Monday, stock markets are closed for Presidents Day. European finance ministers will be meeting to discuss Greece and the terms of their bailout program. Another struggling EU player, Spain’s Banco Popular Espanol, is holding a special shareholder meeting to appoint a new chairman. They posted a $3.7 billion dollar loss last year after a slew of bad loans from the nation’s real estate crash.
Macy’s, Walmart, Cracker Barrel, and Home Depot are releasing earning reports before the bell. Philadelphia’s Federal Reserve president Patrick Harker and Minneapolis’ Federal Reserve president Neel Kashkari are speaking at two separate events regarding the economy. After a rough ride for clean energy companies as of late, and the loss of close to half of First Solar’s stock in the last year, First Solar is reporting their earnings after the market closes.
The Fed will be publishing the minutes from their most recent meeting. They decided to leave rates unchanged. They have projected at least three rate increases this year. Maybe next time.
Wednesday morning, Garmin, Papa John’s, and TJX are announcing earnings in the morning, to be followed by Tesla, Fitbit, HP, Square, L Brands and Boston Beer in the afternoon. Tesla’s stock has been rising at a brisk pace lately, reaching old heights before a small pull back. They are getting lots of attention in anticipation of their Model 3, a mass-market game changer for the company.
Fed president of the Atlanta Fed is retiring at the end of the month and will give a speech about his time there. Kohls will report earnings before the bell, while Gap, Hewlett Packard Enterprise, Herbalife, and in the news Nordstroms, will release earnings in the afternoon. Donald Trump’s ire was too recent for the financial implications to show in the report. Next quarter then!
The Securities & Exchange Commission will provide an update on their priorities for the next year, however, the SEC chair, Mary Jo White, is being replaced by Trump’s pick of former Wall Street lawyer, Jay Clayton.
Warren Buffet will be sending his letter to shareholders at 8:00 AM, Eastern Time. Berkshire Hathaway shareholders can most likely find reassurance in his words during these tumultuous times. Warren Buffet has quadrupled his holdings of Apple, dumped Walmart, and increased his holdings in airlines. What does he see that we don’t?! Hopefully we can gain insight from his letter this Saturday.