Financial news on May 16, 2008

Business and Financial news
Big Retailers Trim Costs, and Their Profits Rise

J. C. Penney, Kohl’s and Nordstrom reported first-quarter profit on Thursday that fell less than analysts estimated by reducing costs as the economy teetered near a recession. Read more..

By BLOOMBERG NEWS - The New York Times

CBS in Deal to Buy CNet to Increase Online Ads

At $1.8 billion, Thursday’s deal for CNet by CBS is the biggest by far in its recent Internet expansion, making the network a bigger player in online media. Read more..

By BRIAN STELTER - The New York Times

Deal for Auto Workers

The Canadian Auto Workers union reached tentative agreements with General Motors of Canada and Chrysler Canada, four months before current contracts expire. Read more..

By THE NEW YORK TIMES - The New York Times

For Wall Street Workers, Ax Falls Quietly

Some people who have lost jobs, and many more struggling to hold them, say banks are keeping employees in the dark about the size and timing of layoffs. Read more..

By LOUISE STORY and ERIC DASH - The New York Times

Fox Plans to Run Fewer Ads in 2 New Prime-Time Dramas

The president of Fox Entertainment announced a plan that would allow two of its new dramas, “Fringe” and “Dollhouse,” to run as many as 50 minutes of story each episode. Read more..

By BILL CARTER - The New York Times

Germany Debates Subsidies for Solar Industry

Thanks to its aggressive push into renewable energies, cloud-wreathed Germany has become an unlikely leader in the race to harness the sun’s energy. Read more..

By MARK LANDLER - The New York Times

Judge Sides With Red Cross Over Trademark

Johnson & Johnson lost the second round in its trademark dispute against the disaster relief agency when a federal judge in Manhattan threw out most of the case. Read more..

By STEPHANIE SAUL - The New York Times

Led by Germany, a Strong Quarter for Europe

The German economy grew 1.5 percent in the first quarter of this year, delivering its best performance in over a decade. The euro zone grew 0.7 percent during the period. Read more..

By CARTER DOUGHERTY - The New York Times

Sanofi-Aventis Wants F.D.A. to Reconsider Heart Drug

The company said it would resubmit its application for Multaq based on results from a study showing that the drug reduced both hospitalization and death in patients with atrial fibrillation. Read more..

By THE NEW YORK TIMES - The New York Times

Yahoo and WPP in Partnership

The deal between Yahoo and WPP Group, the advertising holding company, will give WPP’s clients a broader swath of Web sites where they can aim their messages. Read more..


Stock Markets

Values are reported in US Dollars

StockTicker symbolOpenHighLowCloseVolume
Cisco SystemsCSCO26.5326.6526.0326.5158.1M
General ElectricGE32.3132.4631.9732.1356.8M
Oracle Corp.ORCL21.9021.9721.4121.6833.8M
Wells Fargo & Co.WFC29.2729.6528.6128.9525.9M
AT&T Inc.T39.8540.2239.6540.0725.3M
HP Inc.HPQ47.0747.5246.3147.2924.8M
JPMorgan ChaseJPM47.2547.3246.0546.5320.9M
UnitedHealth GroupUNH32.1132.5931.8632.3217.7M
Wal-Mart StoresWMT57.3957.4356.5957.0414.5M
Bristol-Myers SquibbBMY22.0322.0621.7321.9414.1M
Home DepotHD29.8529.8528.7529.1013.2M
Verizon CommunicationsVZ39.0039.0038.4438.7713M
Walt Disney & Co.DIS34.9735.0234.4734.9112.7M
Procter & GamblePG66.4666.9766.4266.7512.3M
Abbott LaboratoriesABT54.8855.0054.5154.719.9M
Johnson & JohnsonJNJ66.9166.9166.3066.689.76M
International Business MachinesIBM128.46128.48126.80127.826.37M
United TechnologiesUTX74.2674.5673.4973.965.71M
Gilead SciencesGILD53.2553.4552.3453.095.57M
Union PacificUNP152.25156.15151.92153.004M
Berkshire HathawayBRK.B4070.004106.004040.004077.0031.4K
Exchange Rates of May 16, 2008
CurrenciesExchange Rates
US DollarJapanese Yen1 USD = 104.030 JPY1 JPY = 0.010 USD
US DollarCanadian Dollar1 USD = 0.999 CAD1 CAD = 1.001 USD
US DollarSwiss Franc1 USD = 1.048 CHF1 CHF = 0.955 USD
US DollarChinese Yuan1 USD = 6.993 CNY1 CNY = 0.143 USD
EuroJapanese Yen1 EUR = 162.110 JPY1 JPY = 0.006 EUR
EuroPound Sterling1 EUR = 0.796 GBP1 GBP = 1.257 EUR
EuroAustralian Dollar1 EUR = 1.630 AUD1 AUD = 0.614 EUR
EuroCanadian Dollar1 EUR = 1.556 CAD1 CAD = 0.643 EUR
EuroSwiss Franc1 EUR = 1.632 CHF1 CHF = 0.613 EUR
Japanese YenPound Sterling1 JPY = 0.491 GBP1 GBP = 2.038 JPY
Japanese YenAustralian Dollar1 JPY = 1.005 AUD1 AUD = 0.995 JPY
Japanese YenCanadian Dollar1 JPY = 0.959 CAD1 CAD = 1.042 JPY
Japanese YenSwiss Franc1 JPY = 1.007 CHF1 CHF = 0.993 JPY
Pound SterlingAustralian Dollar1 GBP = 2.048 AUD1 AUD = 0.488 GBP
Pound SterlingCanadian Dollar1 GBP = 1.955 CAD1 CAD = 0.511 GBP
Pound SterlingSwiss Franc1 GBP = 2.050 CHF1 CHF = 0.488 GBP
Australian DollarCanadian Dollar1 AUD = 0.954 CAD1 CAD = 1.048 AUD
Australian DollarSwiss Franc1 AUD = 1.001 CHF1 CHF = 0.999 AUD
Canadian DollarSwiss Franc1 CAD = 1.048 CHF1 CHF = 0.954 CAD

See what else happened on May 16, 2008