Financial news on March 15th, 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 Squeezes Short Sellers With Mysterious Stock Rise

Short sellers have been the bane of Patrick Byrne, the outspoken CEO of online discounter 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

StockTicker symbolOpenHighLowCloseVolume
Oracle Corp.ORCL12,9313,3212,9013,2476.1M
Cisco SystemsCSCO21,1821,5021,1621,4448.5M
General ElectricGE33,7834,5233,7834,4236.6M
HP Inc.HPQ33,3533,9633,3233,8914.1M
JPMorgan ChaseJPM41,1641,3440,9941,2214M
Wal-Mart StoresWMT45,5045,5745,2245,3214M
Procter & GamblePG60,4060,5159,7759,909.81M
AT&T Inc.T27,3027,3527,0027,319.81M
Verizon CommunicationsVZ34,1934,4834,1134,398.97M
Johnson & JohnsonJNJ59,1559,9559,1059,808.9M
Abbott LaboratoriesABT45,0045,3944,5045,258.17M
Bristol-Myers SquibbBMY22,8322,9122,7522,776.9M
Walt Disney & Co.DIS28,6028,8528,5528,756.74M
UnitedHealth GroupUNH56,9057,5256,5557,346.61M
Home DepotHD42,0542,3541,7642,266.06M
International Business MachinesIBM82,6583,7682,6483,385.37M
Union PacificUNP89,3990,9989,3990,254.54M
United TechnologiesUTX58,0658,2557,5557,934.11M
Gilead SciencesGILD62,8963,7562,5063,742.98M
Wells Fargo & Co.WFC64,7564,9964,4464,902.72M
Berkshire HathawayBRK.B2986,002987,002962,002973,0025.8K
Exchange Rates of March 15th, 2006
CurrenciesExchange Rates
US DollarJapanese Yen1 USD = 117,360 JPY1 JPY = 0,009 USD
US DollarCanadian Dollar1 USD = 1,154 CAD1 CAD = 0,866 USD
US DollarSwiss Franc1 USD = 1,296 CHF1 CHF = 0,772 USD
US DollarChinese Yuan1 USD = 8,036 CNY1 CNY = 0,124 USD
EuroJapanese Yen1 EUR = 141,620 JPY1 JPY = 0,007 EUR
EuroPound Sterling1 EUR = 0,690 GBP1 GBP = 1,448 EUR
EuroAustralian Dollar1 EUR = 1,632 AUD1 AUD = 0,613 EUR
EuroCanadian Dollar1 EUR = 1,393 CAD1 CAD = 0,718 EUR
EuroSwiss Franc1 EUR = 1,563 CHF1 CHF = 0,640 EUR
Pound SterlingAustralian Dollar1 GBP = 2,363 AUD1 AUD = 0,423 GBP
Pound SterlingCanadian Dollar1 GBP = 2,017 CAD1 CAD = 0,496 GBP
Pound SterlingSwiss Franc1 GBP = 2,264 CHF1 CHF = 0,442 GBP
Australian DollarCanadian Dollar1 AUD = 0,853 CAD1 CAD = 1,172 AUD
Australian DollarSwiss Franc1 AUD = 0,958 CHF1 CHF = 1,044 AUD

See what else happened on March 15th, 2006