Financial news on October 12, 2011

Business and Financial news
As Greece Avoids a Default, Recapitalization Plans Emerge for European Banks

France unveils details of its recapitalization plan for its banks while the European Commission prepares to makes its own proposals public; plans emerge as Greece clears a major hurdle that will allow it to avoid default on its debt. Read more..

By STEPHEN CASTLE and NIKI KITSANTONIS - The New York Times

Fuel for the City That Never Sleeps

Growing demand and sinking rents have contributed to the rise in high-end coffee shops in New York. Read more..

By ALISON GREGOR - The New York Times

Ignorance Stifles Innovation in Solving Energy Problems

In the midst of intense debate over the relative merits of different energy fuels and technologies, what gets lost is a sense of proportion. Read more..

By MICHELLE MICHOT FOSS - International Herald Tribune

Markets End Mixed a Day After Rally

Dow Jones industrial average falls 16.88 points, or 0.2 percent, to 11,416.30; Standard & Poor's 500-stock index rises 0.65 of a point, to 1,195.54; Nasdaq composite index gains 16.98 points, or 0.7 percent, to 2,583.03. Read more..

By DAVID JOLLY AND SEI CHONG - The New York Times

Metal Prices Hurt Alcoa’s Third-Quarter Profit

Slowing economic growth sent prices for aluminum lower, hurting Alcoa's third-quarter profit; earnings were $172 million, or 15 cents a share, compared with $61 million, or 6 cents a share a year earlier; revenue rose 21 percent, to $6.4 billion, but was 3 percent lower than the second quarter. Read more..

By REUTERS - The New York Times

New iPhone Conceals Sheer Magic

The iPhone 4S is loaded with dazzlers: faster speed, a camera that takes crisper shots, global reach and transformative voice recognition. Read more..

By DAVID POGUE - The New York Times

Painful Job Cuts Coming to Wall St.

Reuters BreakingViews column; financial sector is expected to report weak third-quarter earnings, which will probably lead to major job cuts as the banks try to return to profitability; economic fear takes heavier toll on American oil company shares. Read more..

By AGNES T. CRANE and CHRISTOPHER SWANN - The New York Times

Putting Boxed Wine to the Taste Test

Andrew Adam Newman Advertising column; sellers of boxed wine are skipping the normal advertising methods and turning to word of mouth and taste tests. Read more..

By ANDREW ADAM NEWMAN - The New York Times

Strike Adds to Problems at Indian Auto Plant

Relations between workers and management at Maruti Suzuki’s plant in Manesar, and at other Indian automotive companies, have been marred by a series of strikes and lockouts; dispute pits the aspirations of manufacturing workers against the economic realities of a national labor glut. Read more..

By VIKAS BAJAJ and SRUTHI GOTTIPATI - The New York Times

Views Differ on Restoring Libyan Oil Output

Representatives of the Organization of the Petroleum Exporting Countries and Libya offer different outlooks about how long it might take Libya to restore its oil production to prewar levels. Issues include oil field security and repairing damaged property. Read more..

By JAMES KANTER - The New York Times

Stock Markets

Values are reported in US Dollars

StockTicker symbolOpenHighLowCloseVolume
Cisco SystemsCSCO17.1317.4017.0117.2570.3M
General ElectricGE16.2516.5816.2516.4061.8M
IntelINTC23.0023.2822.9823.1259.9M
JPMorgan ChaseJPM32.7633.8732.6933.2055.5M
Wells Fargo & Co.WFC26.3627.5426.2526.9554.7M
MicrosoftMSFT27.1827.3126.9026.9652.5M
PfizerPFE18.8919.0818.8018.8238.5M
Oracle Corp.ORCL31.3731.5531.0831.1130.3M
AT&T Inc.T28.9129.2328.6328.9925.9M
ExxonMobilXOM76.7477.6676.3177.1622.2M
AppleAAPL407.34409.25400.14402.1922.2M
Wal-Mart StoresWMT55.0556.3955.0055.2022.1M
HP Inc.HPQ26.1226.2925.6725.8720.7M
ComcastCMCSA23.1723.8222.9623.6019.3M
Walt Disney & Co.DIS32.9634.4332.7533.7617.4M
General MotorsGM22.9423.9722.8623.4117.3M
MerckMRK32.2532.7732.1532.5716.4M
Verizon CommunicationsVZ36.6436.9136.2436.6714.6M
AltriaMO27.9828.1427.7627.7714.2M
PepsicoPEP62.3763.6262.0062.7013.8M
Abbott LaboratoriesABT52.2752.8652.1852.3313.4M
Bristol-Myers SquibbBMY32.9433.2032.7732.8212.4M
SchlumbergerSLB67.3668.6266.8267.3112.1M
ConocoPhillipsCOP67.7168.5267.1967.8511.1M
Home DepotHD34.9135.0934.7134.7210.7M
Procter & GamblePG64.7265.3464.5464.8910.2M
Johnson & JohnsonJNJ64.1364.6963.8764.339.38M
ChevronCVX98.1198.7596.6997.788.87M
Coca-ColaKO67.2567.9766.7967.488.77M
Berkshire HathawayBRK.B74.0175.3373.3374.718.19M
McDonald'sMCD89.8389.8388.0388.367.85M
UnitedHealth GroupUNH47.2147.6646.3746.387.27M
AmazonAMZN236.64241.84234.33236.816.51M
AlphabetGOOGL548.13555.23544.63548.506.35M
Gilead SciencesGILD40.1840.6639.7340.296.31M
3MMMM76.7379.3476.7378.365.66M
International Business MachinesIBM186.08188.00185.65186.125.34M
BoeingBA64.4665.2364.1364.325.14M
United TechnologiesUTX74.2975.0073.8374.245.1M
AmgenAMGN57.4257.4756.4956.644.8M
VisaV90.9892.3390.7191.174.77M
Union PacificUNP92.6594.4291.7291.793.54M
Exchange Rates of October 12, 2011
CurrenciesExchange Rates
US DollarJapanese Yen1 USD = 77.240 JPY1 JPY = 0.013 USD
US DollarCanadian Dollar1 USD = 1.018 CAD1 CAD = 0.982 USD
US DollarSwiss Franc1 USD = 0.895 CHF1 CHF = 1.117 USD
US DollarChinese Yuan1 USD = 6.359 CNY1 CNY = 0.157 USD
EuroJapanese Yen1 EUR = 106.420 JPY1 JPY = 0.009 EUR
EuroPound Sterling1 EUR = 0.875 GBP1 GBP = 1.143 EUR
EuroAustralian Dollar1 EUR = 1.359 AUD1 AUD = 0.736 EUR
EuroCanadian Dollar1 EUR = 1.403 CAD1 CAD = 0.713 EUR
EuroSwiss Franc1 EUR = 1.234 CHF1 CHF = 0.811 EUR
EuroChinese Yuan1 EUR = 8.763 CNY1 CNY = 0.114 EUR
Japanese YenPound Sterling1 JPY = 0.822 GBP1 GBP = 1.217 JPY
Japanese YenAustralian Dollar1 JPY = 1.277 AUD1 AUD = 0.783 JPY
Japanese YenCanadian Dollar1 JPY = 1.318 CAD1 CAD = 0.759 JPY
Japanese YenSwiss Franc1 JPY = 1.159 CHF1 CHF = 0.863 JPY
Pound SterlingAustralian Dollar1 GBP = 1.553 AUD1 AUD = 0.644 GBP
Pound SterlingCanadian Dollar1 GBP = 1.603 CAD1 CAD = 0.624 GBP
Pound SterlingSwiss Franc1 GBP = 1.409 CHF1 CHF = 0.710 GBP
Pound SterlingChinese Yuan1 GBP = 10.013 CNY1 CNY = 0.100 GBP
Australian DollarCanadian Dollar1 AUD = 1.032 CAD1 CAD = 0.969 AUD
Australian DollarSwiss Franc1 AUD = 0.907 CHF1 CHF = 1.103 AUD
Australian DollarChinese Yuan1 AUD = 6.443 CNY1 CNY = 0.155 AUD
Canadian DollarSwiss Franc1 CAD = 0.879 CHF1 CHF = 1.138 CAD
Canadian DollarChinese Yuan1 CAD = 6.244 CNY1 CNY = 0.160 CAD
Swiss FrancChinese Yuan1 CHF = 7.102 CNY1 CNY = 0.141 CHF

See what else happened on October 12, 2011