Market Minute: Walmart Execs' Pay Goes Up for Vote; Avandia Might Make a Comeback

DailyFinance Staff

Walmart's executive pay is up for a vote, and a controversial diabetes drug may make a comeback. Those and more are what's in business news Friday.

The Dow industrials (^DJI) turned a 100 point loss into an 80 point gain yesterday. The S&P 500 (^GSPC) gained 13 and the Nasdaq (^IXIC) rose 22 points.

<b class="credit">Sonu Mehta/Hindustan Times</b>Mike Duke, president and CEO, Walmart Stores
Sonu Mehta/Hindustan TimesMike Duke, president and CEO, Walmart Stores

Walmart Stores (WMT) holds its annual shareholder meeting today and one big issue is a proposal to tie management pay to keeping the shelves well stocked. The company has come under heavy criticism for declining sales, tied in part to empty shelves. Walmart will also face a challenge over bribery charges at its operations in Mexico, as well as its treatment of workers both here and at factories overseas.

A majority of the shareholders at Nabors Industries (NBR) rejected the company's executive compensation plan and voted to oust two directors. But the oil services company says it won't accept the resignation of those directors.

An advisory panel has recommended that the Food and Drug Administration ease restrictions on the GlaxoSmithKline's (GSK) diabetes drug, Avandia. The agency had sharply restricted use of the one-time blockbuster three years ago because of concerns that it increased the risk of heart problems.

Tech-giants including Google (GOOG), Apple (AAPL) and Facebook (FB) all deny that they provided government agencies "direct access" to their servers. This follows reports that a secret national security program tapped into vast amounts of data from the companies.

Shares of TiVo (TIVO) are set to jump after reaching an out-of-court settlement with Google's Motorola Mobility unit. The dispute covered patent rights to digital video recording technology.

Quiksilver (ZQK) is quickly sinking. The retailer of youthful apparel posted a quarterly loss, when Wall Street was expecting a profit. But Gap (GPS) continues to gain ground. Its stock is trading at a 13-year high and set to add to that today after posting a strong sales gain for last month.

Check back after the market closes Friday for the new Daily Finance closing bell report.

-Produced by Drew Trachtenberg

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