Financial news on August 29, 2008

Business and Financial news
As Biomass Power Rises, a Wood-Fired Plant Is Planned in Texas

The city of Austin, Tex., approved plans for a huge plant that will burn waste wood to make electricity, the latest sign of rising interest in a long-dormant form of renewable energy. Read more..

By KATE GALBRAITH - The New York Times

Canadian Airline Shuts, Stranding Hundreds of Passengers

Hundreds of travelers, including many in Europe, were stranded after Zoom Airlines, based in Ottawa, abruptly stopped operations and sought protection from creditors. Read more..

By IAN AUSTEN - The New York Times

Carmakers Deserve Loan Guarantees, G.M. Official Says

General Motor’s vice chairman, Robert A. Lutz, said the car companies need money to retool their plants but probably cannot raise enough capital on their own. Read more..

By NICK BUNKLEY - The New York Times

Dell’s Profit Drop Surprises Investors

Dell stunned investors with a 17 percent decline in quarterly profit and a warning that a slowdown in technology spending in the United States had begun to spread to Asia and Europe. Read more..

By LAURIE J. FLYNN - The New York Times

Economic Growth Revised Higher

Gross domestic product increased at a 3.3 percent annual rate in the quarter, the government said. Read more..

By MICHAEL M. GRYNBAUM - The New York Times

Oil Producers Prepare for Storm in the Gulf

Oil producers have begun to halt drilling and operations in the Gulf of Mexico, anticipating that Tropical Storm Gustav could pick up speed. Read more..

By CLIFFORD KRAUSS - The New York Times

Rival Rejects a New Plan to Purchase Huntsman

A proposal by a cadre of Huntsman chemical company shareholders to help close the sale of the company to Hexion Specialty Chemicals was rejected by Hexion. Read more..

By MICHAEL J. de la MERCED - The New York Times

Sense and Reality on Energy

In 1974, the country had a president who actually wanted to confront the issue of high oil prices and the proposals made then seem highly relevant now. Read more..

By FLOYD NORRIS - The New York Times

Worker Assets Shrink at Fannie and Freddie

The employees of Fannie Mae and Freddie Mac are reeling as the companies lurch toward what could be a bailout. Read more..

By VIKAS BAJAJ and TARA SIEGEL BERNARD - The New York Times

Stock Markets

Values are reported in US Dollars

Stock Ticker symbol Open High Low Close Volume
Intel INTC 23.28 23.40 22.85 22.87 53.6M
Microsoft MSFT 27.68 27.78 27.29 27.29 50.7M
General Electric GE 28.78 28.88 28.08 28.10 47.1M
Oracle Corp. ORCL 22.40 22.43 21.70 21.93 35.3M
Cisco Systems CSCO 24.35 24.35 23.91 24.05 33.1M
AT&T Inc. T 32.01 32.81 31.99 31.99 31.3M
Wells Fargo & Co. WFC 30.17 30.57 29.84 30.27 29.3M
Pfizer PFE 19.24 19.34 19.07 19.11 25.3M
JPMorgan Chase JPM 38.51 38.94 38.09 38.49 23.3M
ExxonMobil XOM 81.50 81.50 80.01 80.01 22.1M
Apple AAPL 172.96 173.50 169.04 169.53 21.4M
Comcast CMCSA 21.42 21.50 21.13 21.18 14.5M
HP Inc. HPQ 46.75 47.34 46.67 46.92 14.1M
Wal-Mart Stores WMT 59.61 59.88 59.06 59.07 12.9M
Home Depot HD 27.22 27.48 27.02 27.12 12.5M
Merck MRK 36.31 36.33 35.51 35.67 11.6M
Verizon Communications VZ 35.22 35.88 34.55 35.12 10.8M
Altria MO 21.01 21.44 21.01 21.03 10.7M
ConocoPhillips COP 83.99 83.99 82.39 82.51 10.5M
Johnson & Johnson JNJ 71.18 71.40 70.42 70.43 10.4M
Procter & Gamble PG 70.71 71.08 69.74 69.77 9.57M
Walt Disney & Co. DIS 32.37 32.75 32.31 32.35 9.06M
Coca-Cola KO 53.09 53.09 52.04 52.07 8.92M
Bristol-Myers Squibb BMY 21.60 21.71 21.33 21.34 8.7M
Abbott Laboratories ABT 58.47 58.82 57.43 57.43 8.29M
Chevron CVX 87.62 87.73 86.12 86.32 8.09M
Alphabet GOOGL 469.75 471.01 462.33 463.29 7.69M
Schlumberger SLB 97.39 97.54 94.22 94.22 7.5M
International Business Machines IBM 123.71 123.99 121.63 121.73 7.16M
UnitedHealth Group UNH 30.04 30.75 29.86 30.45 7.14M
Amgen AMGN 63.66 64.16 62.83 62.85 6.73M
McDonald's MCD 62.76 62.94 61.81 62.05 5.96M
Gilead Sciences GILD 53.22 53.56 52.34 52.68 5.23M
Union Pacific UNP 82.76 84.95 82.76 83.90 5.12M
Visa V 74.96 76.00 74.70 75.90 4.83M
Amazon AMZN 82.90 82.90 80.50 80.81 4.73M
Pepsico PEP 69.18 69.48 68.43 68.48 4.21M
United Technologies UTX 66.34 66.89 65.43 65.59 3.99M
Boeing BA 66.25 66.43 65.10 65.56 3.91M
3M MMM 72.14 72.55 71.51 71.60 3.44M
Berkshire Hathaway BRK.B 3928.00 3938.00 3863.00 3902.00 16.9K
Exchange Rates of August 29, 2008
CurrenciesExchange Rates
US Dollar Japanese Yen 1 USD = 108.770 JPY 1 JPY = 0.009 USD
US Dollar Canadian Dollar 1 USD = 1.064 CAD 1 CAD = 0.940 USD
US Dollar Swiss Franc 1 USD = 1.101 CHF 1 CHF = 0.908 USD
US Dollar Chinese Yuan 1 USD = 6.835 CNY 1 CNY = 0.146 USD
Euro Japanese Yen 1 EUR = 159.610 JPY 1 JPY = 0.006 EUR
Euro Pound Sterling 1 EUR = 0.805 GBP 1 GBP = 1.242 EUR
Euro Australian Dollar 1 EUR = 1.709 AUD 1 AUD = 0.585 EUR
Euro Canadian Dollar 1 EUR = 1.561 CAD 1 CAD = 0.641 EUR
Euro Swiss Franc 1 EUR = 1.616 CHF 1 CHF = 0.619 EUR
Japanese Yen Pound Sterling 1 JPY = 0.504 GBP 1 GBP = 1.983 JPY
Japanese Yen Australian Dollar 1 JPY = 1.071 AUD 1 AUD = 0.934 JPY
Japanese Yen Canadian Dollar 1 JPY = 0.978 CAD 1 CAD = 1.023 JPY
Japanese Yen Swiss Franc 1 JPY = 1.012 CHF 1 CHF = 0.988 JPY
Pound Sterling Australian Dollar 1 GBP = 2.122 AUD 1 AUD = 0.471 GBP
Pound Sterling Canadian Dollar 1 GBP = 1.938 CAD 1 CAD = 0.516 GBP
Pound Sterling Swiss Franc 1 GBP = 2.005 CHF 1 CHF = 0.499 GBP
Australian Dollar Canadian Dollar 1 AUD = 0.913 CAD 1 CAD = 1.096 AUD
Australian Dollar Swiss Franc 1 AUD = 0.945 CHF 1 CHF = 1.059 AUD
Canadian Dollar Swiss Franc 1 CAD = 1.035 CHF 1 CHF = 0.966 CAD

See what else happened on August 29, 2008