Shareholder Showdown: Salesforce Execs' Pay Rejected!

Salesforce shareholders have made a bold move, rejecting the compensation plan for CEO Marc Benioff and other top executives amidst concerns over substantial equity awards.                                                                                                                                                                                                                                                                                                                                                                                                                 July 02, 2024 | [Read Online]( Good Morning! Good morning! The markets are buzzing with activity today. Let’s dive into what’s making headlines! Markets 📈 Stocks kicked off the first trading day of the second half of 2024 on a positive note, closing in the green across major indices. This upbeat start reflects renewed investor confidence and optimism in the market's direction. However, today’s futures are not pointing to such a hot start, with major index futures down half a percent, suggesting a more cautious tone among investors as they digest the latest market developments. As we move into the latter half of the year, market participants are hopeful that the positive momentum will continue, bolstered by encouraging signs of economic stability and growth. - Dow [-0.4%] - S&P 500 [-0.5%] - Nasdaq [-0.6%] - Russell 2k [-0.4%] What to Watch Today: Federal Reserve Chair Jerome Powell is scheduled to deliver a speech in Portugal at 9:30 AM. His remarks are closely watched by investors for any hints on future monetary policy and the economic outlook. At 10:00 AM, the Job Openings and Labor Turnover Survey (JOLTS) for May will be released, providing insight into labor market conditions and job demand. Additionally, auto sales data for June will be announced later today, giving a snapshot of consumer spending and economic health. [The $6 Billion Income Secret of the World's Most Successful Investor]( Most folks don't know it, but Buffett's Berkshire Hathaway will collect $6 Billion in dividend income this year. Most of it from just six stocks. The truth is, the right dividend stocks can help turbocharge your nest egg. But most folks go about it the wrong way. [Discover the 3-step trick to finding top dividend stocks to buy and hold forever]( » Want an Ad-Free Experience + Top Growth Stock Picks? [Upgrade Now!]( Premarket Highlights 🔎 Salesforce Shareholders Reject Compensation Plan for CEO Marc Benioff and Top Executives In a surprising turn of events, Salesforce investors voted against the company's compensation plan for its top executives, including CEO Marc Benioff. This decision came after shareholder advisory groups raised concerns about the substantial equity awards granted to Benioff. 📊 Voting Results According to a regulatory filing on Monday, the resolution to approve the compensation received 339.3 million votes in favor and 404.8 million against at the annual meeting held on Thursday. Despite the board's urging to vote in favor, advisory firms Glass Lewis and Institutional Shareholder Services recommended voting down the measure. 💵 Benioff's Compensation Breakdown For the 2024 fiscal year, Benioff's total compensation rose to $39.6 million from $29.9 million the previous year. His salary remained at $1.55 million, but he received additional stock and option awards and non-equity incentive plan compensation. The most recent compensation package also included previously unbilled security fees. 🏆 Discretionary Equity Grants In January, Benioff was awarded a second long-term equity grant worth $20 million, credited to the company's “successful transformation actions and strong financial performance.” However, Glass Lewis argued that the discretionary equity grants were unwarranted, citing a lack of convincing rationale. 📈 Shareholder Interests Benioff, one of the largest holders of Salesforce with a stake valued at nearly $6 billion, was deemed to have his interests already aligned with shareholders. The nonbinding vote highlights shareholder discontent with the executive compensation strategy. 🗣 Board Response Salesforce’s board acknowledged the outcome, stating, “Our Compensation Committee values the opinions expressed by our stockholders and will consider this vote in future executive compensation decisions.” The company declined further comment. 📉 Stock Performance Despite the internal dissent, Salesforce shares had an impressive 67% rise in the 2024 fiscal year, marking the best performance since 2011. The company’s net income surged to $4.1 billion from $208 million the previous year, and revenue grew by 11% to $34.9 billion. However, Salesforce shares are down 2.6% year to date. Featured Earnings 💰️ - MSC Industrial Direct Company, Inc. [MSM] ... AM - Radius Recycling [RDUS] ... AM - Simulations Plus [SLP] … PM Economy 🏗 - Federal Reserve Chair Jerome Powell speech in Portugal ... 9:30a - Job openings [May] ... 10:00a - Auto sales [Jun] ... TBA Running Hot 🔥 Gainers - Ocean Power [OPTT] >> +20% - Trinity Place Holdings Inc [LPTV] >> +11% - Siyata Mobile Inc [SYTA] >> +42% Decliners - Senti Biosciences Inc (DLA) >> (52%) - Cyngn Inc [CYN] >> (21%) - Conns Inc [CONN] >> (46%) NVIDIA Corporation [NVDA] - Last Close: $124.3 Wall Street’s favorite stock is down around 1%. Many think the massive rally in this chipmaker is overdone and ready for a pullback. Investors are watching closely to see if this dip signals a broader correction or just a temporary pause. My Take: NVDA has had a crazy run over the past year. I would be cautious trading this name, long or short until clarity emerges on its direction. Carnival Corporation (CCL) - Last Close: $17.71 Shares of the cruise ship operator are down another 1% today after losing almost 6% yesterday. The stock is falling due to concerns about Hurricane Beryl potentially disrupting the company's operations. Investors are worried that the storm could impact travel itineraries and lead to cancellations, further affecting Carnival's financial performance. My Take: The drop in Carnival's stock due to Hurricane Beryl might be an overreaction. If you believe in the company's long-term potential, this could be a good buying opportunity. Versus Systems Inc (VS) - Last Close: $1.32 Shares of Versus Systems are up 80% in pre-market trading. The company is rallying due to appointing a new CEO, Curtis Wolfe. This leadership change follows the resignation of the former CEO, CFO, and several directors, marking a new chapter for the company. My Take: Its a turn around story on a penny stock. With penny stocks you want to trade the hype and momentum and not get too sucked into the story. That's it for today! Thanks for reading, and good luck out there! Best Regards, — Adam Garcia Text ELITE to 47121 or [click here]( to get our alerts on your mobile device, and never miss another fast-moving stock! P.S. 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