Financial news on March 8th, 2006
Business and Financial news
Hedge fund Appaloosa Partners may be positioning itself to stir things up in the bankruptcy of auto-parts maker Dana Corporation. The fund, controlled by David Tepper, former head of junk-bond trading at Goldman Sachs, has taken a 14.8 percent equity stake in Dana, according to filings made Tuesday with the Securities and Exchange Commission. Appaloosa […] Read more..
Shares of the NYSE Group got a warm welcome Wednesday as the company formed from the New York Stock Exchange’s historic merger with Archipelago Holdings made its debut as a publicly owned enterprise. The stock ended its first session at $80, up nearly 25 percent from the previous day’s closing price for shares of Archipelago, […] Read more..
In a major hiring coup, Goldman Sachs has taken a team of five from UBS‘s highly regarded real estate group. The team is led by Michael Smith, who will become Goldman Sachs head of real estate investment banking and joins as a managing director. He was previously head of real estate at UBS and has […] Read more..
A California judge has allowed Overstock.com Inc. to proceed with its suit against Gradient Analytics Inc. and Rocker Partners LP, Overstock said Tuesday evening. Superior Court Judge Vernon Smith in Marin County, a San Francisco suburb, denied the defendants’ motions to dismiss the suit under the anti-strategic lawsuits against public participation (SLAPP) statute. Go to […] Read more..
Lakshmi Mittal, the Indian steel baron bidding for the European giant Arcelor, says that his family will consider making its voting rights in Mittal Steel equivalent to those of other shareholders if its contentious takeover bid for Arcelor were successful. His remarks, the first he has made publicly on the issue, reflect a recognition that […] Read more..
Reservoir Capital Group, a $2.8 billion hedge-fund firm, has invested $100 million in Octavian Advisors LP, a new fund that will sniff out “special situations” in overseas markets. Octavian will be run by Richard Hurowitz and Gregory Racz out of Reservoir’s Madison Avenue headquarters in New York. Go to Article from MarketWatch » Go to […] Read more..
Mario Gabelli’s legal troubles turned more serious on Wednesday when the Justice Department said it would join a civil fraud lawsuit against the famed money manager. The five-year-old private suit alleges that Mr. Gabelli, whose investment prowess has earned him the nickname “Super Mario” on Wall Street, created sham companies to bid for cellphone licenses […] Read more..
Stanford Law School said Monday that it has received a $10 million donation from legendary venture capitalist Arthur Rock and his wife, Toni Rembe, to support study of corporate governance. The donation will create the Arthur and Toni Rembe Rock Center for Corporate Governance at Stanford, and is significant because it is the first such […] Read more..
VNU, the Dutch owner of market researcher ACNielsen and Billboard magazine, accepted a 7.5 billion-euro ($8.9 billion) offer from a group of buyout firms including Blackstone Group and Kohlberg Kravis Roberts & Company. Breakingviews notes that VNU has managed to squeeze a slightly better price from its private equity suitors than originally indicated. But, it […] Read more..
As shares of NYSE Group pop out of the gate, we were interested to get the following numbers from Sandler O’Neill & Partners showing the fantastic returns booked by exchanges that went public in recent years. Read more..
Values are reported in US Dollars
|Procter & Gamble||PG||60,25||61,33||60,23||61,07||8.68M|
|Johnson & Johnson||JNJ||58,15||58,85||57,83||58,74||7.42M|
|Walt Disney & Co.||DIS||27,99||28,15||27,91||28,05||7.36M|
|International Business Machines||IBM||80,39||81,60||80,25||81,14||5.57M|
|Wells Fargo & Co.||WFC||64,30||64,83||63,87||64,41||3.31M|
Exchange Rates of March 8th, 2006
|US Dollar||Japanese Yen||1 USD = 117,810 JPY||1 JPY = 0,008 USD|
|US Dollar||Canadian Dollar||1 USD = 1,156 CAD||1 CAD = 0,865 USD|
|US Dollar||Swiss Franc||1 USD = 1,308 CHF||1 CHF = 0,764 USD|
|US Dollar||Chinese Yuan||1 USD = 8,046 CNY||1 CNY = 0,124 USD|
|Euro||Japanese Yen||1 EUR = 140,480 JPY||1 JPY = 0,007 EUR|
|Euro||Pound Sterling||1 EUR = 0,686 GBP||1 GBP = 1,458 EUR|
|Euro||Australian Dollar||1 EUR = 1,623 AUD||1 AUD = 0,616 EUR|
|Euro||Canadian Dollar||1 EUR = 1,379 CAD||1 CAD = 0,725 EUR|
|Euro||Swiss Franc||1 EUR = 1,560 CHF||1 CHF = 0,641 EUR|
|Pound Sterling||Australian Dollar||1 GBP = 2,367 AUD||1 AUD = 0,423 GBP|
|Pound Sterling||Canadian Dollar||1 GBP = 2,010 CAD||1 CAD = 0,498 GBP|
|Pound Sterling||Swiss Franc||1 GBP = 2,274 CHF||1 CHF = 0,440 GBP|
|Australian Dollar||Canadian Dollar||1 AUD = 0,849 CAD||1 CAD = 1,178 AUD|
|Australian Dollar||Swiss Franc||1 AUD = 0,960 CHF||1 CHF = 1,041 AUD|