Financial news on March 15, 2006

Business and Financial news
A Trend for Public REIT’s: Going Private

Since 2004, 12 real estate investment trusts, or REIT’s, representing all commercial property sectors – office, industrial, retail, hotels and apartments – have been acquired by private companies, and two other buyout offers are pending, both involving the Blackstone Group, a private equity firm in New York. Real estate specialists say more REIT’s can be […] Read more..

By WRITER - The New York Times

Bank Merger’s Payout Plan Questioned

The compensation adviser behind an estimated $135 million payout to the chief executive of North Fork Bancorporation has also received fees for other services from the bank in recent years, according to regulatory filings. The other business dealings that the adviser, Mercer Human Resources Consulting, has had with North Fork raise questions among corporate governance […] Read more..

By WRITER - The New York Times

Cairn Energy to Float on Mumbai Exchange

Europe’s largest independent oil company, Cairn Energy, said it will float up to 80 percent of its business on the Mumbai stock exchange and return the proceeds to shareholders. The announcement came after India’s state-controlled Oil & Natural Gas Corporation said it may buy Cairn’s assets in the Indian state of Rajasthan earlier this month. […] Read more..

By WRITER - The New York Times

First Google, Now Andrx: Can’t Anyone Keep a Secret?

Andrx must be reading the same investor relations manual as Google. Andrx’s proposed acquirer, Watson Pharmaceuticals, said early Wednesday that Andrx “inadvertently disclosed” its preliminary estimate of the synergies that would be created after the two drugmakers complete their $1.9 billion deal. The gaffe comes barely a week after Google, the closely watched Internet search […] Read more..

By DEALBOOK - The New York Times

KKR Seen as Leading $13 Billion GMAC Bid

Kohlberg, Kravis & Roberts is leading a group that has reportedly made an offer of as much as $13 billion to buy a majority stake in the financing arm of General Motors. A report in The Wall Street Journal, citing anonymous sources, said KKR, Wachovia, Merrill Lynch, General Electric and the Bank of Nova Scotia […] Read more..

By WRITER - The New York Times

Overstock.com Squeezes Short Sellers With Mysterious Stock Rise

Short sellers have been the bane of Patrick Byrne, the outspoken CEO of online discounter Overstock.com. Now, with his company’s stock notching huge but mysterious gains this week, he is enjoying a bit of revenge as bearish investors run for cover. At a loss for another explanation, some analysts said that Overstock’s gains — it […] Read more..

By DEALBOOK - The New York Times

The House of Morgan Is Also Your House

First-time visitors to Wall Street often stand in front of No. 23, the once-fabled House of Morgan, and stare up at the tall, cramped columns of the New York Stock Exchange across the way, or down the six blocks to the East River, turning over in their minds the vastness of the fortunes made and […] Read more..

By WRITER - The New York Times

U.S. Ends Inquiries, Clear Channel Says

Clear Channel Communications, the nation’s largest radio station owner, said on Tuesday that the Justice Department had closed two antitrust investigations into its broadcast and concert business without taking action. The Justice Department examined whether Clear Channel violated antitrust laws in one radio market and whether it illegally pressured artists to use its promotion service […] Read more..

By WRITER - The New York Times

U.S. Investigates Pension Fund at Northwest Air

The Labor Department is investigating whether Northwest Airlines systematically shortchanged its employee pension fund over three years, then avoided having to make a $65 million payment to the fund by filing for bankruptcy protection just one day before the payment was due. Go to Article from The New York Times » Read more..

By WRITER - The New York Times

Who’s Afraid of Banking at Wal-Mart?

Wal-Mart, again and again, over the last few years, has tried to open a bank. And based on everything we know about the company, a Wal-Mart bank would almost certainly make life difficult for the Citigroups of the world and bring down A.T.M. fees. But the answer from lawmakers has been the same every time: […] Read more..

By WRITER - The New York Times

Stock Markets

Values are reported in US Dollars

Stock Ticker symbol Open High Low Close Volume
Oracle Corp. ORCL 12.93 13.32 12.90 13.24 76.1M
Intel INTC 19.81 19.97 19.73 19.92 69.8M
Microsoft MSFT 27.18 27.45 27.01 27.36 57.2M
Cisco Systems CSCO 21.18 21.50 21.16 21.44 48.5M
General Electric GE 33.78 34.52 33.78 34.42 36.6M
Apple AAPL 67.82 68.04 65.52 66.23 31.9M
Alphabet GOOGL 350.87 352.30 340.53 344.50 25.5M
Pfizer PFE 25.96 26.04 25.85 25.95 18.4M
ExxonMobil XOM 60.67 61.20 60.41 61.02 18M
HP Inc. HPQ 33.35 33.96 33.32 33.89 14.1M
JPMorgan Chase JPM 41.16 41.34 40.99 41.22 14M
Wal-Mart Stores WMT 45.50 45.57 45.22 45.32 14M
ConocoPhillips COP 60.71 61.71 60.42 61.67 13.9M
Procter & Gamble PG 60.40 60.51 59.77 59.90 9.81M
AT&T Inc. T 27.30 27.35 27.00 27.31 9.81M
Comcast CMCSA 26.58 27.08 26.40 27.08 9.08M
Verizon Communications VZ 34.19 34.48 34.11 34.39 8.97M
Johnson & Johnson JNJ 59.15 59.95 59.10 59.80 8.9M
Chevron CVX 56.34 56.60 55.68 56.50 8.74M
Abbott Laboratories ABT 45.00 45.39 44.50 45.25 8.17M
Bristol-Myers Squibb BMY 22.83 22.91 22.75 22.77 6.9M
Walt Disney & Co. DIS 28.60 28.85 28.55 28.75 6.74M
UnitedHealth Group UNH 56.90 57.52 56.55 57.34 6.61M
Coca-Cola KO 42.69 42.82 42.55 42.73 6.4M
Home Depot HD 42.05 42.35 41.76 42.26 6.06M
International Business Machines IBM 82.65 83.76 82.64 83.38 5.37M
Amgen AMGN 75.01 75.48 74.38 74.89 5.25M
McDonald's MCD 34.21 34.83 34.19 34.77 5.24M
Altria MO 74.46 74.46 73.62 73.87 5.15M
Merck MRK 35.00 35.27 34.88 35.16 5.12M
Schlumberger SLB 120.00 120.97 118.59 120.54 4.68M
Union Pacific UNP 89.39 90.99 89.39 90.25 4.54M
United Technologies UTX 58.06 58.25 57.55 57.93 4.11M
Pepsico PEP 60.11 60.19 59.59 60.06 3.61M
Gilead Sciences GILD 62.89 63.75 62.50 63.74 2.98M
3M MMM 73.28 74.24 73.01 74.00 2.86M
Amazon AMZN 36.95 37.00 36.43 36.89 2.8M
Wells Fargo & Co. WFC 64.75 64.99 64.44 64.90 2.72M
Boeing BA 75.40 76.30 75.27 76.05 2.59M
Berkshire Hathaway BRK.B 2986.00 2987.00 2962.00 2973.00 25.8K
Exchange Rates of March 15, 2006
CurrenciesExchange Rates
US Dollar Japanese Yen 1 USD = 117.360 JPY 1 JPY = 0.009 USD
US Dollar Canadian Dollar 1 USD = 1.154 CAD 1 CAD = 0.866 USD
US Dollar Swiss Franc 1 USD = 1.296 CHF 1 CHF = 0.772 USD
US Dollar Chinese Yuan 1 USD = 8.036 CNY 1 CNY = 0.124 USD
Euro Japanese Yen 1 EUR = 141.620 JPY 1 JPY = 0.007 EUR
Euro Pound Sterling 1 EUR = 0.690 GBP 1 GBP = 1.448 EUR
Euro Australian Dollar 1 EUR = 1.632 AUD 1 AUD = 0.613 EUR
Euro Canadian Dollar 1 EUR = 1.393 CAD 1 CAD = 0.718 EUR
Euro Swiss Franc 1 EUR = 1.563 CHF 1 CHF = 0.640 EUR
Pound Sterling Australian Dollar 1 GBP = 2.363 AUD 1 AUD = 0.423 GBP
Pound Sterling Canadian Dollar 1 GBP = 2.017 CAD 1 CAD = 0.496 GBP
Pound Sterling Swiss Franc 1 GBP = 2.264 CHF 1 CHF = 0.442 GBP
Australian Dollar Canadian Dollar 1 AUD = 0.853 CAD 1 CAD = 1.172 AUD
Australian Dollar Swiss Franc 1 AUD = 0.958 CHF 1 CHF = 1.044 AUD

See what else happened on March 15, 2006