Financial news on October 29, 2008

Business and Financial news
Are Stocks the Bargain You Think?

The bears, who say that stocks are overvalued long term, do have a valid argument. Based on numbers and history, it has at least as much claim on reason as the bullish argument does. Read more..

By DAVID LEONHARDT - The New York Times

Boeing Deal Includes a 15% Raise Over 4 Years

Members of the union that represents machinists at Boeing will begin voting later this week on the tentative agreement, reached Monday night. Read more..

By MICHELINE MAYNARD - The New York Times

Broader Financial Turmoil Threatens Biotech’s Innovation and Cash

Biotech companies, some of the riskiest stock around because most experimental drugs fail, have been negatively impacted by the financial crisis. Read more..

By ANDREW POLLACK - The New York Times

Doubleday Publishing Lays Off 10% of Its Employees

The publishing group denied the cuts were linked to a delivery delay of the author Dan Brown’s new manuscript, or to a change of leadership at Random House, its parent company. Read more..

By MOTOKO RICH - The New York Times

Even as Dow Soars 11%, Skeptics Lurk

Markets surged on bargain-hunting, raising the question of whether stocks have fallen enough to reflect the declines in profits that would accompany a potentially long recession. Read more..

By VIKAS BAJAJ - The New York Times

Gannett to Cut 10% of Workers as Its Profit Slips

The 10 percent figure translates to roughly 3,000 people at the nation’s largest newspaper chain, which has indicated its flagship paper, USA Today, would not be affected. Read more..

BY RICHARD PÉREZ-PEÑA - The New York Times

Grand Plans for Manhattan Hotels Are Stalling

Most hotel projects that have not begun construction are likely to be canceled or delayed, an effect of the economic downturn and the credit crisis. Read more..

By TERRY PRISTIN - The New York Times

Microsoft Introduces Windows 7, Ending Vista Brand

Microsoft introduced what it said would be a slimmer and more responsive version of its Windows operating system. Read more..

By JOHN MARKOFF - The New York Times

Mourning Old Media’s Decline

The paradox is that the print media do not have an audience problem, but a consumer problem. Read more..

By DAVID CARR - The New York Times

Panicked Traders Take VW Shares on a Wild Ride

Regulators are examining a torrent of panicky trading in Volkswagen shares that at one point Tuesday turned VW into the world’s most valuable company. Read more..

By LOUISE STORY, MICHAEL J. DE LA MERCED and CARTER DOUGHERTY - The New York Times

Stock Markets

Values are reported in US Dollars

StockTicker symbolOpenHighLowCloseVolume
General ElectricGE19.5420.0018.7019.20137M
MicrosoftMSFT23.1323.9722.7023.00112M
IntelINTC15.6015.7714.9114.9499.4M
Cisco SystemsCSCO17.9718.7017.6017.8772.6M
Wells Fargo & Co.WFC34.0634.2131.8532.1170M
AppleAAPL100.86109.5499.94104.5569.7M
PfizerPFE17.5718.1217.1317.1966.3M
ExxonMobilXOM74.8777.9973.0674.6562.7M
JPMorgan ChaseJPM37.1138.3835.5135.7161.8M
Oracle Corp.ORCL17.3618.3716.7717.2958.7M
AT&T Inc.T27.5328.0026.3526.9046.8M
ComcastCMCSA16.3516.3515.0815.2840.3M
Wal-Mart StoresWMT55.1356.8053.5555.0234.2M
Home DepotHD21.2523.1820.7421.6532.3M
Verizon CommunicationsVZ31.3931.6529.9830.5032.3M
Procter & GamblePG63.0163.9859.4160.9931M
Johnson & JohnsonJNJ63.3763.3760.0461.5329M
HP Inc.HPQ35.0236.7034.7035.4028.1M
AltriaMO19.4119.9719.0719.1426.1M
ConocoPhillipsCOP50.6052.9948.9750.1525.9M
ChevronCVX70.2274.3269.4171.0025.9M
Abbott LaboratoriesABT54.9355.5052.9754.1721.1M
AlphabetGOOGL365.79371.00352.37358.0019.5M
SchlumbergerSLB49.0054.5048.6250.8818.8M
MerckMRK29.4630.7128.5328.6818.5M
Bristol-Myers SquibbBMY20.2320.7519.7419.8218M
McDonald'sMCD56.6259.9456.0157.1817.8M
Walt Disney & Co.DIS23.7525.4023.5023.9717.1M
AmazonAMZN55.5359.7954.5256.8915.2M
Coca-ColaKO44.6045.8043.5043.8514.9M
AmgenAMGN59.8260.9958.5758.8814.7M
UnitedHealth GroupUNH22.3122.6821.0021.3214.5M
VisaV50.4053.5149.5150.6914M
Gilead SciencesGILD44.7346.4443.9045.6413.5M
BoeingBA48.8152.8248.8149.8012.8M
International Business MachinesIBM87.7491.0086.2588.2012.7M
United TechnologiesUTX51.8054.0050.9052.0811.5M
3MMMM64.2864.9861.8762.5011.3M
PepsicoPEP55.8657.4854.2255.009.26M
Union PacificUNP59.2367.3558.4963.378.77M
Berkshire HathawayBRK.B3590.003718.003560.003695.0040.2K
Exchange Rates of October 29, 2008
CurrenciesExchange Rates
US DollarJapanese Yen1 USD = 97.360 JPY1 JPY = 0.010 USD
US DollarCanadian Dollar1 USD = 1.221 CAD1 CAD = 0.819 USD
US DollarSwiss Franc1 USD = 1.127 CHF1 CHF = 0.887 USD
US DollarChinese Yuan1 USD = 6.842 CNY1 CNY = 0.146 USD
EuroJapanese Yen1 EUR = 126.260 JPY1 JPY = 0.008 EUR
EuroPound Sterling1 EUR = 0.791 GBP1 GBP = 1.265 EUR
EuroAustralian Dollar1 EUR = 1.941 AUD1 AUD = 0.515 EUR
EuroCanadian Dollar1 EUR = 1.584 CAD1 CAD = 0.632 EUR
EuroSwiss Franc1 EUR = 1.462 CHF1 CHF = 0.684 EUR
EuroChinese Yuan1 EUR = 8.871 CNY1 CNY = 0.113 EUR
Japanese YenPound Sterling1 JPY = 0.626 GBP1 GBP = 1.597 JPY
Japanese YenAustralian Dollar1 JPY = 1.537 AUD1 AUD = 0.650 JPY
Japanese YenCanadian Dollar1 JPY = 1.253 CAD1 CAD = 0.798 JPY
Japanese YenSwiss Franc1 JPY = 1.158 CHF1 CHF = 0.864 JPY
Pound SterlingAustralian Dollar1 GBP = 2.453 AUD1 AUD = 0.408 GBP
Pound SterlingCanadian Dollar1 GBP = 2.002 CAD1 CAD = 0.500 GBP
Pound SterlingSwiss Franc1 GBP = 1.849 CHF1 CHF = 0.541 GBP
Pound SterlingChinese Yuan1 GBP = 11.205 CNY1 CNY = 0.089 GBP
Australian DollarCanadian Dollar1 AUD = 0.815 CAD1 CAD = 1.227 AUD
Australian DollarSwiss Franc1 AUD = 0.753 CHF1 CHF = 1.328 AUD
Australian DollarChinese Yuan1 AUD = 4.567 CNY1 CNY = 0.219 AUD
Canadian DollarSwiss Franc1 CAD = 0.923 CHF1 CHF = 1.084 CAD
Canadian DollarChinese Yuan1 CAD = 5.605 CNY1 CNY = 0.178 CAD
Swiss FrancChinese Yuan1 CHF = 6.064 CNY1 CNY = 0.165 CHF

See what else happened on October 29, 2008