Financial news on March 8th, 2006

Business and Financial news
Appaloosa Bets on Another Bankrupt Auto-Parts Maker

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..

By DEALBOOK - The New York Times

Big Board, Big Pop: NYSE Notches 25% First-Day Jump

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..

By DEALBOOK - The New York Times

Goldman Grabs UBS Real Estate Team

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..

By WRITER - The New York Times

Judge Gives OK for Suit

A California judge has allowed 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..

By WRITER - The New York Times

Mittal to Consider Change in Voting Rights After Steel Deal

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..

By WRITER - The New York Times

Resevoir Capital Invests in New Overseas Hedge Fund

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..

By WRITER - The New York Times

U.S. Joins Fraud Suit Against Mario Gabelli

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..

By DEALBOOK - The New York Times

Venture Capitalist Donates $10 Million to Stanford for Corporate Governance Center

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..

By WRITER - The New York Times

VNU Agrees to $9 Billion Sale; Is the Price Too Low?

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..

By WRITER - The New York Times

With Exchange I.P.O.s, Who Needs Dot-Com Stocks?

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..

By DEALBOOK - The New York Times

Stock Markets

Values are reported in US Dollars

StockTicker symbolOpenHighLowCloseVolume
Cisco SystemsCSCO20,7020,9920,6820,8654.4M
Oracle Corp.ORCL12,8012,9512,7512,8638.9M
General ElectricGE33,0633,5333,0133,4325.1M
AT&T Inc.T26,7526,8226,3426,7921.3M
Wal-Mart StoresWMT45,2045,6345,1645,2714.5M
Verizon CommunicationsVZ33,5133,7733,4333,4411.7M
HP Inc.HPQ32,8033,0132,6532,6810.4M
JPMorgan ChaseJPM41,4941,7441,2041,609.15M
Procter & GamblePG60,2561,3360,2361,078.68M
Home DepotHD41,1041,2940,9041,168.53M
Johnson & JohnsonJNJ58,1558,8557,8358,747.42M
Walt Disney & Co.DIS27,9928,1527,9128,057.36M
Abbott LaboratoriesABT43,4543,7543,3543,486.8M
UnitedHealth GroupUNH56,4357,3556,3257,206.06M
International Business MachinesIBM80,3981,6080,2581,145.57M
Bristol-Myers SquibbBMY22,6422,8522,5622,834.43M
Gilead SciencesGILD59,1861,3058,4060,783.76M
Wells Fargo & Co.WFC64,3064,8363,8764,413.31M
United TechnologiesUTX57,9058,0857,3457,842.36M
Union PacificUNP86,6886,6983,5085,092.16M
Berkshire HathawayBRK.B2944,002959,002934,002958,0015.8K
Exchange Rates of March 8th, 2006
CurrenciesExchange Rates
US DollarJapanese Yen1 USD = 117,810 JPY1 JPY = 0,008 USD
US DollarCanadian Dollar1 USD = 1,156 CAD1 CAD = 0,865 USD
US DollarSwiss Franc1 USD = 1,308 CHF1 CHF = 0,764 USD
US DollarChinese Yuan1 USD = 8,046 CNY1 CNY = 0,124 USD
EuroJapanese Yen1 EUR = 140,480 JPY1 JPY = 0,007 EUR
EuroPound Sterling1 EUR = 0,686 GBP1 GBP = 1,458 EUR
EuroAustralian Dollar1 EUR = 1,623 AUD1 AUD = 0,616 EUR
EuroCanadian Dollar1 EUR = 1,379 CAD1 CAD = 0,725 EUR
EuroSwiss Franc1 EUR = 1,560 CHF1 CHF = 0,641 EUR
Pound SterlingAustralian Dollar1 GBP = 2,367 AUD1 AUD = 0,423 GBP
Pound SterlingCanadian Dollar1 GBP = 2,010 CAD1 CAD = 0,498 GBP
Pound SterlingSwiss Franc1 GBP = 2,274 CHF1 CHF = 0,440 GBP
Australian DollarCanadian Dollar1 AUD = 0,849 CAD1 CAD = 1,178 AUD
Australian DollarSwiss Franc1 AUD = 0,960 CHF1 CHF = 1,041 AUD

See what else happened on March 8th, 2006