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Wall Street bonuses could be set to rise this year, with debt and equity underwriters likely to see the biggest boosts as deals rebound, according to a report from compensation consulting firm Johnson Associates.
The projected gains come after a lackluster two years for bonuses in financial services, with little to no growth for many professionals after end-of-year incentives exploded in the low-interest-rate environment of 2021 with strong client demand and record activity in the market for initial public offerings (IPOs).
The projected growth follows strong performance from markets in the first half of the year, a rebound in IPO activity, and signs of investors showing greater risk tolerance, among other factors.
Compared to other professionals in financial services, debt underwriters could see the biggest bonus growth of up to 35% this year, the report said, followed by equity underwriters at 30%.
After underwriters, hedge fund, equity sales and firm management professionals could see bonus growth of up to 15%, thanks to strong performance across business segments and investors’ willingness to take on additional risk.
Meanwhile, the retail and commercial sector could see incentives stay flat or fall amid a decline in commercial lending levels.
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Major U.S. equities indexes rallied after jobless claims data released Thursday helped ease worries about the economy. The S&P 500 jumped 2.3%, marking the strongest daily performance for the benchmark index since November 2022. The technology sector spearheaded the broader market recovery, helping the Nasdaq soar 2.9%. The Dow closed 1.8% higher.
Monolithic Power Systems (MPWR) shares led the S&P 500 higher on Thursday, jumping 11.4%. The semiconductor firm specializing in power management technology posted strong quarterly financial results earlier in the week, beating revenue and earnings per share (EPS) expectations amid growing demand for artificial intelligence (AI) power solutions.
Shares of electronic technology manufacturer Parker-Hannifin (PH) soared 10.8%. The provider of motion and control technologies also topped quarterly sales and profit estimates, benefitting from robust demand in its aerospace services segment, despite headwinds in diversified industrials. Aftermarket strength helped boost sales and margins in Parker-Hannifin's aviation business.
Eli Lilly (LLY) shares popped 9.5% after the drugmaker reported better-than-expected sales and profits for the second quarter. Sales of Lilly's diabetes and weight-loss treatments Mounjaro and Zepbound underpinned the strong performance. The company also raised its full-year revenue and earnings outlook, citing production expansions to improve its supply of the popular drugs.
Shares of McKesson (MCK) sank 11.3% on Thursday, marking the steepest drop of any stock in the S&P 500, after the distributor of health care supplies missed quarterly sales estimates. McKesson said fewer product launches, slumping demand for COVID test kits, and a key customer shifting from arthritis treatment Humira to a biosimilar as factors behind the revenue shortfall.
Monster Beverage (MNST) shares lost 10.9% following weaker-than-expected financial results. The company said slower foot traffic at convenience stores has pressured sales of energy drinks.
Shares of Warner Bros Discovery (WBD) dropped 8.9% after the entertainment giant posted a loss of nearly $10 billion for the second quarter, steeper than expected by analysts. The results included a $9.1 billion non-cash goodwill impairment charge reflecting a write-down in value of the company's cable networks, which have been disrupted by streaming services.
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Zillow Group (Z) shares jumped as the real estate services company reported better-than-expected results for the second quarter and named a new chief executive officer.
The company posted a second-quarter loss of $0.07, less than half of what it was a year ago and just one-third of the average estimate of analysts surveyed by Visible Alpha. Revenue was up 13% to $572 million, also beating forecasts.
Residential revenue increased 8% to $409 million, as the company improved connections between high-intent customers and its Premier Agent partners. Rentals revenue gained 29% to $117 million, primarily driven by a 44% increase in multi-family revenue. Mortgages revenue grew 42% to $34 million as purchase loan origination volume soared.
Zillow’s mobile apps and sites had 231 million average monthly unique users, little changed from 2023, although visits rose 4% to 2.5 billion.
Along with the earnings news, the company said COO Jeremy Wacksman has taken over as CEO, replacing Zillow co-founder Rich Barton. Barton will be Co-Executive Chair with fellow co-founder Lloyd Frink.
Zillow shares were up 20% in late trading Thursday. Despite the gain, the stock is still down 14% since the begging of the year.
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