott LaboratoriesABT52.5152.6851.2751.2913.8M
Bristol-Myers SquibbBMY23.2323.2522.7022.7613.6M
Procter & GamblePG66.5967.0365.7065.8013M
Johnson & JohnsonJNJ67.4867.6866.7966.9112.6M
International Business MachinesIBM122.78124.98122.41124.1411.4M
UnitedHealth GroupUNH32.7433.2332.5632.668.57M
Gilead SciencesGILD54.2754.4253.1653.236.4M
United TechnologiesUTX74.8675.0073.0373.034.35M
Union PacificUNP149.33149.33144.76145.072.13M
Berkshire HathawayBRK.B4362.004362.004260.004262.5031.9K
Exchange Rates of May 7th, 2008
CurrenciesExchange Rates
US DollarJapanese Yen1 USD = 104.650 JPY1 JPY = 0.010 USD
US DollarCanadian Dollar1 USD = 1.010 CAD1 CAD = 0.990 USD
US DollarSwiss Franc1 USD = 1.055 CHF1 CHF = 0.948 USD
US DollarChinese Yuan1 USD = 6.989 CNY1 CNY = 0.143 USD
EuroJapanese Yen1 EUR = 161.120 JPY1 JPY = 0.006 EUR
EuroPound Sterling1 EUR = 0.788 GBP1 GBP = 1.270 EUR
EuroAustralian Dollar1 EUR = 1.634 AUD1 AUD = 0.612 EUR
EuroCanadian Dollar1 EUR = 1.554 CAD1 CAD = 0.644 EUR
EuroSwiss Franc1 EUR = 1.624 CHF1 CHF = 0.616 EUR
Japanese YenPound Sterling1 JPY = 0.489 GBP1 GBP = 2.047 JPY
Japanese YenAustralian Dollar1 JPY = 1.013 AUD1 AUD = 0.987 JPY
Japanese YenCanadian Dollar1 JPY = 0.964 CAD1 CAD = 1.037 JPY
Japanese YenSwiss Franc1 JPY = 1.008 CHF1 CHF = 0.993 JPY
Pound SterlingAustralian Dollar1 GBP = 2.074 AUD1 AUD = 0.482 GBP
Pound SterlingCanadian Dollar1 GBP = 1.973 CAD1 CAD = 0.507 GBP
Pound SterlingSwiss Franc1 GBP = 2.061 CHF1 CHF = 0.485 GBP
Australian DollarCanadian Dollar1 AUD = 0.951 CAD1 CAD = 1.052 AUD
Australian DollarSwiss Franc1 AUD = 0.993 CHF1 CHF = 1.007 AUD
Canadian DollarSwiss Franc1 CAD = 1.044 CHF1 CHF = 0.958 CAD

See what else happened on May 7th, 2008