Financial news on May 23rd, 2007

Business and Financial news
Alcan Rejects a Hostile Bid From Alcoa

The Canadian aluminum producer Alcan rejected a $27.4 billion hostile bid from a rival, Alcoa, calling the offer inadequate. Read more..

By IAN AUSTEN - The New York Times

Boards Feel the Heat as Investor Activists Speak Up

In Europe, shareholder activism now seems to be moving into the hands of ordinary investors. Read more..

By JULIA WERDIGIER - The New York Times

Canada: Nortel Settles Accounting Fraud Investigation

Nortel Networks said it would pay 1 million Canadian dollars ($921,000) as part of a settlement with the Ontario Securities Commission. The payment is not a fine. The company called it a contribution toward the cost of the commission’s inves... Read more..

By IAN AUSTEN - The New York Times

CBS Buying Wallstrip, a Web Finance Site

The acquisition will increase the original Internet video offerings produced by CBS’s interactive unit. Read more..

By BLOOMBERG NEWS - The New York Times

Europeans Approve Vivendi Deal for BMG

The $2.1 billion deal gives Vivendi unmatched market power in determining how much performers and songwriters earn from their creations. Read more..

By THE NEW YORK TIMES - The New York Times

Germany: Investor Confidence on the Rise

German investor confidence rose to an 11-month high in May as company profits surged and economists raised their forecasts for growth this year. The Center for European Economic Research in Mannheim said its index of investor and analyst expectati... Read more..

By BLOOMBERG NEWS - The New York Times

Google Investing in Company Started by Co-Founder’s Wife

Google said it invested $3.9 million this month in 23andMe, a biotech company co-founded last year by Sergey Brin’s wife. Read more..

By MIGUEL HELFT - The New York Times

Hedge Fund Figure Leaves Merrill Lynch

Ben Weston, the chief of its hedge fund development and management group, has left the firm after two years. Read more..

By BLOOMBERG NEWS - The New York Times

Parent of Outback Chain Accepts Higher Bid

OSI Restaurant Partners agreed to a higher $3.1 billion takeover offer from a group led by Bain Capital Partners and Catterton Partners. Read more..

By BLOOMBERG NEWS - The New York Times

Worth a Lot, but Are Hedge Funds Worth It?

The hedge fund stars may gleam, but the average fund did worse last year, after fees, than the S.& P. Read more..

By DAVID LEONHARDT - The New York Times

Stock Markets

Values are reported in US Dollars

StockTicker symbolOpenHighLowCloseVolume
Cisco SystemsCSCO26.4126.4325.8825.9754.8M
General ElectricGE37.4537.8037.3437.6034.3M
Oracle Corp.ORCL19.3819.4719.1519.1623.1M
HP Inc.HPQ45.8046.1145.5845.6319.6M
Verizon CommunicationsVZ42.6543.0342.3642.6715.1M
AT&T Inc.T40.4540.7040.2840.4115M
Wells Fargo & Co.WFC36.0636.1935.9036.0914.5M
Wal-Mart StoresWMT46.7647.1446.3246.3314.3M
JPMorgan ChaseJPM52.3352.6451.9351.9911.2M
Home DepotHD38.7239.1338.6138.7810.9M
Abbott LaboratoriesABT57.7058.0657.1357.2110.6M
Johnson & JohnsonJNJ63.7764.1063.6463.819.82M
Walt Disney & Co.DIS36.2736.7936.2536.487.89M
Procter & GamblePG63.0363.4363.0263.107.69M
UnitedHealth GroupUNH53.8954.2553.6153.936.72M
Bristol-Myers SquibbBMY30.0630.2329.8430.006.58M
International Business MachinesIBM106.80107.00105.25105.584.4M
Gilead SciencesGILD83.6184.4782.5182.574.25M
United TechnologiesUTX69.2569.3068.6968.853.8M
Union PacificUNP119.12119.50118.33118.901.72M
Berkshire HathawayBRK.B3640.003649.003628.503639.006.9K
Exchange Rates of May 23rd, 2007
CurrenciesExchange Rates
US DollarJapanese Yen1 USD = 121.650 JPY1 JPY = 0.008 USD
US DollarCanadian Dollar1 USD = 1.082 CAD1 CAD = 0.924 USD
US DollarSwiss Franc1 USD = 1.228 CHF1 CHF = 0.815 USD
US DollarChinese Yuan1 USD = 7.653 CNY1 CNY = 0.131 USD
EuroJapanese Yen1 EUR = 163.730 JPY1 JPY = 0.006 EUR
EuroPound Sterling1 EUR = 0.677 GBP1 GBP = 1.476 EUR
EuroAustralian Dollar1 EUR = 1.633 AUD1 AUD = 0.612 EUR
EuroCanadian Dollar1 EUR = 1.456 CAD1 CAD = 0.687 EUR
EuroSwiss Franc1 EUR = 1.652 CHF1 CHF = 0.605 EUR
Japanese YenPound Sterling1 JPY = 0.414 GBP1 GBP = 2.418 JPY
Japanese YenAustralian Dollar1 JPY = 0.997 AUD1 AUD = 1.003 JPY
Japanese YenCanadian Dollar1 JPY = 0.889 CAD1 CAD = 1.125 JPY
Japanese YenSwiss Franc1 JPY = 1.009 CHF1 CHF = 0.991 JPY
Pound SterlingAustralian Dollar1 GBP = 2.411 AUD1 AUD = 0.415 GBP
Pound SterlingCanadian Dollar1 GBP = 2.150 CAD1 CAD = 0.465 GBP
Pound SterlingSwiss Franc1 GBP = 2.439 CHF1 CHF = 0.410 GBP
Australian DollarCanadian Dollar1 AUD = 0.891 CAD1 CAD = 1.122 AUD
Australian DollarSwiss Franc1 AUD = 1.011 CHF1 CHF = 0.989 AUD
Canadian DollarSwiss Franc1 CAD = 1.134 CHF1 CHF = 0.882 CAD

See what else happened on May 23rd, 2007