Today is the 15th anniversary of the Nasdaq's all-time high. The index will open about 200 points below the all-time closing high of 5048. (Seeking Alpha)
In an example of appeasement of activist investors run amuck the General Motors CEO and Board agreed to buy back $5 billion in stock, and put forth a new capital allocation plan. In exchange, activist investor Harry Wilson has agreed to drop his bid to join the GM board. GM was bailed out by taxpayers in 2008, costing us collectively billions of dollars. (CNBC)
Qualcomm has announced a $15 billion stock buyback plan. The chipmaker has also decided to raise its dividend by 14% to 48 cents per share. The stock is up over 2% in early trading. (Reuters)
Climbing stock markets and rising real estate values helped create nearly 500,000 new millionaires in the U.S. in 2014. There are now 10.1 million households in the U.S. with $1 million or more in investable assets, excluding the value of their primary residence.
That's up from about 9.6 million in 2013, and tops the prerecession peak of 9.2 million in 2007. (Spectrum Report)
The Nanny State has inflicted another causality. Burger King has dropped soda from its children's menus, following similar announced moves in recent months by McDonald's and Wendy's. (USA Today)