Good Evening! Monday’s closing prices for U.S. equities were uneven, after a failure to maintain momentum from last week’s first significant surge of the year.
The technology sector led the advance, with the Nasdaq Composite gaining 0.63%, an outlier in the session, but far behind the more than 2% gain the index had earlier in the day. The S&P 500 and Dow Jones both ended the day in the red, losing 0.08% and 0.34%, respectively, after reducing their respective gains for the day.
JUST THE BEGINNING
According to an internal document acquired by Yahoo Finance, Disney (DIS) CEO, Bob Iger informed Disney’s hybrid workers that effective March 1, they must be in the office at least four days each week. Monday through Thursday will be the preferred days for face-to-face meetings.
Lots of work to be done… The executive has moved swiftly to reverse aspects of his predecessor’s approach, including the dismissal of Kareem Daniel and the reorganization of Disney’s Media and Entertainment Distribution (DMED) business.
That’s not it… Iger has reportedly voiced concern about Chapek’s adverse pricing increases at the company’s theme parks. Disney fans may witness a decrease in the amount of price increases in 2023.
A common theme… Elon Musk, CEO of Tesla and Twitter, Tim Cook, CEO of Apple, and Jamie Dimon, CEO of JPMorgan Chase, have all voiced a preference for in-office attendance over hybrid and remote work.
NEW YEAR, NEW SEC SETTLEMENT
In a settlement with the U.S. Securities and Exchange Commission over claims of investor fraud, former McDonald’s (MCD) CEO Stephen Easterbrook agreed to pay back about $52.7 million.
What happened? The agency argues that Easterbrook deceived the business’s investors by lying about sexual ties with company subordinates while he was CEO, leading to a separation payout that he should not have received because of the alleged fraud.
In its decision, the SEC said that Easterbrook agreed to pay back $52.7 million to the corporation, including disgorgement, pre-judgment interest, and agency penalties on his ill-gotten earnings. The former CEO, who neither confirmed nor disputed the allegations, consented to a $400,000 civil penalty and a five-year ban from serving as an officer or director of a corporation.
What about McDonald’s? the SEC said that it would not attempt to impose sanctions due to the company’s considerable cooperation with the agency. Without admitting or rejecting the claims, McDonald’s consented to the judgment and promised to take corrective actions, including pursuing and recouping the money given under Easterbrook’s separation agreement.