Financial news on December 14, 2007

Business and Financial news
A Worrisome New Wrinkle in Bailouts

Government cash these days is all the rage on Wall Street, where investment banks long to profit from what they call “sovereign wealth funds.” Read more..

By FLOYD NORRIS - The New York Times

Big Rescue of Funds by Citigroup

Citigroup moved on Thursday to rescue seven affiliated investment funds that have been upended by the running crisis in housing-related debt. Read more..

By ERIC DASH - The New York Times

Consumer Prices Rise 0.8% in November

The pick-up in prices will complicate efforts by the Fed as it tries to stave off a slowdown in economic growth. Read more..

By MICHAEL M. GRYNBAUM - The New York Times

Discovery Holding to Become Public in 2008 Offering

The owners of Discovery Communications, Advance/Newhouse and Discovery Holding, have agreed in principle to combine their stakes and turn the company, an operator of cable TV channels, into an independent, publicly traded company. Read more..

By BRIAN STELTER - The New York Times

Investors Shrug Off Global Cash Injection

Market euphoria over trans-Atlantic action by central banks to fix the global credit crisis wore off quickly Thursday, with investors saying they expect the injection of cash to do little to solve long-term problems. Read more..

By JULIA WERDIGIER - The New York Times

JetBlue Sells Stake to Lufthansa for $300 Million

Lufthansa’s investment in JetBlue, the struggling discount carrier, is the latest example of a foreign company’s taking advantage of the weak dollar to invest in a prominent American company. Read more..

By ANDREW ROSS SORKIN and JEFF BAILEY - The New York Times

Lehman’s Earnings Fall 12% in a Season That Could Have Been Worse

Lehman Brothers, one of a handful of Wall Street banks to avoid large losses related to subprime mortgages, nonetheless exceeded analysts’ diminished expectations. Read more..

By JENNY ANDERSON - The New York Times

News Corp. Completes Takeover of Dow Jones

Shareholders of Dow Jones & Company gave their blessing to a takeover by Rupert Murdoch’s global media empire, the News Corporation. Read more..

By RICHARD PÉREZ-PEÑA - The New York Times

No Delay on F.C.C. Vote

The Federal Communications Commission chairman, Kevin J. Martin, has rejected a senator’s request to delay a vote on a change in media-ownership rules. Read more..

By BLOOMBERG NEWS - The New York Times

U.S.-China Trade Talks Conclude With Modest Deals and Mutual Wariness

The United States and China ended three days of intense economic talks with accords on food safety, energy and environmental cooperation, but with only modest progress in opening Chinese financial markets. Read more..

By STEVEN R. WEISMAN - The New York Times

Stock Markets

Values are reported in US Dollars

StockTicker symbolOpenHighLowCloseVolume
MicrosoftMSFT35.0535.8435.0135.3171.1M
IntelINTC26.8226.8426.1926.2968.7M
Cisco SystemsCSCO28.9929.6428.5128.6553.6M
PfizerPFE23.3623.4723.0323.1043.9M
General ElectricGE37.4537.5136.8736.9141.8M
ComcastCMCSA17.8318.2517.8318.1430.4M
JPMorgan ChaseJPM45.0345.7944.6845.2027.7M
Oracle Corp.ORCL21.3621.4421.1221.2026.3M
AppleAAPL190.37200.00189.54190.3924.1M
Home DepotHD27.2527.3526.6326.6321.7M
Wells Fargo & Co.WFC30.1130.8329.8530.0721.1M
ExxonMobilXOM91.9992.8991.1891.1820.5M
AT&T Inc.T41.8441.8441.0641.1419.9M
Procter & GamblePG74.3774.5073.8573.9013.6M
Wal-Mart StoresWMT48.1048.2047.6047.6313.6M
HP Inc.HPQ52.0052.8551.9352.1413.2M
ConocoPhillipsCOP83.8084.6483.1783.2912.8M
Walt Disney & Co.DIS32.7033.2332.5533.0111.9M
AltriaMO77.5477.8576.7776.8211.8M
AmgenAMGN49.1549.3748.2548.4011.5M
ChevronCVX92.5092.9691.9192.0211.1M
Bristol-Myers SquibbBMY28.6028.7427.9928.0810.5M
Verizon CommunicationsVZ44.7945.0744.3744.379.75M
International Business MachinesIBM107.31107.56104.10105.779.71M
Abbott LaboratoriesABT58.0158.4757.4857.519.52M
Coca-ColaKO63.7664.3263.7463.819.5M
Johnson & JohnsonJNJ67.5867.9367.3967.599.49M
MerckMRK59.5060.0059.1359.579.23M
AlphabetGOOGL687.51699.70687.26689.967.34M
UnitedHealth GroupUNH56.2757.4455.1156.736.93M
McDonald'sMCD61.6062.0061.1161.166.8M
PepsicoPEP78.5979.0078.3778.466.74M
SchlumbergerSLB95.7095.9994.4394.576.16M
AmazonAMZN90.7791.2488.9389.086M
United TechnologiesUTX77.1077.9776.4576.695.07M
BoeingBA88.5489.9988.0388.424.99M
Gilead SciencesGILD45.9247.0245.7445.854.97M
3MMMM86.1287.5885.8885.933.37M
Union PacificUNP134.80134.80130.30130.561.72M
Berkshire HathawayBRK.B4726.004784.004545.004754.0030.3K
Exchange Rates of December 14, 2007
CurrenciesExchange Rates
US DollarJapanese Yen1 USD = 113.260 JPY1 JPY = 0.009 USD
US DollarCanadian Dollar1 USD = 1.017 CAD1 CAD = 0.984 USD
US DollarSwiss Franc1 USD = 1.153 CHF1 CHF = 0.867 USD
US DollarChinese Yuan1 USD = 7.371 CNY1 CNY = 0.136 USD
EuroJapanese Yen1 EUR = 163.430 JPY1 JPY = 0.006 EUR
EuroPound Sterling1 EUR = 0.715 GBP1 GBP = 1.399 EUR
EuroAustralian Dollar1 EUR = 1.676 AUD1 AUD = 0.597 EUR
EuroCanadian Dollar1 EUR = 1.467 CAD1 CAD = 0.681 EUR
EuroSwiss Franc1 EUR = 1.664 CHF1 CHF = 0.601 EUR
Japanese YenPound Sterling1 JPY = 0.437 GBP1 GBP = 2.287 JPY
Japanese YenAustralian Dollar1 JPY = 1.025 AUD1 AUD = 0.976 JPY
Japanese YenCanadian Dollar1 JPY = 0.898 CAD1 CAD = 1.114 JPY
Japanese YenSwiss Franc1 JPY = 1.018 CHF1 CHF = 0.983 JPY
Pound SterlingAustralian Dollar1 GBP = 2.344 AUD1 AUD = 0.427 GBP
Pound SterlingCanadian Dollar1 GBP = 2.052 CAD1 CAD = 0.487 GBP
Pound SterlingSwiss Franc1 GBP = 2.326 CHF1 CHF = 0.430 GBP
Australian DollarCanadian Dollar1 AUD = 0.875 CAD1 CAD = 1.143 AUD
Australian DollarSwiss Franc1 AUD = 0.992 CHF1 CHF = 1.008 AUD
Canadian DollarSwiss Franc1 CAD = 1.133 CHF1 CHF = 0.883 CAD

See what else happened on December 14, 2007