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..

By STEPHANIE CLIFFORD - The New York Times

Stock Markets

Values are reported in US Dollars

Stock Ticker symbol Open High Low Close Volume
Microsoft MSFT 30.48 30.48 29.92 29.99 81.5M
Intel INTC 25.00 25.00 24.52 25.00 60M
Cisco Systems CSCO 26.53 26.65 26.03 26.51 58.1M
General Electric GE 32.31 32.46 31.97 32.13 56.8M
Pfizer PFE 20.12 20.13 19.95 20.03 46.6M
Oracle Corp. ORCL 21.90 21.97 21.41 21.68 33.8M
ExxonMobil XOM 91.85 92.95 91.61 92.67 29.8M
Apple AAPL 190.30 190.30 187.00 187.62 27.3M
Comcast CMCSA 22.57 22.57 21.98 22.08 26.3M
Wells Fargo & Co. WFC 29.27 29.65 28.61 28.95 25.9M
AT&T Inc. T 39.85 40.22 39.65 40.07 25.3M
HP Inc. HPQ 47.07 47.52 46.31 47.29 24.8M
ConocoPhillips COP 89.82 92.15 89.76 91.98 22M
JPMorgan Chase JPM 47.25 47.32 46.05 46.53 20.9M
UnitedHealth Group UNH 32.11 32.59 31.86 32.32 17.7M
Chevron CVX 99.02 100.47 98.89 100.38 16.3M
Wal-Mart Stores WMT 57.39 57.43 56.59 57.04 14.5M
Bristol-Myers Squibb BMY 22.03 22.06 21.73 21.94 14.1M
Altria MO 22.30 22.49 22.06 22.45 14M
Home Depot HD 29.85 29.85 28.75 29.10 13.2M
Verizon Communications VZ 39.00 39.00 38.44 38.77 13M
Walt Disney & Co. DIS 34.97 35.02 34.47 34.91 12.7M
Procter & Gamble PG 66.46 66.97 66.42 66.75 12.3M
Merck MRK 40.21 40.21 39.63 40.00 12M
Abbott Laboratories ABT 54.88 55.00 54.51 54.71 9.9M
Johnson & Johnson JNJ 66.91 66.91 66.30 66.68 9.76M
Schlumberger SLB 104.83 105.75 103.85 105.31 9.68M
Coca-Cola KO 57.06 57.40 56.78 57.07 8.98M
Alphabet GOOGL 581.43 584.68 578.32 580.07 8.54M
Visa V 82.71 82.85 81.26 82.37 8.52M
Amgen AMGN 42.17 42.17 41.63 42.03 8.24M
Pepsico PEP 68.32 68.44 67.76 67.87 7.18M
Boeing BA 85.84 85.84 84.74 85.17 7.13M
International Business Machines IBM 128.46 128.48 126.80 127.82 6.37M
Amazon AMZN 76.42 76.83 74.86 76.46 6.21M
United Technologies UTX 74.26 74.56 73.49 73.96 5.71M
McDonald's MCD 60.87 60.95 60.27 60.53 5.69M
Gilead Sciences GILD 53.25 53.45 52.34 53.09 5.57M
3M MMM 77.99 78.82 77.46 78.66 4.15M
Union Pacific UNP 152.25 156.15 151.92 153.00 4M
Berkshire Hathaway BRK.B 4070.00 4106.00 4040.00 4077.00 31.4K
Exchange Rates of May 16, 2008
CurrenciesExchange Rates
US Dollar Japanese Yen 1 USD = 104.030 JPY 1 JPY = 0.010 USD
US Dollar Canadian Dollar 1 USD = 0.999 CAD 1 CAD = 1.001 USD
US Dollar Swiss Franc 1 USD = 1.048 CHF 1 CHF = 0.955 USD
US Dollar Chinese Yuan 1 USD = 6.993 CNY 1 CNY = 0.143 USD
Euro Japanese Yen 1 EUR = 162.110 JPY 1 JPY = 0.006 EUR
Euro Pound Sterling 1 EUR = 0.796 GBP 1 GBP = 1.257 EUR
Euro Australian Dollar 1 EUR = 1.630 AUD 1 AUD = 0.614 EUR
Euro Canadian Dollar 1 EUR = 1.556 CAD 1 CAD = 0.643 EUR
Euro Swiss Franc 1 EUR = 1.632 CHF 1 CHF = 0.613 EUR
Japanese Yen Pound Sterling 1 JPY = 0.491 GBP 1 GBP = 2.038 JPY
Japanese Yen Australian Dollar 1 JPY = 1.005 AUD 1 AUD = 0.995 JPY
Japanese Yen Canadian Dollar 1 JPY = 0.959 CAD 1 CAD = 1.042 JPY
Japanese Yen Swiss Franc 1 JPY = 1.007 CHF 1 CHF = 0.993 JPY
Pound Sterling Australian Dollar 1 GBP = 2.048 AUD 1 AUD = 0.488 GBP
Pound Sterling Canadian Dollar 1 GBP = 1.955 CAD 1 CAD = 0.511 GBP
Pound Sterling Swiss Franc 1 GBP = 2.050 CHF 1 CHF = 0.488 GBP
Australian Dollar Canadian Dollar 1 AUD = 0.954 CAD 1 CAD = 1.048 AUD
Australian Dollar Swiss Franc 1 AUD = 1.001 CHF 1 CHF = 0.999 AUD
Canadian Dollar Swiss Franc 1 CAD = 1.048 CHF 1 CHF = 0.954 CAD

See what else happened on May 16, 2008