Financial news on March 13th, 2006

Business and Financial news
Barron’s Roundup: Funds Get Frisky, Drunk on NYSE

There may be more merger action in the mutual-fund sector, as banks, brokerages and insurers decide to sell out rather than run the risk of seeming to favor their own funds. That’s the theory set out by Lawrence Strauss of Barron’s, who makes the case that the Merrill Lynch–BlackRock deal was hardly the last of […] Read more..

By DEALBOOK - The New York Times

Bell Mergers Give Cable Companies Even More to Worry About

In the chess game between the cable companies and their nemeses, the Bell phone companies, the Bells may be gaining ground. Phone mergers – including AT&T‘s recent proposal to take over BellSouth – could give the Bells more power to cut prices, move faster into television and expand their advantage in the wireless market. For […] Read more..

By WRITER - The New York Times

Blackstone, KKR May Team Up for Portugal Telecom Bid

A group of buyout firms including Blackstone Group and Kohlberg Kravis Roberts & Co. may team with Portuguese entrepreneur Miguel Pais do Amaral in a bid for the country’s biggest telephone company, said people with knowledge of the talks. Lisbon-based Portugal Telecom SPGS last month received an unsolicited 10.7 billion-euro ($12.7 billion) offer from Sonaecom […] Read more..

By WRITER - The New York Times

Capital One to Acquire North Fork for $14.6 Billion

Capital One Financial has agreed to acquire the North Fork Bancorporation for about $14.6 billion in cash and stock. Shares of North Fork shot up more than 16 percent in early trading onMonday. The acquisition, which was announced on Monday morning, would give Capital One a strong retail banking foothold in the Northeast as growth […] Read more..

By DEALBOOK - The New York Times

Denver Law Firm in Merger Talks

One of Denver’s largest law firms is in merger talks that could add nearly 80 lawyers to its rolls. Sherman & Howard is negotiating with Phoenix-based Jennings Strouss & Salmon, which has 77 lawyers, primarily in Phoenix. Sherman & Howard has 130 lawyers in Denver, making it the second-largest firm based here, tied with Holme […] Read more..

By WRITER - The New York Times

Does Majority Rule? This Week’s Proxy Votes Will Decide

The week ahead will bring three closely watched votes on what may the hottest corporate-governance issue out there: majority election proposals. Shareholders of Analog Devices, Ciena and Hewlett-Packard will cast their ballots on proposals that would require company directors to get a majority of votes in their favor — as opposed to just a plurality […] Read more..

By DEALBOOK - The New York Times

For Huizenga Protege, ‘Blank Check’ Buys a Lot of Smoothies

An acquisition vehicle led by Wayne Huizenga’s longtime lieutenant has agreed to merge with Jamba Juice, a privately held chain that serves fruity shakes to the health-conscious set. The unusual deal will combine Jamba Juice with Steve Berrard’s publicly traded Services Acquisition Corporation, a so-called blank check company formed last year for the sole purpose […] Read more..

By DEALBOOK - The New York Times

Searching the World, From Jersey City

Jersey City is the home of, the latest entry on the list of would-be search engine kings. Read more..

By BOB TEDESCHI - The New York Times

State-Run Indian Lender Plans IPO

Power Finance Corporation, a state-run Indian lender to electricity utilities, plans to sell shares in an initial public offering because it wants to increase lending, Chairman and Managing Director V.K. Garg said. The loan provider aims to sell 150 million shares to local and overseas investors by mid-May, Garg said in a telephone interview from […] Read more..

By WRITER - The New York Times

Stock Markets

Values are reported in US Dollars

StockTicker symbolOpenHighLowCloseVolume
Cisco SystemsCSCO20,8921,1520,8120,8646.5M
Oracle Corp.ORCL12,8912,9512,8512,9024.3M
AT&T Inc.T27,2427,3927,0727,1221.3M
General ElectricGE33,6633,7333,4333,6719.5M
Abbott LaboratoriesABT44,7845,5844,6544,9316.8M
UnitedHealth GroupUNH56,0656,1053,8555,7312.4M
JPMorgan ChaseJPM41,4541,4840,9841,0610.6M
Walt Disney & Co.DIS28,2728,6228,1628,5610.6M
Verizon CommunicationsVZ34,3834,6634,1334,329.78M
Wal-Mart StoresWMT45,3545,4645,2245,278.84M
HP Inc.HPQ33,0833,2832,7533,226.95M
Bristol-Myers SquibbBMY22,9122,9622,7422,946.93M
Johnson & JohnsonJNJ59,0759,3759,0059,086.22M
Procter & GamblePG62,1162,5061,8061,985.96M
Home DepotHD41,0841,5340,8541,255.19M
International Business MachinesIBM81,5682,4081,4581,934.57M
Wells Fargo & Co.WFC64,4664,6264,1664,362.9M
Gilead SciencesGILD61,1061,9260,8461,492.4M
United TechnologiesUTX58,0658,2957,8658,002.3M
Union PacificUNP86,0186,8685,2985,70902K
Berkshire HathawayBRK.B2995,003012,002995,003005,0015.3K
Exchange Rates of March 13th, 2006
CurrenciesExchange Rates
US DollarJapanese Yen1 USD = 118,800 JPY1 JPY = 0,008 USD
US DollarCanadian Dollar1 USD = 1,158 CAD1 CAD = 0,864 USD
US DollarSwiss Franc1 USD = 1,312 CHF1 CHF = 0,762 USD
US DollarChinese Yuan1 USD = 8,049 CNY1 CNY = 0,124 USD
EuroJapanese Yen1 EUR = 142,050 JPY1 JPY = 0,007 EUR
EuroPound Sterling1 EUR = 0,690 GBP1 GBP = 1,450 EUR
EuroAustralian Dollar1 EUR = 1,616 AUD1 AUD = 0,619 EUR
EuroCanadian Dollar1 EUR = 1,384 CAD1 CAD = 0,723 EUR
EuroSwiss Franc1 EUR = 1,569 CHF1 CHF = 0,637 EUR
Pound SterlingAustralian Dollar1 GBP = 2,351 AUD1 AUD = 0,425 GBP
Pound SterlingCanadian Dollar1 GBP = 2,006 CAD1 CAD = 0,499 GBP
Pound SterlingSwiss Franc1 GBP = 2,274 CHF1 CHF = 0,440 GBP
Australian DollarCanadian Dollar1 AUD = 0,853 CAD1 CAD = 1,173 AUD
Australian DollarSwiss Franc1 AUD = 0,967 CHF1 CHF = 1,035 AUD

See what else happened on March 13th, 2006