Financial news on October 20, 2010

Business and Financial news
A Gray Market in Real Estate

Real estate brokers in China say buyers often sidestep official bank loans, financing their home purchases from hidden sources of income. Read more..

By DAVID BARBOZA - The New York Times

Big Hurdles in Canada for BHP’s Potash Bid

Saskatchewan is expected to formally oppose BHP Billiton’s hostile bid for the Potash Corporation of Saskatchewan, putting pressure on the Canadian government to block the proposed $38.6 billion takeover. Read more..

By CYRUS SANATI - The New York Times

BlackRock Investors Look for 3rd-Quarter Spark

BlackRock’s shareholders will be looking for an indication that the world’s largest money manager is more than a tired behemoth when it posts third-quarter earnings Wednesday. Read more..

By DEALBOOK - The New York Times

BlackRock Posts $551 Million Quarterly Profit

BlackRock announced Wednesday a dramatic increase in profits for the third quarter, of about $551 million. Read more..

By DEALBOOK - The New York Times

Decline in Rare-Earth Exports Rattles Germany

China's curtailing of rare earth exports is causing so much concern in Germany that industry and government are joining forces by appealing to the European Commission and the World Trade Organization to intervene. Read more..

By JUDY DEMPSEY - International Herald Tribune

Fed Wants Banks to Buy Back Some Bad Mortgages

Two years after the Fed bought billions of dollars in mortgage securities as part of the financial bailout, it is pressing banks to buy some of them back. Read more..

By NELSON D. SCHWARTZ - The New York Times

Hedge Funds Look to Asia for Distressed Assets

Hedge funds seeking distressed assets in Asia may find the best opportunities in Japan, China and Australia next year as banks sell soured loans, and small and medium-sized businesses struggle to attract funding, Bloomberg News reported. Read more..

By DEALBOOK - The New York Times

Lockheed Cuts Profit Estimate for Year

The military contractor said sales growth would slow next year as a long surge in Pentagon spending came to an end. Read more..

By CHRISTOPHER DREW - The New York Times

Proving Innovation in Medicare

A proposal to rein in Medicare spending would allow coverage of treatments for three years to prove that they work better than cheaper treatments. Read more..

By DAVID LEONHARDT - The New York Times

White House Economist Puts Message on the Web

Austan Goolsbee is the pitchman in a series of Web videos the White House is using to convey the president’s message on economic policy. Read more..

By SEWELL CHAN - The New York Times

Stock Markets

Values are reported in US Dollars

StockTicker symbolOpenHighLowCloseVolume
Wells Fargo & Co.WFC24.2725.9724.1725.60101M
IntelINTC19.3019.7819.2919.6484.9M
General ElectricGE16.1916.2015.8816.0569.7M
MicrosoftMSFT25.2625.4025.1025.3156.3M
Cisco SystemsCSCO22.9123.5822.9123.4044.9M
JPMorgan ChaseJPM38.0038.3037.4638.1043.5M
PfizerPFE17.4617.7517.3017.6642.5M
ComcastCMCSA19.2519.5719.1419.3841.4M
Oracle Corp.ORCL29.0129.1828.6028.6439.1M
AppleAAPL309.00314.25306.87310.5325.8M
Abbott LaboratoriesABT52.1852.5551.6752.4222.7M
AT&T Inc.T28.3128.6728.3028.6122.5M
ExxonMobilXOM65.4766.4065.3566.0120.5M
Gilead SciencesGILD37.4939.2537.2838.3920.1M
Home DepotHD30.5230.9730.3330.7318.5M
HP Inc.HPQ43.0043.2542.7642.8218.4M
Coca-ColaKO60.3761.6860.3761.1516.2M
Verizon CommunicationsVZ32.3432.8132.3032.6415.2M
AltriaMO24.8324.9724.6824.9213M
ConocoPhillipsCOP60.1861.6959.9061.2712.8M
PepsicoPEP65.7065.8264.8764.9711.6M
UnitedHealth GroupUNH35.4636.7535.4536.7310.4M
Procter & GamblePG62.8863.6262.7763.3710.3M
Johnson & JohnsonJNJ63.3264.0363.0663.6010.2M
Walt Disney & Co.DIS34.2734.7534.2734.6210.1M
Wal-Mart StoresWMT53.2953.8453.2553.479.74M
MerckMRK36.6137.2536.5736.999.67M
ChevronCVX83.1484.5282.9384.028.84M
United TechnologiesUTX72.0174.2871.9273.928.76M
SchlumbergerSLB63.4464.7563.1164.298.64M
BoeingBA70.0071.9469.5771.368.07M
Bristol-Myers SquibbBMY26.8227.1326.8026.897.25M
AlphabetGOOGL608.14617.38607.50607.987.04M
International Business MachinesIBM138.28139.87138.13139.076.95M
McDonald'sMCD77.2778.1477.1777.416.42M
AmgenAMGN57.8358.3657.1757.736.18M
AmazonAMZN158.78159.87156.57158.675.79M
VisaV77.7679.9377.2679.524.96M
Berkshire HathawayBRK.B82.5583.2482.2582.924.31M
3MMMM88.7389.9588.6089.472.82M
Union PacificUNP84.4586.0784.4585.792.72M
Exchange Rates of October 20, 2010
CurrenciesExchange Rates
US DollarJapanese Yen1 USD = 81.130 JPY1 JPY = 0.012 USD
US DollarCanadian Dollar1 USD = 1.022 CAD1 CAD = 0.979 USD
US DollarSwiss Franc1 USD = 0.962 CHF1 CHF = 1.039 USD
US DollarChinese Yuan1 USD = 6.653 CNY1 CNY = 0.150 USD
EuroJapanese Yen1 EUR = 113.230 JPY1 JPY = 0.009 EUR
EuroPound Sterling1 EUR = 0.881 GBP1 GBP = 1.135 EUR
EuroAustralian Dollar1 EUR = 1.415 AUD1 AUD = 0.707 EUR
EuroCanadian Dollar1 EUR = 1.425 CAD1 CAD = 0.702 EUR
EuroSwiss Franc1 EUR = 1.343 CHF1 CHF = 0.745 EUR
EuroChinese Yuan1 EUR = 9.288 CNY1 CNY = 0.108 EUR
Japanese YenPound Sterling1 JPY = 0.778 GBP1 GBP = 1.286 JPY
Japanese YenAustralian Dollar1 JPY = 1.249 AUD1 AUD = 0.801 JPY
Japanese YenCanadian Dollar1 JPY = 1.259 CAD1 CAD = 0.794 JPY
Japanese YenSwiss Franc1 JPY = 1.186 CHF1 CHF = 0.843 JPY
Pound SterlingAustralian Dollar1 GBP = 1.606 AUD1 AUD = 0.623 GBP
Pound SterlingCanadian Dollar1 GBP = 1.618 CAD1 CAD = 0.618 GBP
Pound SterlingSwiss Franc1 GBP = 1.524 CHF1 CHF = 0.656 GBP
Pound SterlingChinese Yuan1 GBP = 10.528 CNY1 CNY = 0.095 GBP
Australian DollarCanadian Dollar1 AUD = 1.008 CAD1 CAD = 0.992 AUD
Australian DollarSwiss Franc1 AUD = 0.949 CHF1 CHF = 1.054 AUD
Australian DollarChinese Yuan1 AUD = 6.560 CNY1 CNY = 0.152 AUD
Canadian DollarSwiss Franc1 CAD = 0.942 CHF1 CHF = 1.062 CAD
Canadian DollarChinese Yuan1 CAD = 6.512 CNY1 CNY = 0.154 CAD
Swiss FrancChinese Yuan1 CHF = 6.912 CNY1 CNY = 0.145 CHF

See what else happened on October 20, 2010