Markets were giddy Wednesday, rising on some better-than-expected earnings from Time Warner Inc. (NYSE:TWX) as well as the re-election of Bank of America Corp. (NYSE:BAC) CEO Ken Lewis and the bank's other 17 directors. Overall, the Dow finished up 168.78, or 2.11%, to 8,185.73, while the Nasdaq rose 38.13, or 2.28%, to 1,711.94.
Shares of Time Warner finished up 21 cents, or .96%, to $21.98 as New York media reported better-than-expected earnings of 55 cents a share, or $661 million, on revenue of $6.95 billion. Time Warner reportedly is close to shedding its America Online unit.
"Although the company's board of directors has not made any decision, the company currently anticipates that it would initiate a process to spin off one or more parts of the businesses of AOL to Time Warner's stockholders, in one or a series of transactions," the company said in the filing.
Meanwhile, tempers were flaring at Bank of America's annual meeting as disgruntled shareholders expressed their frustrations toward the board and especially Lewis. "I don't understand how you can stand up here and say that you should keep your job," one woman told Lewis, after reading him a sarcastic poem about his $50 million in compensation. Despite the raucous crowd, all 18 current board members had enough support to get re-elected. The markets pushed shares of BofA up 53 cents, or 6.50%, to $8.68.
BofA wasn't the only bank hosting a shareholder meeting today. Morgan Stanley (NYSE:MS) had a more staid affair in Purchase, N.Y., where a similar vote to split chairman and CEO positions was voted down. The markets sent Morgan Stanely shares up $1.99, or 9.44%, to $23.07. - Gerald Magpily
BofA's annual meeting a raucous affair
Time Warner's spinoffs propel earnings
Morgan Stanley's Mack focuses on future
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