Fox Means Business: June 14

Wednesday's business headlines.

There’s high anxiety over new highs on Wall Street. A new survey from Merrill Lynch shows 44 percent of professional investors believe the stock market is too high. That’s a record high, and it comes as the Dow, S&P 500 and Russell 2000 all hit new all-time highs.

The hits keep coming for retailers. Sears now says it’s cutting 400 full-time jobs. Many of the positions are at its corporate offices in Illinois. If you recall, the company recently announced it’s closing stores because of slumping sales.

And Time Inc. is also cutting jobs. The publisher of such magazines as Sports Illustrated, Fortune and, of course, Time, is slashing 300 positions. That’s about four percent of its workforce.

Verizon finalized its $4.5 billion acquisition of Yahoo on Tuesday. As a result, Yahoo’s CEO Marissa Mayer is stepping down, and reports say she’s walking away with $23 million in severance pay. And that doesn’t include the value of her stock holdings!

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