Financial news on December 16, 2011

Business and Financial news
2 Executives at Amgen Plan to Retire

Kevin W Sharer, chief executive at biotechnology company Amgen, and Dr Roger M Perlmutter, company's head of research, will step down in 2012 after more than a decade on the job; changes come as Amgen's once-torrid growth has cooled and its stock price has stagnated. Read more..

By ANDREW POLLACK - The New York Times

Ford’s Home Team Chooses New York as Site for Lincoln’s Boutique Agency

Stuart Elliott Advertising column notes that WPP, massive agency that handles all campaigns for Ford Motor, will create a separate, boutique agency in New York to work with company as it tries to reinvigorate its Lincoln brand of luxury cars. Read more..

By STUART ELLIOTT - The New York Times

Heart Device Parts Recalled

St Jude Medical announces that its Riata defibrillator leads have been recalled by the Food and Drug Administration because of their potential to injure or kill patients; devices, which the company is no longer selling, remain implanted in an estimated 79,000 patients. Read more..

By BLOOMBERG NEWS - The New York Times

Kinder’s Major Bet on a Boom in Fracking

Oil pipeline operator Kinder Morgan will purchase leading rival El Paso Corporation for $21 billion, in what amounts to massive bet on the booming natural gas industry; bet is somewhat risky considering controversy surrounding hydraulic fracturing technique, which has already been banned in some areas. Read more..

By CLIFFORD KRAUSS - The New York Times

Morning Take-Out

Highlights from the DealBook newsletter. Read more..

By WILLIAM ALDEN - The New York Times

New Data Offers Some Positive Signs for the Recovery

Labor Department reports number of Americans filing new claims for jobless benefits drops 19,000 to 366,000, lowest figure has been in three and a half years. Read more..

By REUTERS - The New York Times

Olympus President Says Executives May Seek to Keep Jobs Despite Scandal

Top executives at Olympus may seek to keep their jobs despite accounting scandal, intensifying standoff with ousted chief executive Michael C Woodford and throwing company's future into further disarray; company's president Shuichi Takayama contends that officers and board members who were not directly implicated in the scheme to cover up past losses should not have to step down, reversing his promise that management and directors would resign en masse. Read more..

By HIROKO TABUCHI - The New York Times

Paying a ‘Sports Tax,’ Even if You Don’t Watch

News analysis; spiraling costs of sports programming for American television subscribers is fraying the formerly tight bonds between the creators and distributors of television; National Football League's recent extraordinary deal with the major networks, $27 billion over nine years, most likely means the average cable bill will rise again soon, raising concerns across the industry that cable bills may be reaching the breaking point for some consumers who are short of money; Read more..

By BRIAN STELTER and AMY CHOZICK - The New York Times

Research in Motion’s Earnings Fall 71% Amid Soft Product Sales

New line of BlackBerry smartphones will not come to market until late in 2012, the latest in a string of product delays and missteps for Research in Motion; phones were widely seen as RIM's last hope for reducing drastic decline in their market share in the United States; company reports third quarter net income of $265 million, or 51 cents a share, plunging from $911 million, or $1.74 per share, in same period the year before. Read more..

By IAN AUSTEN - The New York Times

Times Chief Is to Retire at Year-End

Janet L Robinson will step down as chief executive of The New York Times Company, following stewardship that was marked by aggressive strategies and digital innovation during period of uncertainty for the newspaper industry; she is widely credited with remaking The Times as a national newspaper in the 1990s. Read more..

By AMY CHOZICK - The New York Times

Stock Markets

Values are reported in US Dollars

Stock Ticker symbol Open High Low Close Volume
Microsoft MSFT 25.67 26.17 25.63 26.00 101M
General Electric GE 16.94 17.09 16.91 17.01 96.5M
Cisco Systems CSCO 18.19 18.53 17.94 17.94 95M
Intel INTC 23.47 23.89 23.23 23.23 94.6M
Pfizer PFE 21.33 21.37 21.03 21.03 68.9M
JPMorgan Chase JPM 32.16 32.60 31.81 31.89 52.6M
Oracle Corp. ORCL 29.26 30.07 28.96 29.21 46.1M
AT&T Inc. T 28.55 28.85 28.51 28.85 44.9M
Wells Fargo & Co. WFC 25.81 26.11 25.75 25.98 43.8M
ExxonMobil XOM 80.74 80.91 79.88 80.16 33.5M
HP Inc. HPQ 26.34 26.67 25.83 25.84 33.1M
Comcast CMCSA 23.46 24.00 23.22 23.33 29.7M
Merck MRK 36.50 36.62 36.02 36.25 26.5M
Gilead Sciences GILD 38.17 38.60 37.04 37.16 23.2M
Abbott Laboratories ABT 54.94 54.96 54.63 54.89 22.6M
Amgen AMGN 59.75 61.00 59.65 60.05 21.4M
Walt Disney & Co. DIS 35.45 35.74 35.15 35.32 20.4M
Home Depot HD 39.75 40.54 39.74 40.42 20.2M
Verizon Communications VZ 38.61 38.78 38.46 38.78 19.9M
Johnson & Johnson JNJ 64.36 64.37 63.55 64.30 19.2M
Procter & Gamble PG 65.43 65.63 64.82 65.14 18.3M
Altria MO 29.30 29.47 28.98 29.14 15.6M
Bristol-Myers Squibb BMY 34.41 34.50 34.08 34.22 15.4M
Apple AAPL 380.36 384.15 379.57 381.02 15.1M
Wal-Mart Stores WMT 58.30 58.49 58.09 58.27 14.9M
Chevron CVX 100.32 100.86 99.59 100.86 14.7M
Coca-Cola KO 67.47 67.72 67.26 67.44 12M
International Business Machines IBM 188.01 188.01 181.91 183.57 11.8M
Schlumberger SLB 67.13 67.95 65.81 66.91 11.8M
United Technologies UTX 73.67 74.31 71.86 72.39 11.7M
UnitedHealth Group UNH 49.02 49.50 48.71 49.00 10.2M
Berkshire Hathaway BRK.B 75.50 75.70 74.60 75.13 9.27M
General Motors GM 20.16 20.52 19.97 20.15 9.11M
Alphabet GOOGL 624.32 629.32 621.47 625.96 8.91M
McDonald's MCD 98.54 98.62 97.08 97.49 8.87M
Boeing BA 71.11 72.37 70.56 71.01 8.85M
Pepsico PEP 65.28 65.40 64.62 64.71 8.62M
ConocoPhillips COP 69.04 69.09 67.98 68.40 8.23M
Amazon AMZN 182.42 184.41 180.31 181.26 6.66M
3M MMM 79.52 80.02 78.42 78.87 6.49M
Union Pacific UNP 99.79 101.05 99.23 99.88 4.93M
Visa V 96.67 97.75 96.41 97.44 4.39M
Exchange Rates of December 16, 2011
CurrenciesExchange Rates
US Dollar Japanese Yen 1 USD = 77.790 JPY 1 JPY = 0.013 USD
US Dollar Canadian Dollar 1 USD = 1.038 CAD 1 CAD = 0.963 USD
US Dollar Swiss Franc 1 USD = 0.936 CHF 1 CHF = 1.069 USD
US Dollar Chinese Yuan 1 USD = 6.351 CNY 1 CNY = 0.157 USD
Euro Japanese Yen 1 EUR = 101.460 JPY 1 JPY = 0.010 EUR
Euro Pound Sterling 1 EUR = 0.839 GBP 1 GBP = 1.192 EUR
Euro Australian Dollar 1 EUR = 1.306 AUD 1 AUD = 0.766 EUR
Euro Canadian Dollar 1 EUR = 1.354 CAD 1 CAD = 0.739 EUR
Euro Swiss Franc 1 EUR = 1.221 CHF 1 CHF = 0.819 EUR
Euro Chinese Yuan 1 EUR = 8.259 CNY 1 CNY = 0.121 EUR
Japanese Yen Pound Sterling 1 JPY = 0.826 GBP 1 GBP = 1.210 JPY
Japanese Yen Australian Dollar 1 JPY = 1.287 AUD 1 AUD = 0.777 JPY
Japanese Yen Canadian Dollar 1 JPY = 1.334 CAD 1 CAD = 0.750 JPY
Japanese Yen Swiss Franc 1 JPY = 1.203 CHF 1 CHF = 0.831 JPY
Pound Sterling Australian Dollar 1 GBP = 1.557 AUD 1 AUD = 0.642 GBP
Pound Sterling Canadian Dollar 1 GBP = 1.614 CAD 1 CAD = 0.620 GBP
Pound Sterling Swiss Franc 1 GBP = 1.455 CHF 1 CHF = 0.687 GBP
Pound Sterling Chinese Yuan 1 GBP = 9.835 CNY 1 CNY = 0.102 GBP
Australian Dollar Canadian Dollar 1 AUD = 1.035 CAD 1 CAD = 0.966 AUD
Australian Dollar Swiss Franc 1 AUD = 0.934 CHF 1 CHF = 1.071 AUD
Australian Dollar Chinese Yuan 1 AUD = 6.316 CNY 1 CNY = 0.158 AUD
Canadian Dollar Swiss Franc 1 CAD = 0.901 CHF 1 CHF = 1.110 CAD
Canadian Dollar Chinese Yuan 1 CAD = 6.102 CNY 1 CNY = 0.164 CAD
Swiss Franc Chinese Yuan 1 CHF = 6.766 CNY 1 CNY = 0.148 CHF

See what else happened on December 16, 2011