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: Bank of America trims CEO Moynihan’s pay by about 6% to $30 millionExternal Link

Bank of America Corp. BAC said in a filing late Friday that its board has approved a 6.3% cut on Chief Executive Officer Brian Moynihan’s pay in 2022. Moynihan receives $30 million, compared with a 2021 total compensation of $32 million, the bank said. The board “acknowledged the company’s continued success in 2022 and Mr. Moynihan’s leadership under this operating model particularly in this period of considerable economic uncertainty,” the bank said in a SEC filing. Bank of America notched a $27.5 billion profit in 2022, the third highest net-income performance in the company’s history, it said. Its stock fell 26% in the year, reflecting “weakened investor sentiment given geopolitical tensions and recessionary fears.” Last week, a similar filing from Goldman Sachs Group Inc. GS revealed a 30% pay cut for Goldman’s Chief Executive David Solomon, and earlier last month JPMorgan Chase & Co JPM said it cut special awards paid to Chief Executive Jamie Dimon but kept his pay the same as it was in 2021.

Market Pulse Stories are Rapid-fire, short news bursts on stocks and markets as they move. Visit MarketWatch.com for more information on this news.


Fri, 03 Feb 2023 22:49:00 GMT
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U.S. stocks finish lower, but Nasdaq Composite, S&P 500 book consecutive weekly advanceExternal Link

U.S. stock indexes finished lower on Friday after an unexpectedly strong surge in January nonfarm payrolls reversed the Wall Street's perception that the end of the Fed's rate increases is near. The Dow Jones Industrial Average was off 128 points, or 0.4%, to end at 33,925, while the S&P 500 declined by 1% and the Nasdaq Composite dropped 1.6%. For the week, the S&P 500 booked a weekly gain of 1.6%. The Nasdaq rose 3.3%, booking its fifth consecutive weekly advance and the longest winning streak in over a year, thanks to strong earnings from some major tech companies. The Dow industrials erased its earlier gain and slipped 0.3% this week, according to Dow Jones Market Data.

Market Pulse Stories are Rapid-fire, short news bursts on stocks and markets as they move. Visit MarketWatch.com for more information on this news.


Fri, 03 Feb 2023 21:10:18 GMT
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Growth stocks lag heading toward closing bell FridayExternal Link

Value stocks are faring better than growth equities in Friday's slump, in a choppy trading session following a stronger-than-forecast jobs report and a jump in Treasury yields. The Russell 1000 Value index was off 0.9% in late afternoon trading, while the Russell 1000 Growth index dropped 1.4%, according to FactSet data, at last check. Meanwhile, the yield on the 10-year Treasury note increased 13.5 basis points to 3.531% Friday, its biggest daily rise since Oct. 5 based on 3 p.m. Eastern time levels, according to Dow Jones Market Data. U.S. stocks were down heading toward the closing bell Friday, with losses led by the technology-laden Nasdaq Composite. The Dow Jones Industrial Average was down 0.6%, while the S&P 500 fell 1.2% and the Nasdaq dropped 1.7%, FactSet show, at last check.

Market Pulse Stories are Rapid-fire, short news bursts on stocks and markets as they move. Visit MarketWatch.com for more information on this news.


Fri, 03 Feb 2023 20:57:53 GMT
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: Oil futures fall for the session, with U.S prices at lowest in a monthExternal Link

U.S. oil futures settled lower on Friday, hitting their lowest in a month. It was another rough week for oil as “cooling optimism over the demand outlook and rising U.S. stockpiles kept bears in a position of power,” said Lukman Otunuga, manager, market analysis at FXTM. The European Union is set to enforce sanctions on imports of Russian oil products on Feb. 5. “It will be interesting to see how this may impact global oil prices in the medium to longer term,” said Otunuga. U.S. benchmark West Texas Intermediate crude for March delivery clh23 fell $2.49, or 3.3%, to settle at $73.39 a barrel on the New York Mercantile Exchange. Front-month contract prices settled at their lowest since Jan. 4, down 7.9% for the week, according to Dow Jones Market Data.

Market Pulse Stories are Rapid-fire, short news bursts on stocks and markets as they move. Visit MarketWatch.com for more information on this news.


Fri, 03 Feb 2023 20:00:00 GMT
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: Carvana ‘meme’-like stock bounces back sharply, putting it on track for longest win streak in 19 monthsExternal Link

Shares of Carvana Co. CVNA pulled a sharp U-turn to trade higher in afternoon trading Friday, putting them on track to stretch their “meme”-like win streak to seven sessions. The online used car marketplace’s stock was down as much as 9.1% at the intraday low of $12.95, but was up 0.2% at $14.28 in recent trading. If the stock closes up Friday, it would mark the longest win streak since the eight-day stretch that ended July 12, 2021. The stock has now rocketed 122.1% the past seven sessions. The stock had shown “meme”-like tendencies earlier this month, amid a relatively high short-interest position in the stock, and the company also adopted a shareholder rights plan (“poison pill”) to block investors for taking advantage of the stock’s weakness to buy up a large stake. Short-interest, or bearish bets on the stock, represented 59.7% of the public float, according to the latest exchange data, or shares available for public trading. That compares with that of the original “meme” stocks, with short-interest as a percentage of public float at 23.5% for GameStop Corp. GME and AMC Entertainment Holdings Inc. AMC at 22.6%.

Market Pulse Stories are Rapid-fire, short news bursts on stocks and markets as they move. Visit MarketWatch.com for more information on this news.


Fri, 03 Feb 2023 19:11:00 GMT
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