Oracle Corp. shareholders rejected the pay packages of Chief Executive Officer Larry Ellison and other top managers for a second year, hewing to the recommendation of a proxy adviser that said their compensation is out of sync with the company’s performance.
Hedge funds, whose bearish bets on stocks have held their returns to half the Standard & Poor’s 500 Index in 2013, pushed short sales close to the highest level of the year just as the U.S. budget impasse spurred a doubling in volatility.
ClearBridge Investments’ Richard Freeman followed drug company Alza Corp. for 28 years before buying shares in 1999, when a failed acquisition by a larger company sent shares plunging. Two years later, Johnson & Johnson bought Alza for triple the price the fund paid.
Cummins Inc., VMware Inc. and Chipotle Mexican Grill Inc. show that stock pickers can still outperform the market even as shares move in the same direction as benchmark indexes at near record rates, according to Birinyi Associates Inc.