Market Minute: Ray Irani, Billion-Dollar Oil Executive, Ousted

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Shareholders give the boot to one of the country's wealthiest executives.

The Dow Industrials and the S&P 500 start the week at record highs, as both crossed key psychological levels on Friday. Last week the Dow gained 1.8 percent, the S&P 500 rose 2 percent and the Nasdaq rallied 3 percent.

Ray R. Irani
Bloomberg / Getty Images
One of the highest paid executives in corporate America was voted out of office late Friday. Ray Irani, the 78 year-old chairman of Occidental Petroleum (OXY), sparked shareholder ire because he tried to oust the man who replaced him as CEO. During the past 20 years, Irani has made more than $1.1 billion at Occidental.

JPMorgan Chase (JPM) will remain in the headlines most of this month, leading up to its annual meeting. An influential proxy firm is urging shareholders to vote against the re-election of three directors because their oversight did not catch the moves that led to more than $6 billion in trading losses.

Warren Buffett's Berkshire Hathaway (BRK-A, BRK-B) says its quarterly operating net soared 41 percent, led by strong results in its insurance and investment businesses. On CNBC this morning, Buffett said stocks will go a lot higher over the long term.

In a first for the drug industry, Pfizer (PFE) plans to sell Viagra directly to consumers. Patients will still need a prescription, but they won't face the potential embarrassment of dealing with a pharmacist.

It's only May but Ford (F) expects to set its annual record for sales of hybrid cars this month. The company has sold nearly 30,000 hybrids through the end of April, due mainly to the popularity of its Fusion and C-Max models. Meanwhile, General Motors (GM) reports its sales in China rose 15 percent from a year ago.

And Walt Disney (DIS) shows its mettle: "Iron Man 3" turned in the second biggest domestic opening ever. Imax (IMAX) was also a big winner as the film debuted on many of its digital screens.

-Produced by Drew Trachtenberg


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jeff

Boy I like hearing the Wealthy getting the Boot. Keep it up.

May 06 2013 at 4:23 PM Report abuse +1 rate up rate down Reply
EasyG

And how many more billions he made to put on that golden parachute???.

May 06 2013 at 10:18 AM Report abuse rate up rate down Reply
wssweeps

Isn't that Al Gore's oil company, or did he sell it.

May 06 2013 at 10:13 AM Report abuse rate up rate down Reply