Morgan Stanley’s James P. Gorman has been awarded $37 million — near the top of the $20 million to $40 million range set the by bank’s board of directors — for his performance as chief executive of the storied investment bank in 2023, according to a filing.Morgan Stanley’s MS, +1.07% compensation committee said the pay of roughly $3 million per month reflects Gorman’s “outstanding performance, including his exemplary execution of CEO succession and the transition of leadership,” according to the Friday fili ...

Apple Inc. has sold some 160,000 to 180,000 Vision Pro headsets since the device became available for preorder Friday, but a prominent Apple watcher notes that the product still remains “niche.” Ming-Chi Kuo, an analyst at TF International Securities, wrote overnight that investors may be left with a “positive” read from Apple’s AAPL, +1.91% initial sellout of Vision Pro mixed-reality devices, which could be gauged by their extended delivery times shortly after the order window opened. But he also said ...

Home Depot Inc. and Lowe’s Cos. stocks dipped in premarket trading on Monday after Oppenheimer downgraded the two construction-material and hardware giants to perform from outperform and cut their target prices.Upcoming initial 2024 guidance from Home Depot and Lowe’s “could prove unfavorable catalysts for shares.”Home Depot is due to release its fourth-quarter results on Feb. 20, followed by Lowe’s on Feb. 28. Home Depot’s stock HD, +1.26% fell 0.9%, while Lowe’s LOW, +0.82% retreated by about 0.7%. Oppen ...

Shares of Gilead Sciences Inc. GILD, +1.03% tumbled 10.9% beating in premarket trading Monday, to pullback from an 11-month high, after the biotechnology company disappointing trial results of its lung cancer treatment. That selloff would put the stock in danger of the biggest one-day decline since it plunged 14.3% on Dec. 22, 2014. The company said the Phase 3 Evoke-01 study of Trodelvy vs. docetaxel did not meet its primary endpoint of overall survival in previously treated metastatic non-small cell lung ...

Marriott International Inc. and Hilton Worldwide Holdings Inc. said Monday they grew their hotel room footprints as travel continued its rebound in 2023 from the travel downturn in the wake of the COVID-19 pandemic.As the larger of the two giant hotel chains by market cap, Marriott MAR, +0.43% said its net rooms increased by 4.7% to just under 1.6 million in 2023. Its development pipeline jumped 15% to 573,000 rooms, a record.Net rooms grew 4.7% to over 1.597 million and the company’s development pipeline e ...

Shares of Boeing Co. dropped Monday, after the Federal Aviation Administration recommended more aircraft models of the aerospace giant should have their door plugs inspected. “As an added layer of safety, the Federal Aviation Administration (FAA) is recommending that operators of Boeing 737-900ER aircraft visually inspect mid-exit door plugs to ensure the door is properly secured,” the FAA said on its website. The 737-900ER is not part of the new Max fleet, which had the door-plug issues that led to the ...

Archer Daniels Midland shares plunged in premarket trade on Monday as the agribusiness giant said its chief financial officer has been placed under administrative leave, amid an investigation into accounting practices in its nutrition segment. ADM said CFO Vikram Luther was put on immediate administrative leave following a Securities and Exchange Commission “voluntary” request for documents. The Chicago-based company said outside counsel and the board audit committee are looking at accounting practices a ...

Walmart Inc. will shut down Store No. 8, the big-box retailer’s startup incubator and innovation hub, the Wall Street Journal reported on Friday. It’s the latest move by a retailer to trim expenses and protect profits as shoppers continue to grapple with higher prices.Chief Financial Officer John Rainey told employees in a memo that much of what Store No. 8 did had already been incorporated into the company’s operations as a whole, the Journal said.“We’ve graduated capabilities from this operating approach ...

McDonald’s Corp.’s stock rallied toward a record close Friday, its first in seven months, dismissing Wall Street concerns over declining sales and traffic in an uncertain macroeconomic environment.Wells Fargo’s Zachary Fadem said that after recent conversations with investors, he sees rising fears that the fast-food chain will miss fourth-quarter same-store sales expectations amid growing tensions in the Middle East and an increased promotional environment in the quick-service restaurant industry.Investors ...

PayPal Holdings Inc.’s stock is finishing off the week on a good note.Shares of the payment-technology company PYPL, +6.23% were rising 5.5% in Friday afternoon action, sitting as the second-best performer in the S&P 500 SPX with about two hours left in trading. They’re on track for their highest close since Aug. 2, 2023, when they closed at $73.20. PayPal is on a bit of a hot streak as well, now up for three sessions in a row and ahead 12.1% over that span. The run puts the stock on track for its best thre ...