Financial news on May 7th, 2010

Business and Financial news
An American Bailout of Greek Proportions?

The bailout of America’s failed housing finance giants, Freddie Mac and Fannie Mae, is taking on Greek proportions, Breakingviews says. Read more..

By DEALBOOK - The New York Times

Blankfein, in Victory, Remains Goldman’s Chairman

Shareholders of Goldman Sachs rejected a proposal to split the jobs of chairman and chief executive, in a victory for Lloyd C. Blankfein. Read more..

By DEALBOOK - The New York Times

BofA Team Splits Off to Start Private Equity Firm

A group of Bank of America executives are splitting off to start their own private equity firm, but will continue to manage a portfolio for the bank, The Charlotte Observer reported. Read more..

By DEALBOOK - The New York Times

CKX’s C.E.O. to Resign and May Place Takeover Bid

The majority owner of the “American Idol” brand said on Friday that its chairman and chief executive has resigned as part of a possible takeover bid. Read more..

By DEALBOOK - The New York Times

European Bank’s Assurances Fail to Placate Investors

The European Central Bank disappointed investors hoping for decisive action to contain the euro zone’s increasingly virulent debt crisis, pushing the euro to another low. Read more..

By JACK EWING - The New York Times

Genzyme Moves to Fend Off Proxy Challenge From Icahn

The pharmaceutical company said it would buy back stock and spin off units to avoid a takeover by the investor Carl Icahn. Read more..

By BLOOMBERG NEWS - The New York Times

German Lawmakers Approve Greek Rescue

German lawmakers on Friday approved the country’s share of the rescue package for debt-laden Greece after a boisterous debate in which the finance minister told them they had no alternative to the unpopular measure. Read more..

By DEALBOOK - The New York Times

In Washington, a Renewed Taste for Auto Safety

A crisis for Toyota has become a catalyst for regulatory change with support from the White House, both political parties and the industry. Read more..


Jones Apparel Buys Majority of Stuart Weitzman

Jones Apparel Group, owner of Anne Klein and and Nine West brands, said Thursday has that it has agreed to pony up $180 million fin cash for a majority stake in shoemaker Stuart Weitzman. Read more..

By DEALBOOK - The New York Times

TV Networks See a Seller’s Market, Unlike Last Year

After a year of double-digit ad losses, the television industry is optimistic that revenue will rebound in the 2010-11 season. Read more..

By STUART ELLIOTT - The New York Times

Stock Markets

Values are reported in US Dollars

StockTicker symbolOpenHighLowCloseVolume
General ElectricGE17.5117.6916.5216.88165M
Cisco SystemsCSCO25.5225.6424.3324.7195.9M
JPMorgan ChaseJPM41.0341.8439.7840.7673M
Wells Fargo & Co.WFC30.8831.7530.2030.8267M
Oracle Corp.ORCL23.9324.2623.1123.4163.6M
AT&T Inc.T25.2125.4924.7725.1051.4M
Verizon CommunicationsVZ27.9828.7127.8028.1938.9M
HP Inc.HPQ48.1048.3045.6146.7338.6M
Wal-Mart StoresWMT53.0453.6251.8052.4028.9M
Home DepotHD33.7434.3232.6333.4328.6M
Abbott LaboratoriesABT49.0249.1648.0048.7225.1M
Procter & GamblePG60.6161.2060.0060.3124M
Bristol-Myers SquibbBMY24.2824.9624.0724.3423.3M
Walt Disney & Co.DIS33.8634.3532.7733.4122.6M
Johnson & JohnsonJNJ63.2663.6062.0963.3120.5M
Gilead SciencesGILD39.0139.3238.0838.3719M
UnitedHealth GroupUNH29.0529.2828.2529.0214.2M
International Business MachinesIBM123.36124.39120.00122.1010.6M
United TechnologiesUTX70.8571.4668.8669.4610.3M
Berkshire HathawayBRK.B74.2575.8572.7374.419.02M
Union PacificUNP71.9572.9469.7871.076.33M
Exchange Rates of May 7th, 2010
CurrenciesExchange Rates
US DollarJapanese Yen1 USD = 91.580 JPY1 JPY = 0.011 USD
US DollarCanadian Dollar1 USD = 1.044 CAD1 CAD = 0.958 USD
US DollarSwiss Franc1 USD = 1.108 CHF1 CHF = 0.903 USD
US DollarChinese Yuan1 USD = 6.826 CNY1 CNY = 0.146 USD
EuroJapanese Yen1 EUR = 116.790 JPY1 JPY = 0.009 EUR
EuroPound Sterling1 EUR = 0.861 GBP1 GBP = 1.161 EUR
EuroAustralian Dollar1 EUR = 1.436 AUD1 AUD = 0.696 EUR
EuroCanadian Dollar1 EUR = 1.331 CAD1 CAD = 0.751 EUR
EuroSwiss Franc1 EUR = 1.413 CHF1 CHF = 0.708 EUR
EuroChinese Yuan1 EUR = 8.705 CNY1 CNY = 0.115 EUR
Japanese YenPound Sterling1 JPY = 0.737 GBP1 GBP = 1.357 JPY
Japanese YenAustralian Dollar1 JPY = 1.228 AUD1 AUD = 0.814 JPY
Japanese YenCanadian Dollar1 JPY = 1.138 CAD1 CAD = 0.879 JPY
Japanese YenSwiss Franc1 JPY = 1.209 CHF1 CHF = 0.827 JPY
Pound SterlingAustralian Dollar1 GBP = 1.667 AUD1 AUD = 0.600 GBP
Pound SterlingCanadian Dollar1 GBP = 1.545 CAD1 CAD = 0.647 GBP
Pound SterlingSwiss Franc1 GBP = 1.640 CHF1 CHF = 0.610 GBP
Pound SterlingChinese Yuan1 GBP = 10.094 CNY1 CNY = 0.099 GBP
Australian DollarCanadian Dollar1 AUD = 0.926 CAD1 CAD = 1.079 AUD
Australian DollarSwiss Franc1 AUD = 0.983 CHF1 CHF = 1.017 AUD
Australian DollarChinese Yuan1 AUD = 6.060 CNY1 CNY = 0.165 AUD
Canadian DollarSwiss Franc1 CAD = 1.062 CHF1 CHF = 0.942 CAD
Canadian DollarChinese Yuan1 CAD = 6.538 CNY1 CNY = 0.153 CAD
Swiss FrancChinese Yuan1 CHF = 6.160 CNY1 CNY = 0.162 CHF

See what else happened on May 7th, 2010