Walmart hand out $2billion in bonuses

he world’s largest retailer, Wal-Mart, has released new annual bonus figures today. Wal-Mart said it paid out about $2 billion to its U.S. hourly employees through various financial incentives, which included $933.6 million in cash bonuses, $788.8 million in profit sharing, merchandise discounts, 401(k) contributions, employee stock options, among other incentives.

Last year, Wal-Mart handed out $1.2 billion in financial bonuses.

Wal-Mart has been able to do this given strong growth despite a global economic downturn. Same-store sales were up 3.3% in the last fiscal year ending Jan 31, 2009. Total sales during that same period were up significantly by 7.2% to $401.24 billion.

More and more people are going to Wal-Mart today to save on purchases given massive job losses and high mortgage payments that become due. Wal-Mart said today it plans to further cut prices including specifically on glasses and contact lenses, among other merchandise.

Foreclosures

The US Market really is feeling the recession kick in now with foreclosures growing every day:

* Foreclosure filings are up 6% in February 2009 on January 2009
* Due to the grace period Obama introduced to hold foreclosures for 90 days there was a 10% decline in filings in January 09
* Foreclosure filings are up 30% from a year ago
* One in every 440 households with mortgages drew a filing last month
* 291,000 properties in US got a foreclosure notice in February 2009
* One in every 54 households with a mortgage got at least one filing notice in 2008
* House prices are down 26% since their peak 3 years ago i 2006

Dow Jones the lowest it's been since 1997

As a fresh setback Monday sent major indices plunging to mid-1990s levels, media companies generally kept pace with the market.

The Dow fell another 4% -- the lowest it's been since 1997 and less than half its all-time high above 14,000, reached in October 2007. Similarly dented was the S&P 500, which closed at 700.82, its worst finish since 1996.

Among the biggest pure media congloms, Disney was down 4% to $16.05; News Corp. dipped 5% to $5.28; Viacom dropped 6% to $15.75; and Time Warner gave up 3.5% to $7.36.

Wall Streeters had little specific news on which to blame the drop. They simply cited continuing anxiety about financial institutions and the complexity and severity of the recession and credit crisis.

In particular, the day brought unnerving revelations about AIG. The mega-insurer received a fourth round of federal assistance of up to $30 billion to repair damage from some $500 billion in credit that it extended with little collateral to cover defaults.