Financial news on July 16, 2008

Business and Financial news
Bernanke Is Pessimistic, but Bush Urges a ‘Deep Breath’

The Fed chief warned of the risks of a long slowdown and higher inflation as the president, speaking nearby, said the country’s economic pillars remained sound. Read more..

By STEVEN R. WEISMAN - The New York Times

Brakes and Other Headaches at an Aircraft Show

Problems linked to the braking system of Boeing’s much-delayed 787 Dreamliner conspired with a dearth of new orders from Western airlines to darken the mood at the aerospace industry’s showcase event. Read more..

By CAROLINE BROTHERS - The New York Times

Britain: Burberry’s First-Quarter Sales Rose 22%

The Burberry Group, a luxury goods retailer, said first-quarter sales rose 22 percent on shipments of autumn and winter goods to wholesale distributors in emerging markets. Read more..

By BLOOMBERG NEWS - The New York Times

Countrywide Settles Lending Suit in Pennsylvania

Countrywide Home Loans has agreed to pay $325,000 to settle a case that accused the lender of abusive practices in almost 300 mortgage loans overseen by the court. Read more..

By GRETCHEN MORGENSON - The New York Times

Google and Yahoo Defend Ad Alliance at a Hearing

At a Congressional hearing, Google and Yahoo lawyers argued that their advertising partnership did not violate antitrust laws and would help to keep Yahoo competitive. Read more..

By AUSTIN BOGUES - The New York Times

Sprint Said to Talk About Partnership

Sprint Nextel is in early talks to form a partnership with SK Telecom of South Korea to share information about new mobile phones and other technology. Read more..

By LAURA M. HOLSON and MICHAEL J. de la MERCED - The New York Times

With Warning, G.M. Takes Wide Cost Cuts

G.M. said that it would reduce labor costs for salaried workers by 20 percent and further cut truck production. Read more..

By BILL VLASIC - The New York Times

Stock Markets

Values are reported in US Dollars

Stock Ticker symbol Open High Low Close Volume
Wells Fargo & Co. WFC 23.78 27.32 23.20 27.23 206M
Intel INTC 21.03 21.15 20.23 20.91 87.3M
General Electric GE 26.80 27.83 26.42 27.68 82.9M
Microsoft MSFT 26.07 27.29 25.92 27.26 82.1M
JPMorgan Chase JPM 32.30 35.94 31.50 35.94 80M
Cisco Systems CSCO 20.72 21.33 20.56 21.10 63.7M
Pfizer PFE 17.60 18.29 17.41 18.26 56M
ExxonMobil XOM 81.89 81.99 79.41 80.81 40.4M
Oracle Corp. ORCL 20.32 20.55 20.09 20.44 37.6M
AT&T Inc. T 32.12 32.45 31.58 31.92 31.1M
ConocoPhillips COP 84.75 84.93 82.58 83.19 30.5M
Apple AAPL 170.08 172.93 168.60 172.81 26.7M
Wal-Mart Stores WMT 56.20 57.11 55.64 56.96 26.4M
Abbott Laboratories ABT 58.30 58.50 56.60 56.97 25.4M
Visa V 68.33 72.56 66.51 72.23 23.1M
Bristol-Myers Squibb BMY 21.70 22.57 21.51 22.38 21.9M
Comcast CMCSA 18.31 19.06 18.21 19.03 21.4M
Chevron CVX 89.34 89.60 86.07 86.39 20.2M
Home Depot HD 21.53 22.73 21.21 22.68 19.6M
Procter & Gamble PG 63.73 64.16 63.38 63.89 19.5M
UnitedHealth Group UNH 22.40 22.66 21.97 22.53 19.2M
Johnson & Johnson JNJ 67.77 68.81 67.50 68.19 18.9M
HP Inc. HPQ 41.31 42.45 41.00 42.34 18.8M
Merck MRK 36.36 37.00 36.20 36.63 18.7M
Walt Disney & Co. DIS 29.50 30.60 29.05 30.43 18.3M
Verizon Communications VZ 35.02 35.43 34.48 35.38 13.6M
Coca-Cola KO 51.88 52.60 51.25 52.34 13.6M
Schlumberger SLB 96.95 97.99 93.14 95.86 13.3M
Altria MO 20.70 21.02 20.52 20.84 12.4M
Amazon AMZN 66.94 72.75 66.84 71.84 12M
Amgen AMGN 52.19 53.24 52.07 52.43 11.8M
Gilead Sciences GILD 55.18 55.88 54.66 54.81 10.2M
McDonald's MCD 58.52 60.34 58.20 60.16 10.2M
International Business Machines IBM 122.81 126.89 122.25 125.94 9.9M
Alphabet GOOGL 514.04 536.50 510.60 535.60 9.47M
United Technologies UTX 60.16 61.25 58.96 61.11 8.58M
Union Pacific UNP 69.85 73.48 69.85 73.45 5.93M
Pepsico PEP 65.77 66.13 65.05 66.09 5.71M
Boeing BA 63.91 65.68 63.50 65.58 5.64M
3M MMM 67.90 68.67 67.28 68.64 4.64M
Berkshire Hathaway BRK.B 3788.00 3849.00 3750.00 3790.00 35.8K
Exchange Rates of July 16, 2008
CurrenciesExchange Rates
US Dollar Japanese Yen 1 USD = 105.090 JPY 1 JPY = 0.010 USD
US Dollar Canadian Dollar 1 USD = 1.001 CAD 1 CAD = 0.999 USD
US Dollar Swiss Franc 1 USD = 1.018 CHF 1 CHF = 0.983 USD
US Dollar Chinese Yuan 1 USD = 6.811 CNY 1 CNY = 0.147 USD
Euro Japanese Yen 1 EUR = 166.240 JPY 1 JPY = 0.006 EUR
Euro Pound Sterling 1 EUR = 0.792 GBP 1 GBP = 1.263 EUR
Euro Australian Dollar 1 EUR = 1.624 AUD 1 AUD = 0.616 EUR
Euro Canadian Dollar 1 EUR = 1.584 CAD 1 CAD = 0.632 EUR
Euro Swiss Franc 1 EUR = 1.610 CHF 1 CHF = 0.621 EUR
Japanese Yen Pound Sterling 1 JPY = 0.476 GBP 1 GBP = 2.101 JPY
Japanese Yen Australian Dollar 1 JPY = 0.976 AUD 1 AUD = 1.024 JPY
Japanese Yen Canadian Dollar 1 JPY = 0.952 CAD 1 CAD = 1.050 JPY
Japanese Yen Swiss Franc 1 JPY = 0.968 CHF 1 CHF = 1.033 JPY
Pound Sterling Australian Dollar 1 GBP = 2.051 AUD 1 AUD = 0.488 GBP
Pound Sterling Canadian Dollar 1 GBP = 2.000 CAD 1 CAD = 0.500 GBP
Pound Sterling Swiss Franc 1 GBP = 2.033 CHF 1 CHF = 0.492 GBP
Australian Dollar Canadian Dollar 1 AUD = 0.975 CAD 1 CAD = 1.026 AUD
Australian Dollar Swiss Franc 1 AUD = 0.991 CHF 1 CHF = 1.009 AUD
Canadian Dollar Swiss Franc 1 CAD = 1.016 CHF 1 CHF = 0.984 CAD

See what else happened on July 16, 2008