Financial news on March 16, 2007

Business and Financial news
2 Financial Institutions Find Common Cause in New York

The country’s largest black financial institution is teaming up with Merrill Lynch to help the firm entree into minority neighborhoods. Read more..

By MICHAEL J. de la MERCED - The New York Times

A Lawyer Like a Hurricane

Richard F. Scruggs, the lawyer representing homeowners affected by Hurricane Katrina, has turned the case into a nightmare for the insurance industry. Read more..

By JOSEPH B. TREASTER - The New York Times

G.M. Says It Has Found Serious Flaws in Accounting

General Motors warned investors that its performance was threatened by “ineffective” controls over financial reporting. Read more..

By NICK BUNKLEY - The New York Times

History of Hernia Patch Raises Questions on Implant Recalls

Some major manufacturers, while contending that they carefully monitor product safety, are not as rigorous as they should be. Read more..

By BARRY MEIER - The New York Times

Inflation Rose in February

The report suggested that a weakening economy has not yet caused inflation to slow. Read more..

By EDUARDO PORTER - The New York Times

Japan: Nissan Plans Production Cuts

Nissan Motor plans to cut production at two plants in Japan from April 2 until the end of June because of weaker demand. Nissan will cut a shift on a production line in Kanagawa and in Tochigi Prefectures, a spokesman, Yuichi Nakagawa, said. Each ... Read more..

By BLOOMBERG NEWS - The New York Times

Judge Bars a Buyout Vote at Netsmart

A judge has barred Netsmart Technologies from polling shareholders on a $115 million offer to sell out to private equity firms. Read more..

By DOW JONES/THE ASSOCIATED PRESS - The New York Times

New Suitor for Exchange in Chicago

Intercontinental Exchange made a $10 billion bid to wrest the Chicago Board of Trade away from its planned merger partner, the Chicago Mercantile Exchange. Read more..

By ALEXEI BARRIONUEVO - The New York Times

OPEC Says It Won’t Increase Output

The decision could send oil prices into a fresh upswing this spring as demand for gasoline picks up. Read more..

By JAD MOUAWAD - The New York Times

Risky Business Still Attracts Eager Lenders

This may not be a good time to borrow money if you are a homeowner with a poor credit history, but it is a fine time if you are a company with such a problem. Read more..

By FLOYD NORRIS - The New York Times

Stock Markets

Values are reported in US Dollars

StockTicker symbolOpenHighLowCloseVolume
MicrosoftMSFT27,3527,4827,2027,3365.1M
IntelINTC19,1519,2219,0519,1556.5M
Cisco SystemsCSCO25,7926,0725,7325,9949.9M
PfizerPFE25,0525,1024,9024,9949.7M
ExxonMobilXOM70,7270,8769,5269,8646.8M
General ElectricGE34,6934,8434,2534,3644.8M
Oracle Corp.ORCL16,7116,8516,6216,7034.2M
AT&T Inc.T37,1137,3136,7536,9828.3M
AltriaMO84,8585,0684,4384,7326M
JPMorgan ChaseJPM47,7047,8346,9847,0324.7M
HP Inc.HPQ40,0640,3039,8539,9124.1M
Wells Fargo & Co.WFC34,1334,5533,9133,9521.7M
AppleAAPL89,5489,9989,3289,5920.4M
Abbott LaboratoriesABT53,4453,5052,8052,8820.3M
ComcastCMCSA25,7225,7625,3825,4419.9M
Wal-Mart StoresWMT46,2146,8045,7546,2119M
ConocoPhillipsCOP66,5166,6465,1865,3419M
Home DepotHD37,6537,8237,3337,5116.9M
Verizon CommunicationsVZ36,4336,7536,1236,3216.3M
Johnson & JohnsonJNJ60,6560,8860,2560,5115.6M
Bristol-Myers SquibbBMY27,1227,1326,4126,8215.3M
AmgenAMGN60,0260,4659,2159,3014.4M
Coca-ColaKO47,2547,3146,8247,2114.1M
Walt Disney & Co.DIS33,8534,1033,5033,6113.8M
ChevronCVX69,2469,5067,7668,0812.7M
UnitedHealth GroupUNH54,3154,6352,8953,1312.4M
Procter & GamblePG62,1462,1661,4861,6112.4M
MerckMRK43,2943,6342,9843,0911.5M
AlphabetGOOGL445,65446,70439,89440,8511.3M
McDonald'sMCD43,4743,7342,5043,489.81M
SchlumbergerSLB64,6565,0564,0664,489.47M
International Business MachinesIBM93,4994,4593,0293,258.73M
AmazonAMZN37,7238,0837,5237,856.87M
PepsicoPEP62,9063,7762,2862,576.69M
BoeingBA91,0491,0489,6890,005.82M
Gilead SciencesGILD69,8670,2869,1069,545.67M
United TechnologiesUTX64,6464,7964,0364,605.47M
3MMMM76,2376,2675,1575,285.05M
Union PacificUNP98,95100,3597,2399,953.15M
Berkshire HathawayBRK.B3550,003563,003520,003532,0012.5K
Exchange Rates of March 16, 2007
CurrenciesExchange Rates
US DollarJapanese Yen1 USD = 116,730 JPY1 JPY = 0,009 USD
US DollarCanadian Dollar1 USD = 1,175 CAD1 CAD = 0,851 USD
US DollarSwiss Franc1 USD = 1,207 CHF1 CHF = 0,829 USD
US DollarChinese Yuan1 USD = 7,736 CNY1 CNY = 0,129 USD
EuroJapanese Yen1 EUR = 155,420 JPY1 JPY = 0,006 EUR
EuroPound Sterling1 EUR = 0,685 GBP1 GBP = 1,459 EUR
EuroAustralian Dollar1 EUR = 1,672 AUD1 AUD = 0,598 EUR
EuroCanadian Dollar1 EUR = 1,565 CAD1 CAD = 0,639 EUR
EuroSwiss Franc1 EUR = 1,607 CHF1 CHF = 0,622 EUR
Japanese YenPound Sterling1 JPY = 0,441 GBP1 GBP = 2,269 JPY
Japanese YenAustralian Dollar1 JPY = 1,076 AUD1 AUD = 0,930 JPY
Japanese YenCanadian Dollar1 JPY = 1,007 CAD1 CAD = 0,994 JPY
Japanese YenSwiss Franc1 JPY = 1,034 CHF1 CHF = 0,967 JPY
Pound SterlingAustralian Dollar1 GBP = 2,440 AUD1 AUD = 0,410 GBP
Pound SterlingCanadian Dollar1 GBP = 2,283 CAD1 CAD = 0,438 GBP
Pound SterlingSwiss Franc1 GBP = 2,344 CHF1 CHF = 0,427 GBP
Australian DollarCanadian Dollar1 AUD = 0,935 CAD1 CAD = 1,070 AUD
Australian DollarSwiss Franc1 AUD = 0,960 CHF1 CHF = 1,041 AUD
Canadian DollarSwiss Franc1 CAD = 1,027 CHF1 CHF = 0,974 CAD

See what else happened on March 16, 2007