Financial news on December 16th, 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..


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

StockTicker symbolOpenHighLowCloseVolume
General ElectricGE16,9417,0916,9117,0196.5M
Cisco SystemsCSCO18,1918,5317,9417,9495M
JPMorgan ChaseJPM32,1632,6031,8131,8952.6M
Oracle Corp.ORCL29,2630,0728,9629,2146.1M
AT&T Inc.T28,5528,8528,5128,8544.9M
Wells Fargo & Co.WFC25,8126,1125,7525,9843.8M
HP Inc.HPQ26,3426,6725,8325,8433.1M
Gilead SciencesGILD38,1738,6037,0437,1623.2M
Abbott LaboratoriesABT54,9454,9654,6354,8922.6M
Walt Disney & Co.DIS35,4535,7435,1535,3220.4M
Home DepotHD39,7540,5439,7440,4220.2M
Verizon CommunicationsVZ38,6138,7838,4638,7819.9M
Johnson & JohnsonJNJ64,3664,3763,5564,3019.2M
Procter & GamblePG65,4365,6364,8265,1418.3M
Bristol-Myers SquibbBMY34,4134,5034,0834,2215.4M
Wal-Mart StoresWMT58,3058,4958,0958,2714.9M
International Business MachinesIBM188,01188,01181,91183,5711.8M
United TechnologiesUTX73,6774,3171,8672,3911.7M
UnitedHealth GroupUNH49,0249,5048,7149,0010.2M
Berkshire HathawayBRK.B75,5075,7074,6075,139.27M
General MotorsGM20,1620,5219,9720,159.11M
Union PacificUNP99,79101,0599,2399,884.93M
Exchange Rates of December 16th, 2011
CurrenciesExchange Rates
US DollarJapanese Yen1 USD = 77,790 JPY1 JPY = 0,013 USD
US DollarCanadian Dollar1 USD = 1,038 CAD1 CAD = 0,963 USD
US DollarSwiss Franc1 USD = 0,936 CHF1 CHF = 1,069 USD
US DollarChinese Yuan1 USD = 6,351 CNY1 CNY = 0,157 USD
EuroJapanese Yen1 EUR = 101,460 JPY1 JPY = 0,010 EUR
EuroPound Sterling1 EUR = 0,839 GBP1 GBP = 1,192 EUR
EuroAustralian Dollar1 EUR = 1,306 AUD1 AUD = 0,766 EUR
EuroCanadian Dollar1 EUR = 1,354 CAD1 CAD = 0,739 EUR
EuroSwiss Franc1 EUR = 1,221 CHF1 CHF = 0,819 EUR
EuroChinese Yuan1 EUR = 8,259 CNY1 CNY = 0,121 EUR
Japanese YenPound Sterling1 JPY = 0,826 GBP1 GBP = 1,210 JPY
Japanese YenAustralian Dollar1 JPY = 1,287 AUD1 AUD = 0,777 JPY
Japanese YenCanadian Dollar1 JPY = 1,334 CAD1 CAD = 0,750 JPY
Japanese YenSwiss Franc1 JPY = 1,203 CHF1 CHF = 0,831 JPY
Pound SterlingAustralian Dollar1 GBP = 1,557 AUD1 AUD = 0,642 GBP
Pound SterlingCanadian Dollar1 GBP = 1,614 CAD1 CAD = 0,620 GBP
Pound SterlingSwiss Franc1 GBP = 1,455 CHF1 CHF = 0,687 GBP
Pound SterlingChinese Yuan1 GBP = 9,835 CNY1 CNY = 0,102 GBP
Australian DollarCanadian Dollar1 AUD = 1,035 CAD1 CAD = 0,966 AUD
Australian DollarSwiss Franc1 AUD = 0,934 CHF1 CHF = 1,071 AUD
Australian DollarChinese Yuan1 AUD = 6,316 CNY1 CNY = 0,158 AUD
Canadian DollarSwiss Franc1 CAD = 0,901 CHF1 CHF = 1,110 CAD
Canadian DollarChinese Yuan1 CAD = 6,102 CNY1 CNY = 0,164 CAD
Swiss FrancChinese Yuan1 CHF = 6,766 CNY1 CNY = 0,148 CHF

See what else happened on December 16th, 2011