Financial news on October 17, 2007

Business and Financial news
China’s Citic Weighs Bear Stearns Bid

The vice chairman of Citic Group confirmed the bank’s intention to bid but said there had not been any “material progress” in its talks with Bear. Read more..

By JOSEPH KAHN - The New York Times

Fired Dow Chemical Officer Sues JPMorgan

A former Dow Chemical executive sued JPMorgan, contending that the bank deceived Dow by not disclosing its role in unauthorized buyout discussions. Read more..

By ANDREW ROSS SORKIN - The New York Times

Foreigners Shedding U.S. Securities

Foreigners dumped American assets in August as mortgage defaults set off a surge in borrowing costs. Read more..

By BLOOMBERG NEWS - The New York Times

Hollywood Producers Drop a Key Demand

Trying to break an impasse with screenwriters, producers withdrew a proposal to retool the decades-old practice of paying residuals for the reuse of movies and TV shows on other media. Read more..

By MICHAEL CIEPLY - The New York Times

I.B.M. Meets Expectations With a Solid Third Quarter

Problems in the banking sector hit I.B.M.’s earnings as financial services companies pulled back from buying mainframe computers and large software packages. Read more..

By STEVE LOHR - The New York Times

Intel, Buoyed by Quarter, Offers an Upbeat Outlook

Intel benefited from a reorganization and various new products after several quarters of a bruising price war with Advanced Micro Devices. Read more..

By LAURIE J. FLYNN - The New York Times

Lehman Pledges Millions to Black College

Lehman Brothers’ $10 million pledge to Spelman, a historically black college for women, will create a program that aims to increase diversity in the financial services sector. Read more..

By ANDREW ROSS SORKIN - The New York Times

New Contract for Moonves Links Pay to CBS’s Results

CBS, which was split off from Viacom in 2005, has struggled like most traditional media companies, as advertising and viewers have migrated to the Web. Read more..


Paulson Says Housing Woes to Worsen

Predicting foreclosure proceedings would begin on one million homes this year, the Treasury secretary called for reforms by mortgage lenders, rating agencies and investment banks. Read more..

By EDMUND L. ANDREWS - The New York Times

The B.B.B. Wants to Advise You Before You Buy

The Better Business Bureau has decided to rebrand itself as a place to make informed purchases on goods and services and not just as a place to file complaints. Read more..

By ELIZABETH OLSON - The New York Times

Stock Markets

Values are reported in US Dollars

StockTicker symbolOpenHighLowCloseVolume
General ElectricGE40,9341,1440,7741,0044.1M
Oracle Corp.ORCL21,9521,9521,1421,4942.2M
Cisco SystemsCSCO32,7032,7431,9132,4638.8M
JPMorgan ChaseJPM47,0447,1245,7546,3734.7M
Wells Fargo & Co.WFC34,8634,9433,7634,2729.2M
Abbott LaboratoriesABT52,1053,0851,0251,2028.6M
Wal-Mart StoresWMT46,1446,3645,2845,9923.9M
Home DepotHD32,8132,9031,4531,7823.2M
AT&T Inc.T42,5742,5741,3341,9322.5M
International Business MachinesIBM118,01118,01114,15115,7818.1M
Bristol-Myers SquibbBMY29,7129,8829,4629,8315.6M
United TechnologiesUTX80,0880,4975,5776,8014.3M
Verizon CommunicationsVZ45,2045,5044,6745,2613.8M
HP Inc.HPQ52,3852,7552,0952,5412.3M
Procter & GamblePG70,6470,8470,3070,5911.9M
Johnson & JohnsonJNJ65,5565,5864,7264,8510.2M
Walt Disney & Co.DIS35,2635,5935,1435,389.03M
Gilead SciencesGILD42,6743,0041,5142,727.52M
UnitedHealth GroupUNH48,4949,4148,2548,605.7M
Union PacificUNP118,58119,80117,21118,984.5M
Berkshire HathawayBRK.B4255,004335,004252,504335,0034.7K
Exchange Rates of October 17, 2007
CurrenciesExchange Rates
US DollarJapanese Yen1 USD = 116,580 JPY1 JPY = 0,009 USD
US DollarCanadian Dollar1 USD = 0,974 CAD1 CAD = 1,027 USD
US DollarSwiss Franc1 USD = 1,179 CHF1 CHF = 0,848 USD
US DollarChinese Yuan1 USD = 7,516 CNY1 CNY = 0,133 USD
EuroJapanese Yen1 EUR = 165,750 JPY1 JPY = 0,006 EUR
EuroPound Sterling1 EUR = 0,696 GBP1 GBP = 1,436 EUR
EuroAustralian Dollar1 EUR = 1,594 AUD1 AUD = 0,627 EUR
EuroCanadian Dollar1 EUR = 1,384 CAD1 CAD = 0,722 EUR
EuroSwiss Franc1 EUR = 1,677 CHF1 CHF = 0,596 EUR
Japanese YenPound Sterling1 JPY = 0,420 GBP1 GBP = 2,382 JPY
Japanese YenAustralian Dollar1 JPY = 0,961 AUD1 AUD = 1,040 JPY
Japanese YenCanadian Dollar1 JPY = 0,835 CAD1 CAD = 1,198 JPY
Japanese YenSwiss Franc1 JPY = 1,011 CHF1 CHF = 0,989 JPY
Pound SterlingAustralian Dollar1 GBP = 2,289 AUD1 AUD = 0,437 GBP
Pound SterlingCanadian Dollar1 GBP = 1,988 CAD1 CAD = 0,503 GBP
Pound SterlingSwiss Franc1 GBP = 2,407 CHF1 CHF = 0,415 GBP
Australian DollarCanadian Dollar1 AUD = 0,868 CAD1 CAD = 1,152 AUD
Australian DollarSwiss Franc1 AUD = 1,051 CHF1 CHF = 0,951 AUD
Canadian DollarSwiss Franc1 CAD = 1,211 CHF1 CHF = 0,826 CAD

See what else happened on October 17, 2007