Investors had a couple of pieces of key economic data to mull over this morning. The Commerce Department said durable goods orders rose 0.8% in April. New orders were expected to fall last month after rising the previous two months. The S&P/Case-Shiller Index, a composite of single-family home prices in 20 U.S cities, also was released this morning. It showed home prices rose 0.9% in March on a seasonally adjusted basis. That’s up from a 0.8% increase the previous month.
One of the stocks the Yahoo Finance team will be watching today is Hillshire Brands (HSH). Shares of the company rose in early trading after Pilgrim's Pride (PPC) offered to buy the company for $6.4 billion in cash and assumed debt, or $45 per share. The offer comes just weeks after Hillshire said it would acquire Pinnacle Foods (PF) for about $6.6 billion, in cash, stock and debt.
We’re also watching AstraZeneca (AZN) after Pfizer (PFE) said it would not make another offer to acquire the U.K. drug maker. Monday's announcement coincided with the deadline for the companies to reach an agreement under U.K. law. Pfizer made three offers, all of which were rejected. The final offer valued AstraZeneca at about $120 billion. AstraZeneca said the offer "undervalues the company and its attractive prospects." Under British law, Pfizer cannot make another unsolicited bid for AstraZeneca for six months.
The median pay of a CEO pay rose above $10 million for the first time in 2013, according to a study published by the Associated Press. They used data compiled by executive pay research firm Equilar. The study looked at pay packages of 337 CEOs from S&P 500 companies who had been in their position for at least two years and they found that CEO pay increased 8.8 percent since 2012. The data also found that chief executives now get paid 257 times as much as an average worker. That's up from 181 times an average worker's salary in 2009.
That brings us to today's poll question. Is CEO pay rising too much? Vote in our poll, or leave a comment below or on Twitter.
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- Hillshire Brands