Goldman Sachs (GS), whose profit this year will be back to 2006′s level, is receiving pressure from major shareholders owning tens of millions in the bank to reduce bonuses in order to bolster earnings, reports The Wall Street Journal, citing sources familiar. Goldman employees will earn $717,000 on average this year, the Journal notes. The Journal didn’t name the particular investors. Goldman stock is off $1.75, roughly 1%, 171.08
CBS (CBS) is weathering the departure of Oprah, it shares down only 6 cents at $13.25. The network this morning confirmed rumors swirling yesterday that Oprah Winfrey told her staff she’ll end her program in 2011 to go to cable.
J.M. Smucker (SJM) is a little sweeter this morning, its shares up $2.27, or 4.2%, at $55.75, after the company’s fiscal Q2 earnings easily trumped estimates of $1.04 with $1.18. Sales were slightly ahead, too. The company raised its forecast for the year to as much as $4.05, well ahead of estimates of $3.83.
Procter & Gamble (PG), which is trying to buy out Sara Lee (SLE), nevertheless has enough cash to start buying back its shares, CFO Jon Moeller said at the Morgan Stanley (MS) retail conference this morning. The firm said it will pursue “meaningful” share repurchase and doesn’t see acquisitions as a “core” part of its strategy. PG shares are off 4 cents at $62.11 this morning.
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