Financial news on August 12, 2008

Business and Financial news
Analyzing Wall Street’s Research

Since 2002, when research was formally separated from investment banking, the quality of research on Wall Street has deteriorated, and many top analysts have left the business. Read more..

By ANDREW ROSS SORKIN - The New York Times

Auditors Question Blackwater Contracts

The contractor, whose provision of private security in Iraq has come under scrutiny, may have improperly obtained $100 million in contracts meant for small businesses. Read more..

By ELIZABETH OLSON - The New York Times

Caring for a Special Needs Child Can Be Difficult for Business Travelers

Business travel is never easy for a parent. But business travel for the parent of a child with special needs is another story. Read more..

By MICHAEL T. LUONGO - The New York Times

Cost-Cutting in New York, but a Boom in India

Wall Street’s losses are fast becoming India’s gain, as jobs higher up the financial food chain are being exported to India and places less costly than New York and London. Read more..

By HEATHER TIMMONS - The New York Times

Delays Keep Fliers Waiting and Guessing

When bad weather rolls in, planes are forced to wait on the tarmac for extended periods, pushing the air traffic control system to its limits. Read more..

By JOE SHARKEY - The New York Times

For Retired Olympians, Marketing Is the Game

Even for alumni, the ability to cash in on one’s former fame comes only once every four years, because corporate sponsors prefer to work with athletes when their signature sports are in the news. Read more..

By STEPHANIE CLIFFORD - The New York Times

Garbage Collector Raises Bid for a Rival

Seeking to pry Republic Services away from an all-stock deal with Allied Waste Industries, Waste Management raised its hostile bid for Republic to $6.73 billion in cash. Read more..

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

Global Trail of an Online Crime Ring

Prosecutors say their own informant stole millions of credit card numbers in a case that reveals how the Internet is enabling new crimes on a vast scale. Read more..

By BRAD STONE - The New York Times

Leaving Wall Street for a Job Overseas

As Wall Street’s troubles deepen, big investment banks are seizing the moment to ask high-value employees to move to financial hubs in Asia, Latin America and the Middle East. Read more..

By LOUISE STORY - The New York Times

Recall Leads Whole Foods to a Change

Scrambling to contain fallout from a recall that threatens its reputation for quality, Whole Foods said it would tighten oversight of suppliers to keep unsafe products out of its stores. Read more..

By STEPHANIE CLIFFORD - The New York Times

Stock Markets

Values are reported in US Dollars

StockTicker symbolOpenHighLowCloseVolume
JPMorgan ChaseJPM40.9941.0137.0237.9265.2M
MicrosoftMSFT27.7828.3627.5828.1262.8M
Wells Fargo & Co.WFC31.0031.5230.0930.3854.3M
IntelINTC24.3024.5924.0524.5251.9M
Cisco SystemsCSCO24.6824.7824.3524.5041.2M
General ElectricGE29.9230.1829.5729.7437.8M
PfizerPFE19.8320.0319.6719.7235.7M
Oracle Corp.ORCL22.9823.0122.6822.9030M
AppleAAPL173.52179.29173.51176.7329.9M
Home DepotHD27.3527.7627.1827.4827.2M
ExxonMobilXOM78.5778.6576.5176.8826M
AT&T Inc.T31.9431.9531.5031.6523.6M
ComcastCMCSA21.7622.0821.4521.8321M
Wal-Mart StoresWMT58.7159.7458.4059.2520.3M
Walt Disney & Co.DIS32.8632.9232.0632.1614.8M
Procter & GamblePG69.2270.5369.1070.3414.4M
AltriaMO21.3021.8121.1321.7114M
Verizon CommunicationsVZ35.2535.2634.6134.8213.7M
Union PacificUNP79.5480.1573.5376.1413.6M
ConocoPhillipsCOP80.8981.2979.6879.9513.4M
McDonald'sMCD65.2165.4363.6263.9413.2M
ChevronCVX84.8484.8483.1283.5612.7M
MerckMRK35.6036.3435.6036.1711.6M
Abbott LaboratoriesABT58.5259.3058.5258.8810.6M
SchlumbergerSLB93.5094.9992.0292.6510.1M
Johnson & JohnsonJNJ71.4771.8771.2971.708.7M
HP Inc.HPQ45.6345.9945.0845.688.49M
VisaV74.2074.8072.6072.808.43M
Coca-ColaKO55.1955.8254.1254.798.35M
AmazonAMZN87.3288.4886.1087.258.03M
UnitedHealth GroupUNH31.3931.9431.1831.487.48M
AmgenAMGN63.7964.0463.1263.557.04M
International Business MachinesIBM126.01126.50124.40125.227M
Bristol-Myers SquibbBMY22.4722.5322.0922.206.49M
BoeingBA66.8966.9565.5765.936.42M
Gilead SciencesGILD56.3957.3056.3557.106.11M
AlphabetGOOGL502.00506.13498.00502.615.51M
PepsicoPEP69.4069.8568.9569.625.34M
United TechnologiesUTX66.9667.2466.3066.514.39M
3MMMM74.5474.5473.3873.604.09M
Berkshire HathawayBRK.B3930.003935.003825.003838.0017.7K
Exchange Rates of August 12, 2008
CurrenciesExchange Rates
US DollarJapanese Yen1 USD = 109.290 JPY1 JPY = 0.009 USD
US DollarCanadian Dollar1 USD = 1.065 CAD1 CAD = 0.939 USD
US DollarSwiss Franc1 USD = 1.087 CHF1 CHF = 0.920 USD
US DollarChinese Yuan1 USD = 6.866 CNY1 CNY = 0.146 USD
EuroJapanese Yen1 EUR = 163.000 JPY1 JPY = 0.006 EUR
EuroPound Sterling1 EUR = 0.787 GBP1 GBP = 1.271 EUR
EuroAustralian Dollar1 EUR = 1.712 AUD1 AUD = 0.584 EUR
EuroCanadian Dollar1 EUR = 1.587 CAD1 CAD = 0.630 EUR
EuroSwiss Franc1 EUR = 1.620 CHF1 CHF = 0.617 EUR
Japanese YenPound Sterling1 JPY = 0.482 GBP1 GBP = 2.073 JPY
Japanese YenAustralian Dollar1 JPY = 1.050 AUD1 AUD = 0.953 JPY
Japanese YenCanadian Dollar1 JPY = 0.973 CAD1 CAD = 1.027 JPY
Japanese YenSwiss Franc1 JPY = 0.994 CHF1 CHF = 1.006 JPY
Pound SterlingAustralian Dollar1 GBP = 2.177 AUD1 AUD = 0.459 GBP
Pound SterlingCanadian Dollar1 GBP = 2.018 CAD1 CAD = 0.496 GBP
Pound SterlingSwiss Franc1 GBP = 2.059 CHF1 CHF = 0.486 GBP
Australian DollarCanadian Dollar1 AUD = 0.927 CAD1 CAD = 1.079 AUD
Australian DollarSwiss Franc1 AUD = 0.946 CHF1 CHF = 1.057 AUD
Canadian DollarSwiss Franc1 CAD = 1.020 CHF1 CHF = 0.980 CAD

See what else happened on August 12, 2008