BofA CEO Blocks Cost-Cutting Proposal and 2 Stocks Hitting 52-Week Highs
Bank Of America Corporation’s (NYSE:BAC) Chief Executive Brian Moynihan personally blocked a cost-reductions proposal that would have slashed the main component of most brokers’ pay for next year, according to a recent Bloomberg report, which said that the proposed plan would have decreased grid payout for Merrill Lynch financial advisers by two percent. The reductions would have impacted advisers generating under $1 million in commissions, which comprises around two-thirds of Merrill Lynch’s “Thundering Herd.” In his move to prevent the cuts, Moynihan overruled Merrill Lynch brokerage chief John Thiel. Shares closed up 2.58 percent on the day at $11.54, and have traded in a 52-week range of $5.27 to $11.52.
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General Motors Company (NYSE:GM) and Volkswagen (VLKAY) will slug it out for the top sales title among overseas automakers next year in China, while they grow their shares as the Japanese automakers, such as Toyota Motor Corporation (NYSE:TM), struggle to recover their own, because of a territorial dispute over some sea islands, according to Bloomberg. Shares closed down 0.14 percent on the day at $27.62, having been traded in a 52-week range of $18.72 to $27.91.
Nomura Holdings (NYSE:NMR) and its peer brokerage Daiwa Securities Co. both have gained on the forecast that Japan’s Nikkei stock average could rise by as much as 30 percent percent in 2013, due to the economic policies of Shinzo Abe. Shares closed up 6.12 percent on the day at $5.55, and have been traded in a 52-week range of $2.94 to $5.24.
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