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Entries in Cisco Systems (2)

Thursday
Aug112011

Wall Street Report: Stocks Surge, Dow Up 400 Points

Mario Tama/Getty Images(NEW YORK) -- The Dow Jones industrial average finished up 423.37 points, or 3.95 percent, to 11,143.31 on Thursday. The Standard & Poor's 500 Index shot up 51.88 points, or 4.63 percent, to 1,172.64. The Nasdaq was up 111.63 points, or 4.69 percent, at 2,492.68. U.S. stocks moved sharply higher Thursday after nearly a week of steep losses over debt fears here and in Europe.

Investors reacted positively to a bit of good news among the gloom: New U.S. claims for unemployment benefits dropped to a four-month low last week, the government reported Thursday. Initial claims for state unemployment benefits fell 7,000 to a seasonally adjusted 395,000, the Labor Department said, the lowest level since the week ended April 2.

Tech giant Cisco turned in an earnings report with better-than-expected sales, sending the shares up 17 percent. CEO John Chambers reported "solid progress" on the networking equipment firm's turnaround effort.

The markets here and abroad were also buoyed by an announcement that French President Nicolas Sarkozy and German Chancellor Angela Merkel will meet in Paris next Tuesday to discuss euro zone governance and other international issues.

Investor worries over French banks have weighed on the stocks over the past two days.

Copyright 2011 ABC News Radio

Thursday
Dec162010

Christmas Comes Early: Top CEO Bonuses of 2010

Photo Courtesy - Getty Images(NEW YORK) -- In a tough economic year, when even some CEOs have had to scrimp and save, others are finding big bonuses beneath the tree.

Aaron Boyd, head of research for Equilar, an executive compensation data firm, says it's still too early to say how generous a year 2010 will turn out to be for chief executives of America's biggest companies.  Most S&P 500 companies don't report their bonus numbers until March or April.  A minority, however -- companies with fiscal years ending early -- file their proxies sooner, allowing analysts like Boyd to get a peek at coming attractions.

His look at some 60 companies that have already filed shows that the CEOs of H.J. Heinz, Oracle, Cisco Systems, Nike and News Corp were the top five biggest bonus winners listed.  William R. Johnson, the chairman and president of H.J. Heinz, came in first on the list with a bonus of $8,589,063, followed by Oracle CEO Lawrence J. Ellison with $6,453,254.  The remaining three CEOs scored bonuses within the $4 million range.

What's noteworthy about their bonuses, says Boyd -- apart from sheer size -- is that all were pre-determined by formulas that take into account how the CEOs' companies performed.

"Companies are moving away from payouts based purely on the discretion of the board," he says.  The trend is toward bonuses tied more closely to performance.

Copyright 2010 ABC News Radio







ABC News Radio