5/23/22

Another big company says goodbye to Russia. And Bank of America is giving some employees a pay raise. After last week’s brutal week on Wall Street, a little relief to start a new set of five days.

The Dow finished the day up 2% gaining 618 points to close at 31,880
The Nasdaq gained 180, just over 1.5%
The S&P advanced almost 2%, up 72 points.

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It was McDonalds last week. Now Starbucks says it, too, is leaving Russia for good. The coffee chain lasted 15 years there and will close 130 cafes. Starbucks says that accounts for less than 1% of the company’s annual revenue.

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JPMorgan shares popped today after the bank said it will reach a key performance target this year after all. The lender says a 17% return on “tangible common equity” remains their target and may be achieved in 2022. Shares went up 7%.

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Bank of America is bumping its minimum wage to $22 / hour. That’s $46,000 / year for its lowest paid employees. The move comes during a tight labor market which has forced companies to sweeten deals to stand out.

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From Los Angeles, I’m Brian Martin with your BEONDTV After the Bell report.