Dissecting the Myth of the $1 a Year CEO

Michael Brush MSN Money January 18, 2012

1/17/2012 7:39 PM ET

By Michael Brush, MSN Money

New Apple chief Tim Cook took some heat for taking $378 million in stock, compared with Steve Jobs' fabled $1 a year salary. But how much compensation do dollar CEOs really get?

When Apple announced last week that Tim Cook got $378 million worth of stock when he became CEO in 2011, commentators quickly took shots at him, reminding us that Steve Jobs, by contrast, made just $1 a year.

That comparison was like hearing fingernails on a chalkboard to anyone who follows CEO pay levels closely.

While it's true that Jobs' salary was just $1 a year, he was worth an estimated $6.7 billion at the time of his death, in large part because of a huge stock grant he received from Apple (AAPL, news) in 2003.

Now, with proxy season -- that time of the year when companies hand shareholders annual meeting packets stuffed with fresh details on CEO pay -- around the corner, we're about to hear a lot of companies bragging about CEOs who make only $1 a year. In fact, for many if not most CEOs, salary is a relatively small part of compensation.

So I thought it would be fun to take a look at how much some of these "$1 CEOs" actually make. Because, trust me, it's always way more than a dollar. And some $1 CEOs are perennially the highest-paid CEOs around when you count all their earnings.

In short, you'd love to make a buck the way these CEOs do.

CEOs who accept a dollar salary deserve some credit.

Michael Brush

After all, shareholders are saving about $1 million a year, the typical CEO salary at a large company. A $1 salary can also be a bold statement of confidence, since the only reward for a dollar CEO may come if the value of his or her stock and options grants goes up. "It's the CEO putting his (or her) money where his mouth is, saying, 'If the stock doesn't perform, I am not going to make any money,'" says Paul Hodgson, an analyst at GMI, an independent corporate governance analysis company.

But the latter is true only in theory. As with a lot of CEO pay questions, the devil's in the details with dollar pay, says Hodgson. As you are about to see, dollar pay is typically a myth, since the CEOs getting $1 in salary often get huge stock-and-option grants. And those grants often come without the strings that would tie them closely to their stock's performance.

Let's take a look at some examples where $1 pay means little -- and one case where it's meaningful and actually part of an attempt to create egalitarian pay inside a company.

Oracle: When $1 means $77 million

In his company's most-recent fiscal year, Oracle (ORCL, news) founder and CEO Larry Ellison took a pay cut of sorts; his salary dropped to $1 from $250,000 the year before, and $1 million the year before that. The company says he got just $1 in salary in part so that the board could focus on types of pay that might motivate him more -- like stock options.

That sounds nice in theory. Oracle shareholders save almost $1 million a year. And those options motivate Ellison to work harder to raise the stock's value, helping all shareholders.

But in fact, from a CEO pay perspective, Oracle's CEO compensation plan is "ridiculous for a number of reasons," says Hodgson.

Here's one I'd point out right away. Though Ellison has an estimated net worth of $33 billion because of all the Oracle stock he owns as founder, Oracle's board still makes shareholders pay more for his home security than what most CEOs at big companies get in salary for a year. In 2010-11, Oracle gave Ellison $1.53 million to cover home security costs, whereas CEO salaries typically cap out at $1 million. (Unless otherwise noted, the pay numbers here are from 2010, the most recent year available. They most likely haven't changed much.)

But what really irks pay experts like Hodgson and Brandon Rees, the deputy director of the AFL-CIO Office of Investment, is that Ellison gets any stock options at all. And their complaints are not merely the "politics of envy," as conservative presidential candidates like to say of anyone who criticizes excessive CEO pay.

What they mean is that Oracle's board, like any board, should design and grant options to motivate Ellison to work harder for shareholders. Remember, boards are supposed to deploy company money in ways that ultimately help shareholders, not just managers.

Are CEOs overpaid?

Yet Oracle's option grants to Ellison don't seem to do that, for two reasons. First, they contain no performance metrics. They are "pay for pulse," says Rees, meaning that even if Ellison does nothing and Oracle stock simply goes up as much as the market, Ellison is rewarded. Secondly, Ellison already owns so much stock -- 1.1 billion shares -- that it's hard to imagine that a few more will motivate him more.

After all, options come at a cost to investors. Companies have to create new stock to back options; this means lower earnings per share, which generally lowers a stock's value. Plus shareholders foot the bill for CEO profits on options, since the money doesn't come out of thin air. And Ellison's options grants are enormous. He got 7 million shares in 2010, which the company valued at $62.7 million. That, plus some other pay, took his total pay to $77.5 million, as calculated by the company.

Not bad for a guy with a $1 salary.

This has been going on for years. As of the start of 2012, Ellison had 44.4 million options that would be worth $396 million in profits assuming they were all exercisable, according to Equilar, an executive compensation data firm. And because those options grant him the right to buy shares for years to come, their potential value is much higher. "As founder, he has substantial ownership, and yet he continues to extract large options grants that dilute company shareholders year after year," says Rees.

Oracle declined to comment. But in Ellison's defense, I'll say two things. First, without him, there'd be no Oracle, since he founded the company in 1977 and has worked hard to develop it since. He deserves credit, and reward, for that. Second, he's signed the Giving Pledge agreeing to eventually give away most of his wealth to charity.

Continued on the next page. Stocks mentioned include: Duke Energy (DUK, news), Capital One Financial (COF, news) and Google (GOOG, news).

Continued: 2 more $1-or-less CEOsSingle page12Next >RELATED ARTICLESWhat Wall St. protesters have right - 1 - economy & income - MSN MoneyYou're fired -- here's $9 million - 1 - CEO severance - MSN MoneyWhat's B of A's problem now? - 1 - bank stocks & investing - MSN ...Could President Trump fix America? - 2 - business & politics - MSN ...5 big vacation-time executive perks - 1 - CEO benefits - MSN Money6 stocks insiders are snapping up - 1 - investing strategy - MSN MoneyVIDEO ON MSN MONEY/*$.dap("&PG=INVPEB&AP=1402",600,250,"ConAd-1");Feedback /**/ var scp_UserRating=-1; down_arrow_hover= new Image(); down_arrow_hover.src = 'http://blu.stc.s-msn.com/br/scp/css/15/decoration/toolbar/rating/down_hover.gif'; down_arrow_normal= new Image(); down_arrow_normal.src = 'http://blu.stc.s-msn.com/br/scp/css/15/decoration/toolbar/rating/down_normal.gif'; up_arrow_hover= new Image(); up_arrow_hover.src = 'http://blu.stc.s-msn.com/br/scp/css/15/decoration/toolbar/rating/up_hover.gif'; up_arrow_normal= new Image(); up_arrow_normal.src = 'http://blu.stc.s-msn.com/br/scp/css/15/decoration/toolbar/rating/up_normal.gif'; var scp_thankyoutext = 'Thank you!'; var scp_thankyoualttext = 'You have voted on this'; var scp_votestext = '{0} votes'; var scp_votescount = 0; var scp_errmsg = 'Errors occured while saving your rating. Please try again later.'; var scp_yesvotes = 0; var scp_jsurl='MSNRRV2.aspx'; var scp_jsargs='rrct\x3doE0QuuCFWRgt\x252fxpt\x252fkHSJs57VE1CLazX0d\x252bTwJqkFcL2bGg2NfKHVpqPgCXgbdIu44PGKTGiof\x252bondjNZtfcRUwAkrsieg2SGGJwO7mGay4g1L0R1K7Q7IKxlJHl\x252fqZUQJ5Z2KyAqoc5xAKOrzr\x252b8Y78HQci6UziLEqA05I\x252b6Wc\x253d\x26values\x3dshFp7XlTQbexq2I491\x252fdUQ\x253d\x253d\x26rritemId\x3dTZsRd4pyoJ1qQ2wcthY8unKf43j6dcHy6\x252fdRYDZYlsn88G5hkajqaURO2fSxsTUcn9SHu2jqePU7wjgNZNe3PQ\x253d\x253d\x26rrpurl\x3dhttp\x253a\x252f\x252fmoney.msn.com\x252finvesting\x252fthe-myth-of-the-1-dollar-ceo-brush.aspx'; var scp_itemid = 'scp\x3abbcdiscussion\x3a8265671d-8250-4636-87fc-b89c0eddb368'; function BinaryRatingToolBar(ratingValue){scpjs.socialToolbar._handleBinaryRating(ratingValue);} Recommend 0% 0% ToolBarUpdateRating('scp\x3abbcdiscussion\x3a8265671d-8250-4636-87fc-b89c0eddb368','ratCntrlBinary'); jQuery.async('scp', function () { jQuery.scp.socialToolbar({"partnerId":"e70689f0-2848-458a-b8ae-965c0aac79c8","jsUrl":"http://us.social.s-msn.com/s/js/16.8/ue.min.js","enabled":true,"previewMode":false,"contentId":"yrqrjv4ys7ex3bg07wc23hxf7bj74f9k","boardId":"00000065-02a6-0000-0000-000000000000","threadId":"8265671d-8250-4636-87fc-b89c0eddb368","urlParams":{"title":"","desc":"","image":"","url":"http://money.msn.com/investing/the-myth-of-the-1-dollar-ceo-brush.aspx","s-url":"http://on-msn.com/z73EtR"},"timesShared":9,"shareCountUrlBase":"http://social.msn.com/boards","settingsCookieDomain":"msn.com","showMiniTb":true,"showRatings":true,"showEmail":true,"showPrint":true,"showIM":false,"imagesDir":"","printUrl":"","sharingSites":[{"id":"1","name":"Messenger","icon":"http://media.social.s-msn.com/images/blogs/Messenger.png","smallIcon":"http://media.social.s-msn.com/images/blogs/Messenger-s.png","urlTemplate":"http://profile.live.com/badge?url=%7Bs-url%7D"},{"id":"2","name":"Facebook","icon":"http://media.social.s-msn.com/images/blogs/Facebook.png","smallIcon":"http://media.social.s-msn.com/images/blogs/Facebook-s.png","urlTemplate":"https://www.facebook.com/sharer.php?u=%7Burl%7D&t=%7Btitle%7D"},{"id":"3","name":"Twitter","icon":"http://media.social.s-msn.com/images/blogs/twitter.png","smallIcon":"http://media.social.s-msn.com/images/blogs/twitter-s.png","urlTemplate":"http://twitter.com/home?status=%7Btitle%7D+%7Bs-url%7D"},{"id":"4","name":"Digg","icon":"http://media.social.s-msn.com/images/blogs/digg.png","smallIcon":"http://media.social.s-msn.com/images/blogs/digg-s.png","urlTemplate":"http://digg.com/submit?partner=MSN&url=%7Bs-url%7D&title=%7Btitle%7D"},{"id":"6","name":"LinkedIn","icon":"http://media.social.s-msn.com/images/blogs/linkedin.png","smallIcon":"http://media.social.s-msn.com/images/blogs/linkedin-s.png","urlTemplate":"http://www.linkedin.com/shareArticle?mini=true&url=%7Burl%7D&title=%7Btitle%7D"},{"id":"7","name":"MySpace","icon":"http://media.social.s-msn.com/images/blogs/Myspace.png","smallIcon":"http://media.social.s-msn.com/images/blogs/Myspace-s.png","urlTemplate":"http://www.myspace.com/Modules/PostTo/Pages/?u=%7Bs-url%7D&t=%7Btitle%7D"},{"id":"8","name":"Google Bookmarks","icon":"http://media.social.s-msn.com/images/blogs/GoogleBookmarks.png","smallIcon":"http://media.social.s-msn.com/images/blogs/GoogleBookmarks-s.png","urlTemplate":"http://www.google.com/bookmarks/mark?op=add&bkmk=%7Bs-url%7D&title=%7Btitle%7D"}],"locale":"en-us","miniTbPositionRef":"ahead","strings":{"lc_rdcmnts":"Read comments","lc_addcmnt":"0","lc_rec":"Recommend","lc_eml":"Email","lc_shrintro":"I thought you would be interested in this: {0}","lc_im":"IM","lc_mor":"More","lc_ncmts":"{0}","lc_prt":"Print","lc_shr":"Share","lc_shrn":"Shared {0} times","lc_shrt":"Share","lc_vts":"{0} votes","lc_ivno":"You don\u0027t recommend this","lc_ivyes":"You recommend this","lc_yvno":"You didn\u0027t recommend this","lc_yvyes":"You recommended this","lc_ratingadded":"Thank you!","lc_ratingerr":"Could not add rating","lc_alrdyvote":"You have voted on this","lc_defml":"Email program","lc_hotml":"Hotmail","lc_gml":"Gmail","lc_yml":"Yahoo! Mail"},"omniAccount":"MSNPORTALSCP","ratingsControlId":"ratCntrlBinary","ratingsItemId":"scp:bbcdiscussion:8265671d-8250-4636-87fc-b89c0eddb368","appUri":"http://social.msn.com/boards","pageUrl":"http://money.msn.com/investing/the-myth-of-the-1-dollar-ceo-brush.aspx","ratingTags":["00120065-0000-0000-0000-000000000000","00000065-02a6-0000-0000-000000000000","ART"],"fblkShow":true,"fblkAppId":"","fblkRef":"","fblkTrkName":"","fblkTrkVal":"","twtShow":true,"twtTrkName":"","twtTrkVal":""}); }); /**/ 5CommentsNewestOldestBestWorstControversialAn Eagle2 hours agoGREAT ! --- Another puppet show while your constitutional rights are being stripped from you by the government whose involvement protects these individuals and companies from MARKET JUSTICE ! Do everyone a favor - quit the envy, get your elected representatives to stop legislating, AND GET ON WITH YOU OWN LIVES. 0 0ReportSpamAgemingle. com3 hours agooh great article ,age is nothing but just a number. My boyfriend and i both think so.. He is almost 11year older than me .i met him via ~~~ＡｇｅＭｉｎｇｌｅ．ＣｏＭ~~ a nice place for younger women and oldermen, or older women and younger men, to interact with each other,maybe you wanna check it out or tell your friendsI say the time has come for common sense and profit sharing to workers. The only way real wealth is created is through human labor. It is time that kind of human labor is rewarded the way it used to be. 0 1ReportSpamLynn X4 hours agoAfter a few years of relative frugality, the amount of money that Americans are saving has fallen back to its lowest level since Dec. 2007 when the recession began. The personal saving rate dipped in November to 3.5 percent, down from 5.1 percent a year earlier, according to the U.S. Commerce Department. Why save you get no return on your investment for doing it. The only way a person can be sure to get something out of their money is to spend what you need to enjoy your life now. Almost zero return on savings now. The average family nearing retirement has $ 20,000.00 saved for retirement. It won't take long to spend that and then what, big question? 1 1ReportSpamJess Gayer (stockisland) 8 hours ago

With all due deference, no one's labor is worth $378 million dollars. The obscenity of CEO salaries while millions of Americans are out of work, and billions of people around the world go hungry every night is completely unacceptable. When is enough wealth enough, especially when money made from money it is taxed at 15% ? When is it OK to then pass all of that wealth on to heirs who did nothing to earn it, tax free ?

I say the time has come for common sense and profit sharing to workers. The only way real wealth is created is through human labor. It is time that kind of human labor is rewarded the way it used to be.

19 3ReportSpamchirpy9 hours ago

Spam spam spam, i hate spam

8 2ReportSpamAdd a commentReportPlease help us to maintain a healthy and vibrant community by reporting any illegal or inappropriate behavior. If you believe a message violates theCode of Conductplease use this form to notify the moderators. They will investigate your report and take appropriate action. If necessary, they report all illegal activity to the proper authorities.CategoriesSpamChild pornography or exploitationProfanity, vulgarity or obscenityCopyright infringementHarassment or threatThreats of suicideOtherAdditional comments(optional) 100 character limitAre you sure you want to delete this comment?jQuery.async('scp', function () { jQuery.scp.comments({"partnerId":"e70689f0-2848-458a-b8ae-965c0aac79c8","jsUrl":"http://us.social.s-msn.com/s/js/16.8/ue.min.js","strings":{"lc_shw":"true","lc_dtf":"%M/dd/yyyy %h:mm tt","lc_dtf2":"ddd %h:mm tt","lc_gmt":"-5","lc_erg":"Comments are currently unavailable. Try again later.","lc_det":"Comments are unavailable on this page.","lc_pgf":"{0} of {1}","lc_1ach":"Comment","lc_ach":"Comments","lc_newm":"Newest","lc_oldm":"Oldest","lc_bestm":"Best","lc_worstm":"Worst","lc_mixedm":"Controversial","lc_prv":"Previous page","lc_nxt":"Next page","lc_pageNumTooltip":"Enter a page number, and then press the Enter key","lc_first":"First page","lc_last":"Last page","lc_rpl":"Reply","lc_rbs":"Report","lc_edt":"Edit","lc_del":"Delete","lc_pstthanks":"Thanks for posting to","lc_pstand":"{0} and {1}","lc_seemore":"More","lc_seeless":"Less","lc_rpttxt":"Thank you for reporting.","lc_msg2mod":"Send note to moderator"¦","lc_cc0":"Please help us to maintain a healthy and vibrant community by reporting any illegal or inappropriate behavior. If you believe a message violates the","lc_cc1":"Code of Conduct","lc_cc2":"please use this form to notify the moderators. They will investigate your report and take appropriate action. If necessary, they report all illegal activity to the proper authorities.","lc_cat":"Categories","lc_spa":"Spam","lc_che":"Child pornography or exploitation","lc_pro":"Profanity, vulgarity or obscenity","lc_cor":"Copyright infringement","lc_har":"Harassment or threat","lc_usrpic":"Inappropriate user picture","lc_oth":"Other","lc_abc":"Additional comments","lc_opt":"(optional)","lc_atl":"100 character limit","lc_rep":"Report","lc_1hourm":"1 hour ago","lc_1minm":"1 minute ago","lc_recomm":"You recommend this","lc_recomdontm":"You don\u0027t recommend this","lc_voted":"You have voted on this","lc_suicide":"Threats of suicide","lc_joi":"Be the first to comment","lc_shwm":"Show comments","lc_hidem":"Hide comments","lc_hourm":"{0} hours ago","lc_minm":"{0} minutes ago","lc_secm":"{0} seconds ago","lc_add":"Add a comment","lc_dmg":"Are you sure you want to delete this comment?","lc_dok":"Delete","lc_dca":"Cancel","lc_pna":"There\u0027s a problem creating posts right now. Please try again later.","lc_clt":"This discussion is closed. New comments cannot be posted.","lc_fta":"Be the first to comment","lc_fsg":"Be the first to add a comment. To add a comment, please","lc_sgn":"sign-in","lc_lnk":"Read comments","lc_spell_gen_err":"Could not check spelling. Please try again later.","lc_spell_no_mist":"No spelling errors found.","lc_spell_num_mist":"Spell check detected {0} mistake(s).","lc_spell_in_prog":"Spell check in progress...","lc_spell_check":"Check Spelling","lc_post_gen_err":"There's a problem creating posts right now. Please try again later.","lc_post_long":"Post cannot be longer than {0} characters.","lc_post_empty":"Your post cannot be empty.","lc_cmnt_day_max":"You already reached the daily limit for posts today. Please post again tomorrow.","lc_post_prog":"Post in progress...","lc_post":"Post","lc_save":"Save","lc_not_auth":"You are not signed in.","lc_no_suggest_paren":"(No suggestions)","lc_ignore_paren":"(Ignore)","lc_insrt_emot":"Insert Emoticon","lc_cancel":"Cancel","lc_ok":"OK","lc_fmt_quote":"Format as Quote","lc_incr_indnt":"Increase Indent","lc_decr_indnt":"Decrease Indent","lc_bullets":"Bullets","lc_numbering":"Numbering","lc_italic":"Italic (CTRL+I)","lc_bold":"Bold (CTRL+B)","lc_post_dirty":"Edits you have made to your post will be lost.","lc_rte":"Rich Text Editor","lc_ip_banned":"The computer or device you are using is temporarily banned from posting on this site. People or automated programs have recently used this computer or device to create unwanted posts. You may still browse the site and read other people's posts, but you can't create, edit, or delete posts.","lc_chk_msg_spell":"Check message for spelling errors (F7)","lc_post_msg":"Post this message (CTRL+ENTER)","lc_perm_ban":"This Windows Live ID was banned for violating the Code of Conduct. You may still read other people's posts, but you can't create, edit, or delete posts.","lc_temp_ban":"This Windows Live ID is banned from posting on this site until {0}. You may still read other people\u0027s posts, but you can\u0027t create, edit, or delete posts.","lc_also_pst_fb":"Facebook","lc_also_pst_wl":"Windows Live","lc_also_post_to":"Also post to:","lc_idnt_settings_err":"Could not save your settings. Try again later.","lc_idnt_nick_prohibited":"The nickname you requested is not allowed. It may contain a reserved name or profanity. Please enter another nickname.","lc_idnt_nick_unavail":"The nickname you requested is not available. Please enter another nickname, or select one of these suggestions:","lc_idnt_nick_empty":"Nickname cannot be empty","lc_idnt_nick_max_len":"Nickname cannot be longer than {0} characters","lc_idnt_nick_allowed_chars_err":"You nickname may only contain letters, numbers, hyphens, underscores, and periods. Please enter another nickname.","lc_idnt_lnk_msn_wl":"Link your MSN posts to your profile on Windows Live","lc_idnt_posting_name":"Now when you post with your \u003cstrong\u003ename\u003c/strong\u003e, all of your past and future MSN posts link to your profile on \u003ca href=\"{0}\"\u003eWindows Live\u003c/a\u003e so your friends can read them.","lc_idnt_posting_nick":"If you keep posting with your \u003cstrong\u003enickname\u003c/strong\u003e, your posts aren't connected to your profile on Windows Live.","lc_idnt_name_nxt_psts":"The name you choose appears next to all of your past and future MSN posts.","lc_idnt_post_w_name":"Post with my name","lc_idnt_kp_post_w_nick":"Keep posting with my nickname","lc_idnt_chs_name":"Choose the name that appears next to your posts","lc_idnt_name_lnk_wl":"If you post using your name, your posts link to your profile on \u003ca href=\"{0}\"\u003eWindows Live\u003c/a\u003e so your friends can read them.","lc_idnt_nick_no_wl":"If you create a nickname, your posts are not publicly connected to your profile on Windows Live.","lc_idnt_post_w_nick":"Post with a nickname","lc_idnt_enter_nick":"Enter nickname","lc_idnt_post_w_yr_name":"Post with your name","lc_idnt_mst_use_name":"You must now use your name when you post here.","lc_idnt_note_post_w_name":"Note: When you post using your name, your posts link to your profile on \u003ca href=\"{0}\"\u003eWindows Live\u003c/a\u003e so your friends can read them.","lc_continue":"Continue","lc_idnt_create_nick":"Create a nickname","lc_idnt_nick_nxt_pst":"Your nickname appears next to your posts on MSN.","lc_idnt_nick_allowed_chars":"Nicknames may contain letters, numbers, hyphens, underscores, and periods.","lc_cmnt_unavail":"Commenting is currently not available. Try again later.","lc_loading":"Loading...","lc_signin":"Sign in","lc_signin_create":"Sign in with your Windows Live ID, or create a new one.","lc_spam_msg":"Your post was blocked because it has a hyperlink or appears similar to spam. Please revise your post and try again.","lc_wrt_cmnt":"Write a comment...","lc_avtr_pic":"User Picture","lc_edit_cmnt_err":"Could not load comment for editing. Try again later."},"isCommentShow":"true","_p":"","locale":"en-us","forumId":"00120065-0000-0000-0000-000000000000","forumTitle":"MSN Money","boardId":"00000065-02a6-0000-0000-000000000000","boardTitle":"ArticleComments","threadId":"8265671d-8250-4636-87fc-b89c0eddb368","title":"Article Comment","userId":"b5e44170581cc833","contentId":"yrqrjv4ys7ex3bg07wc23hxf7bj74f9k","pageUrl":"http://money.msn.com/investing/the-myth-of-the-1-dollar-ceo-brush.aspx","appUri":"http://social.msn.com/boards","cssBaseUrl":"unused","emoticonBaseUrl":"http://us.social.s-msn.com/s/","responseBridgeUrl":"http://money.msn.com/ResponseBridge.aspx","cmntSharingOn":true,"cmntSharingNetworks":[{"id":0,"locKey":"lc_fb","tooltipLocKey":"lc_also_pst_fb"},{"id":1,"locKey":"lc_wl","tooltipLocKey":"lc_also_pst_wl"}],"omniAccount":"MSNPORTALSCP","currentPage":1,"totalPages":1,"sortOrder":0,"isAuth":false,"signInUrl":"https://login.live.com/login.srf?wa=wsignin1.0&rpsnv=11&ct=1326884147&rver=6.1.6195.0&wp=MBI&wreply=http:%2F%2Fmoney.msn.com%2Finvesting%2Fthe-myth-of-the-1-dollar-ceo-brush.aspx&lc=1033&id=250710","genericAvatarUrl":"http://us.social.s-msn.com/s/images/bluemann.png","settingsCookieDomain":"msn.com"}, false, true, true); });DATA PROVIDERS

Quotes are real-time for NASDAQ, NYSE and AMEX. See delay times for other exchanges.

Fundamental company data and historical chart data provided by Thomson Reuters (click for restrictions). Real-time quotes provided by BATS Exchange. Real-time index quotes and delayed quotes supplied by Interactive Data Real-Time Services. Fund summary, fund performance and dividend data provided by Morningstar Inc. Analyst recommendations provided by Zacks Investment Research. StockScouter data provided by Verus Analytics. IPO data provided by Hoover's Inc. Index membership data provided by SIX Telekurs.

Japanese stock price data provided by Nomura Research Institute Ltd.; quotes delayed 20 minutes. Canadian fund data provided by CANNEX Financial Exchanges Ltd.

$.dap("&PG=INVIHP&AP=1089",300,250,"dapAd2");FeedbackRECENT QUOTES/*WATCHLIST/*Learn MoreView full page SymbolLastChangeSharesWhere's my list|Update quotes|Clear this listQuotes delayed at least 15 minSponsored by:$.dap("&PG=INVSRQ&AP=1025",120,30,"quotead");MARKET UPDATEUSINTERNATIONALNAMELASTCHANGE% CHANGEThere's a problem getting this information right now. Please try again later.NAMELASTCHANGE% CHANGEThere's a problem getting this information right now. Please try again later.

[BRIEFING.COM] Encouraging data helped stocks set multi-month highs in the early going, but a substantial portion of the market's gains were surrendered by session's end. Participants drove stocks higher in the opening minutes of trade. ... More

More Market NewsStock TickerStory StocksIn PlayShort StoriesCurrenciesNAMELASTCHANGE% CHANGEThere's a problem getting this information right now. Please try again later.See more currenciesSponsored by:$.dap("&PG=INVSMS&AP=1025",120,30,"AdSponsor-summary");RECENT ARTICLESThe myth of the $1 CEOThe recurring curse of the euroInformal economy: Huge and growingWhere a dull market looks brightCan you trust Wall Street's picks?JIM JUBAKThe recurring curse of the euro10 stocks for the next 10 yearsChina's Dr. Dolittle problemA wild election that could cost usChina's bear threat isn't overMORE FROM BINGBuying a car? How to haggle and winThe pros and cons of debt consolidationIs your cellphone spilling your secrets?Investing strategies for the long termUS cities with rising home pricesDo you know your retirement magic number?MUST-SEE ON MSNAUTOS

Evolution of the police car

A look at firsts in black historySlash your stress levelBing: Best and worst airline seatsPrivacyLegalAdvertiseMSN WorldwideHelpAbout our adsFeedbackSite MapRSS© 2012 Microsoft/* ({0})",msgr:"a.msgr",maxcount:9999,axob:"MSNMessenger.Hotmail2Control"});a(b).channelheaderflyout({delay:{open:500,close:50}});a("a.inbox").hotmaillivemenu({hotmailcalendertext:"Calendar"});a("div.websearch2").togglesearchtext({searchInputBoxId:"q4"});a("div.websearch2 form").bindSearch2();a(".myhp").setHomepage({url:"http://www.msn.com",txt:"Make MSN your homepage"})},a.jsUrl)})})(jQuery);jQuery("a.openpopup").async("openPopup");(function(a){a(function(){a.async("asyncCanary",function(){a(".ptnrcnt1").partnerhostedcontentfeature()},a.jsUrl)})})(jQuery);(function(a){a(function(){a.async("asyncCanary",function(){a.lazyLoad.timeout=6e4;a.cookie+=";MUID=";a(".cogr.coss").slideshow({delay:7e3});a(".cogr.cotb").tabGroup({hover:{delay:300}});a("div.ivideo").async("inlinevideo",[{param:{windowless:"true"},asyncp:1}])},a.jsUrl)})})(jQuery);jQuery("a.opennew").async("openNew");jQuery(".pageoptions1").async("pageOptions");jQuery(".pageoptions1 #ausug").async("autoSuggest",[{helpLinkText:"What is this popup",helpLink:"http://help.live.com/help.aspx?project=wl_searchv1&querytype=keyword&query=sihggus&mkt=en-US",formCode:"MSMONY",openNew:"0",market:"en-us",cookieDomain:null,cookiePath:null,inputId:"q4"}]);jQuery(".quotesearchbar0").async("quoteSearchBar");jQuery(".quotesearchbar1").async("quoteSearchBar");jQuery(".quotewatchlist0").async("quoteWatchList0");jQuery(".recentquotes0").async("recentQuotes0");jQuery(".stkscoutrating2").async("financefundamentals");(function(b){var a=b("#nav .breaknews1");if(a.text().length==0)a.css("display","none")})(jQuery)//]]>/*/*