Financial news on October 22, 2008

Business and Financial news
Ally of Russian Finance Official Freed From Prison

Sergei A. Storchak, a close ally of Russia’s finance minister, Aleksei L. Kudrin, was released after spending 11 months in pretrial detention in an embezzlement case. Read more..

By ANDREW E. KRAMER - The New York Times

Argentina Nationalizes $30 Billion in Private Pensions

The government of President Cristina Fernandez said that it had to protect retirees amid the global financial crisis. But her political opponents called it a scramble for cash to prop up tax revenue. Read more..

By ALEXEI BARRIONUEVO - The New York Times

Canada Cuts Key Rate and Signals That More Cuts Are Likely

The Bank of Canada reduced its key lending rate by a quarter of a percentage point to 2.25 percent on Tuesday, and indicated that further reductions were likely. Read more..

By IAN AUSTEN - The New York Times

Earnings Reports Drive Down Shares

Dimming confidence in the corporate sector sent stocks sharply lower as investors digested a discouraging batch of earnings results. Read more..

By MICHAEL M. GRYNBAUM - The New York Times

Investor Sheds a Major Stake in Ford

The move by the billionaire investor Kirk Kerkorian is a stinging no-confidence vote in America’s auto industry. Read more..

By BILL VLASIC - The New York Times

OPEC Ponders Choices as Oil Prices Plummet

History suggests that OPEC will face a tough time propping up prices as oil consumption slows down and the world teeters on the edge of a global recession. Read more..

By JAD MOUAWAD - The New York Times

Profit Declines at BlackRock as Investors Pull Back From Funds

BlackRock, the biggest publicly traded asset manager, said third-quarter profit fell 15 percent as investors unnerved by the financial crisis withdrew money from its stock, bond and money-market funds. Read more..

By BLOOMBERG NEWS - The New York Times

Regional Banks Struggled Through 3rd Quarter

Five regional banks reported another round of painful results, and analysts say their business will worsen as the economy deteriorates. Read more..

By ERIC DASH - The New York Times

Urging Europe to Stay European

President Nicolas Sarkozy suggested that European leaders set up sovereign wealth funds to buy stakes in crucial industries to shield them from foreign raiders. Read more..

By KATRIN BENNHOLD - The New York Times

Stock Markets

Values are reported in US Dollars

Stock Ticker symbol Open High Low Close Volume
Microsoft MSFT 23.04 23.06 20.90 21.53 150M
General Electric GE 20.04 20.20 18.50 18.96 118M
Apple AAPL 97.37 101.25 92.93 96.87 80.3M
Intel INTC 15.19 15.19 14.25 14.58 78.5M
Cisco Systems CSCO 17.34 17.84 16.81 17.41 75.8M
Pfizer PFE 17.00 17.26 16.50 16.74 68.9M
Wells Fargo & Co. WFC 31.84 32.50 29.82 31.30 65.1M
JPMorgan Chase JPM 39.15 40.05 36.01 37.17 60.8M
ExxonMobil XOM 68.74 69.36 63.90 64.57 52.1M
AT&T Inc. T 25.00 25.35 23.00 23.78 48.2M
Oracle Corp. ORCL 17.26 17.50 16.61 17.17 46.9M
Procter & Gamble PG 61.39 61.54 58.35 58.76 34.9M
Comcast CMCSA 15.03 15.11 13.80 14.20 32.6M
ConocoPhillips COP 52.29 52.87 46.86 49.06 31.7M
HP Inc. HPQ 37.36 37.36 34.29 35.23 30.7M
Altria MO 19.14 19.88 18.90 19.29 28.3M
Wal-Mart Stores WMT 53.08 53.57 51.14 52.27 28.2M
Verizon Communications VZ 27.35 27.65 25.00 25.75 24.7M
Home Depot HD 20.04 20.23 18.97 19.47 23.8M
Johnson & Johnson JNJ 62.27 63.10 60.25 61.42 23.3M
Abbott Laboratories ABT 54.98 55.75 52.55 53.86 22.9M
Chevron CVX 63.89 64.84 60.12 61.74 22.2M
Merck MRK 29.10 29.91 27.50 28.01 20.7M
Walt Disney & Co. DIS 24.68 24.68 22.32 23.05 20.6M
Bristol-Myers Squibb BMY 18.23 18.45 17.32 17.53 19.6M
Amazon AMZN 50.05 52.47 47.90 49.99 19.5M
Schlumberger SLB 51.50 51.68 49.22 49.74 19.3M
McDonald's MCD 55.16 56.18 53.60 54.18 18M
Coca-Cola KO 45.60 46.22 44.22 45.38 15.9M
UnitedHealth Group UNH 23.70 24.82 22.70 24.06 15.4M
International Business Machines IBM 87.00 87.59 80.80 83.60 14.2M
Alphabet GOOGL 356.99 369.69 344.00 355.67 13.1M
Gilead Sciences GILD 45.07 47.28 44.35 46.47 12.1M
3M MMM 59.25 60.90 57.08 58.19 11M
Amgen AMGN 51.38 52.21 49.40 49.70 10.4M
Boeing BA 44.16 44.90 41.80 42.91 10.1M
Visa V 49.97 52.00 48.00 48.51 10.1M
United Technologies UTX 49.83 50.66 47.51 48.60 9.8M
Pepsico PEP 53.99 54.86 52.39 53.64 9.41M
Union Pacific UNP 57.59 59.88 55.18 56.87 8.85M
Berkshire Hathaway BRK.B 3985.00 3985.00 3847.00 3948.50 27.6K
Exchange Rates of October 22, 2008
CurrenciesExchange Rates
US Dollar Japanese Yen 1 USD = 97.950 JPY 1 JPY = 0.010 USD
US Dollar Canadian Dollar 1 USD = 1.255 CAD 1 CAD = 0.797 USD
US Dollar Swiss Franc 1 USD = 1.165 CHF 1 CHF = 0.859 USD
US Dollar Chinese Yuan 1 USD = 6.836 CNY 1 CNY = 0.146 USD
Euro Japanese Yen 1 EUR = 125.590 JPY 1 JPY = 0.008 EUR
Euro Pound Sterling 1 EUR = 0.791 GBP 1 GBP = 1.265 EUR
Euro Australian Dollar 1 EUR = 1.910 AUD 1 AUD = 0.524 EUR
Euro Canadian Dollar 1 EUR = 1.610 CAD 1 CAD = 0.621 EUR
Euro Swiss Franc 1 EUR = 1.494 CHF 1 CHF = 0.670 EUR
Euro Chinese Yuan 1 EUR = 8.773 CNY 1 CNY = 0.114 EUR
Japanese Yen Pound Sterling 1 JPY = 0.629 GBP 1 GBP = 1.590 JPY
Japanese Yen Australian Dollar 1 JPY = 1.519 AUD 1 AUD = 0.658 JPY
Japanese Yen Canadian Dollar 1 JPY = 1.281 CAD 1 CAD = 0.781 JPY
Japanese Yen Swiss Franc 1 JPY = 1.188 CHF 1 CHF = 0.842 JPY
Pound Sterling Australian Dollar 1 GBP = 2.415 AUD 1 AUD = 0.414 GBP
Pound Sterling Canadian Dollar 1 GBP = 2.035 CAD 1 CAD = 0.491 GBP
Pound Sterling Swiss Franc 1 GBP = 1.888 CHF 1 CHF = 0.530 GBP
Pound Sterling Chinese Yuan 1 GBP = 11.089 CNY 1 CNY = 0.090 GBP
Australian Dollar Canadian Dollar 1 AUD = 0.842 CAD 1 CAD = 1.188 AUD
Australian Dollar Swiss Franc 1 AUD = 0.780 CHF 1 CHF = 1.281 AUD
Australian Dollar Chinese Yuan 1 AUD = 4.594 CNY 1 CNY = 0.218 AUD
Canadian Dollar Swiss Franc 1 CAD = 0.928 CHF 1 CHF = 1.078 CAD
Canadian Dollar Chinese Yuan 1 CAD = 5.448 CNY 1 CNY = 0.184 CAD
Swiss Franc Chinese Yuan 1 CHF = 5.870 CNY 1 CNY = 0.170 CHF

See what else happened on October 22, 2008