The Washington Post's Nancy Trejos has the story you'll want today. It is a Fidelity Investment study showing the average loss for a worker's 401(k) last year.
Here's why you care: We've continually said that the stories buried in the business pages ultimately impact your bottom line. Talk to any business reporter for a major news organization about housing, securities, credit default swaps, regulation, etc. and time and again they'll tell you they did that story a year ago, two years ago, three years ago... You get the picture. That's why we highlight a business story each day that we think you may have missed in the business pages. Today, we thought we'd use Ms. Trejos' reporting to make the case as to why you care.
Wednesday, January 28, 2009
Tuesday, January 27, 2009
When Banks Will Lend
We think you saw the layoff headlines and focused on those stories. Which is rational and understandable. The story we think you should have also read because it is instructive as to how banks think is the Pfizer deal.
Here's why you care: Don't think about it in terms of a drug company story. Think about this in terms of what does it take to get banks to lend, and what does it look like when they do? That's the key to jumpstarting the economy. The Pfizer deal gives you that chance. And it turns out the Wall Street Journal's Matthew Karnitschnig and Heidi Moore took exactly that approach. The take away here is that 1) banks will lend, but 2) they are going to get extra assurances in the form of lending terms which companies are going to have be thinking about NOW in order to stay afloat and grow this year and next. Wall Street is paying attention to this article, and understanding will put you ahead of the curve.
Here's why you care: Don't think about it in terms of a drug company story. Think about this in terms of what does it take to get banks to lend, and what does it look like when they do? That's the key to jumpstarting the economy. The Pfizer deal gives you that chance. And it turns out the Wall Street Journal's Matthew Karnitschnig and Heidi Moore took exactly that approach. The take away here is that 1) banks will lend, but 2) they are going to get extra assurances in the form of lending terms which companies are going to have be thinking about NOW in order to stay afloat and grow this year and next. Wall Street is paying attention to this article, and understanding will put you ahead of the curve.
Monday, January 26, 2009
Understanding the "Nationalization" Debate Over Banks
We think you woke up on Monday, and saw David Sanger's front page New York Times article about the trial balloons being launched over the idea of nationalizing some failing banks. Then we saw CNN.com post Nobel Prize winning economist Joseph Stiglitz's piece breaking down how we got from October to now, and basically advocating for the nationalization of failing banks.
Here's why you care: When you hear "nationalization" you think, ah, the government takes something over. That's true, but what you need to know, and can be less obvious is a defacto nationalization if you will. In other words, the U.S. government has been injecting cash into banks in return for stock. At a certain point the U.S. government, has in some cases already, and will in other cases wind up as the majority share holder. I.E. - majority shareholder gets a lot of pull, and you could sort of call that nationalization if you want. We just want you to be able to understand that there are two flavors here.
Lastly, keep in mind as this debate moves forward the other options for the U.S. government are as follows: 1) Inject more cash into banks, and get more stock in return (see above); 2) Take over failing banks (nationalization); 3) Create a "bad bank," where financial institutions can dump troubled assets (click here for our explanation last week); and 4) revive the original TARP plan - go buy troubled assets from banks through auctions.
Keep this in mind as you see this debate get more play in the weeks to come.
Here's why you care: When you hear "nationalization" you think, ah, the government takes something over. That's true, but what you need to know, and can be less obvious is a defacto nationalization if you will. In other words, the U.S. government has been injecting cash into banks in return for stock. At a certain point the U.S. government, has in some cases already, and will in other cases wind up as the majority share holder. I.E. - majority shareholder gets a lot of pull, and you could sort of call that nationalization if you want. We just want you to be able to understand that there are two flavors here.
Lastly, keep in mind as this debate moves forward the other options for the U.S. government are as follows: 1) Inject more cash into banks, and get more stock in return (see above); 2) Take over failing banks (nationalization); 3) Create a "bad bank," where financial institutions can dump troubled assets (click here for our explanation last week); and 4) revive the original TARP plan - go buy troubled assets from banks through auctions.
Keep this in mind as you see this debate get more play in the weeks to come.
Sunday, January 25, 2009
Next Week's News Today (Congress Plays Economist Edition)
So, if it's Thursday (yes, it is Sunday, we're that late), then it's time for Next Week's News Today where we publish our own futures calendar of earnings, reports, hearings and political events which will either drive the news, or deserve more attention. Last week we were correct to point out that the stimulus package and its details would be the under current for the news coming off Capitol Hill. It was easy and obvious for us to say that Treasury Secretary nominee Timothy Geithner's confirmation hearing would generate media attention, but we were also spot on for the economic reports and earnings which we highlighted.
This coming week Capitol Hill will be where Wall Street focuses, and thus, you should too, for good reason… There are nine Congress/economic related items on our calendar for this coming week. Nine. The headline is that you are going see lots, and lots, and lots of trial balloons and posturing over the stimulus package. Keep in mind one thing: Democrats would like to have the stimulus package on President Obama's desk by Friday, February 13. That means Capitol Hill will be a hive of activity.
The other economic story off Capitol Hill which will get a fair amount of press is the House Judiciary Cmte.'s bill to change bankruptcy rules for home owners regarding adjusting their mortgages (1/27).
Of note, the Mortgage Bankers Assoc. holds a briefing tomorrow looking at their mortgage and housing forecast - something reporters will want to look at.
Also of note this week is the confirmation vote for Treasury Secretary nominee Geithner (1/26), and the Senate Judiciary votes on Eric Holder's Attorney General nomination. Both will obviously get media attention. We do caution that you check back to WhyYouCare.com for updates on scheduling.
Here's why you care about next week's trends in earnings and reports:
Earnings: Lost of regional financials below reporting through out the week. Look for articles examining how regional banks are doing, especially the ones who have received cash injections from the Treasury Department through the TARP (the Troubled Asset Relief Program).
Interesting Earning Story: Yahoo! (1/27) - Given the on going story with the company and Microsoft.
Reports: Existing home sales (1/26), employment stats (1/27), unemployment stats, new home sales, and mortgage rate stats (1/29) will get ink this week.
Notable events: The FOMC (the Fed's monetary policy setting group) meets 1/27-28, and this garner much attention.
As always notable earnings, events, and reports are below:
MONDAY 1/26 Earnings: American Express; Amgen; Bank of Hawaii; BGC Partners; Caterpillar; First Commonwealth; Halliburton; Heartland Financial; McDonald's; Netflix; Old National Bancorp; Private Bancorp; Texas Instruments; Tysons Foods; Zions Bancorp
Reports: Existing Homes Sales (for Dec.); Leading U.S. Economic Indicators (for Dec.)
Briefing: Mortgage Bankers Assoc. (MBA) holds briefing to discuss 3 year economic/mortgage/housing forecast.
Geithner Confirmation: Expected Senate vote on Treasury Secretary nominee Timothy Geithner's confirmation.
TUESDAY 1/27
Earnings: Bristol Myers; Calamos Asset Management; Callaway Golf; Colonial Bancgroup; Dupont; Energizer; E Trade; First Merit Corp; First Service Corp; Hershey Foods; New Alliance Bancshares; New York Community Bancorp; Norfolk Southern; Pepsi Bottling; Prosperity Bancshares; Seacoast Banking; Siemens AG; South Financial Group; Stancorp Financial Group; Sterling Financial; Sun Microsystems; U.S. Steel; Verizon; Yahoo!
Reports: Consumer Confidence (for Jan.); Bureau of Labor Statistics releases industry data on employment (hours and earnings).
Fed Meeting Day 1: FOMC meeting starts (FOMC - This is the part of the Fed that sets monetary policy).
Senate Appropriations Cmte. Mtg.: Economic Stimulus Package mark up.
Senate Finance Cmte. Mtg.: Economic Stimulus Package mark up.
Senate Banking, Housing and Urban Affairs Cmte. Mtg.: Role of federal regulators in Madoff Investment Securities case.
House Budget Cmte. Mtg.: Examines the economy and budget. Witnesses include: Douglas Elmendorf, Congressional Budget Office; Alice Rivlin, Brookings Institution; Mark Zandi, Moody's Economy.com
House Judiciary Cmte. Mtg.: Mark up of bill - Helping Families Save Their Homes in Bankruptcy Act of 2009 (HR 200).
WEDNESDAY 1/28
Earnings: Affiliated Managers; Airtran Holdings; Ameriprise Financial; AT&T; BOK Financial Corp.; Boeing; Boston Properties; Cabot; Cohen & Steers; ConocoPhillips; Franklin Resources; General Dynamics; Hess; KKR Financial; Lazard; Legg Mason; New York Times; Novartis; Philip Morris International; Qualcomm; Regis; SAP AG; Southern Co.; Starbucks; Susquehanna Bank; Wellpoint, Wells Fargo; Whitney Holding
Fed Meeting Day 2: FOMC meeting concludes (FOMC - This is the part of the Fed that sets monetary policy) - rate news change (if any) would come on this day (currently at 0-.25%).
House Floor: May take up economic stimulus package.
Senate Budget Cmte. Mtg.: Examines housing and financial crisis (federal response). Witnesses include: Douglas Elmendorf, Congressional Budget Office.
Senate Judiciary Cmte. Mtg.: Votes on Eric Holder's Attorney General nomination.
Political Event: Republican National Committee (RNC) holds winter meeting, 1/28-1/31.
THURSDAY 1/29
Earnings: 1-800-Flowers; 3M; Alaska Air; Amazon.com; Astoria Financial; Black & Decker; Colgate-Palmolive; Continental Air; Eastman Kodak; Eli Lilly; Ethan Allen; Ford Motor; Gentex; Jetblue; MBIA Inc.; NASDAQ; Newell Rubbermaid; Occidental Petro; PepsiAmericas; Provident Financial; Raytheon; Royal Caribbean; SEI Investments; Sony; Starwood Hotels; T. Rowe Price; Under Armour; US Airways
Economic Reports: Initial Unemployment Claims (for 1/24), New Homes Sales (for Dec.); Federal Home Loan Mortgage Corporation (Freddie Mac) releases its weekly data regarding mortgage rates.
Senate Budget Cmte. Mtg.: Examines the global economy (outlook and risks).
Event: National Economists Club holds "Responding to a Tough Economic Assignment" discussion on the White House, Congress and the economy. Guest: Alice Rivlin, Brookings Institution.
FRIDAY 1/30
Earnings: Chevron; Exxon Mobil; Gannett; Gramercy Capital; Honeywell; Invesco; MB Financial; Overstock.com; Procter & Gamble; Wilmington Trust
Economic Reports: GDP (Gross Domestic Product for the 4th Quarter of 2008); Federal Reserve releases info on US commercial banks' assets and liabilities.
This coming week Capitol Hill will be where Wall Street focuses, and thus, you should too, for good reason… There are nine Congress/economic related items on our calendar for this coming week. Nine. The headline is that you are going see lots, and lots, and lots of trial balloons and posturing over the stimulus package. Keep in mind one thing: Democrats would like to have the stimulus package on President Obama's desk by Friday, February 13. That means Capitol Hill will be a hive of activity.
The other economic story off Capitol Hill which will get a fair amount of press is the House Judiciary Cmte.'s bill to change bankruptcy rules for home owners regarding adjusting their mortgages (1/27).
Of note, the Mortgage Bankers Assoc. holds a briefing tomorrow looking at their mortgage and housing forecast - something reporters will want to look at.
Also of note this week is the confirmation vote for Treasury Secretary nominee Geithner (1/26), and the Senate Judiciary votes on Eric Holder's Attorney General nomination. Both will obviously get media attention. We do caution that you check back to WhyYouCare.com for updates on scheduling.
Here's why you care about next week's trends in earnings and reports:
Earnings: Lost of regional financials below reporting through out the week. Look for articles examining how regional banks are doing, especially the ones who have received cash injections from the Treasury Department through the TARP (the Troubled Asset Relief Program).
Interesting Earning Story: Yahoo! (1/27) - Given the on going story with the company and Microsoft.
Reports: Existing home sales (1/26), employment stats (1/27), unemployment stats, new home sales, and mortgage rate stats (1/29) will get ink this week.
Notable events: The FOMC (the Fed's monetary policy setting group) meets 1/27-28, and this garner much attention.
As always notable earnings, events, and reports are below:
MONDAY 1/26 Earnings: American Express; Amgen; Bank of Hawaii; BGC Partners; Caterpillar; First Commonwealth; Halliburton; Heartland Financial; McDonald's; Netflix; Old National Bancorp; Private Bancorp; Texas Instruments; Tysons Foods; Zions Bancorp
Reports: Existing Homes Sales (for Dec.); Leading U.S. Economic Indicators (for Dec.)
Briefing: Mortgage Bankers Assoc. (MBA) holds briefing to discuss 3 year economic/mortgage/housing forecast.
Geithner Confirmation: Expected Senate vote on Treasury Secretary nominee Timothy Geithner's confirmation.
TUESDAY 1/27
Earnings: Bristol Myers; Calamos Asset Management; Callaway Golf; Colonial Bancgroup; Dupont; Energizer; E Trade; First Merit Corp; First Service Corp; Hershey Foods; New Alliance Bancshares; New York Community Bancorp; Norfolk Southern; Pepsi Bottling; Prosperity Bancshares; Seacoast Banking; Siemens AG; South Financial Group; Stancorp Financial Group; Sterling Financial; Sun Microsystems; U.S. Steel; Verizon; Yahoo!
Reports: Consumer Confidence (for Jan.); Bureau of Labor Statistics releases industry data on employment (hours and earnings).
Fed Meeting Day 1: FOMC meeting starts (FOMC - This is the part of the Fed that sets monetary policy).
Senate Appropriations Cmte. Mtg.: Economic Stimulus Package mark up.
Senate Finance Cmte. Mtg.: Economic Stimulus Package mark up.
Senate Banking, Housing and Urban Affairs Cmte. Mtg.: Role of federal regulators in Madoff Investment Securities case.
House Budget Cmte. Mtg.: Examines the economy and budget. Witnesses include: Douglas Elmendorf, Congressional Budget Office; Alice Rivlin, Brookings Institution; Mark Zandi, Moody's Economy.com
House Judiciary Cmte. Mtg.: Mark up of bill - Helping Families Save Their Homes in Bankruptcy Act of 2009 (HR 200).
WEDNESDAY 1/28
Earnings: Affiliated Managers; Airtran Holdings; Ameriprise Financial; AT&T; BOK Financial Corp.; Boeing; Boston Properties; Cabot; Cohen & Steers; ConocoPhillips; Franklin Resources; General Dynamics; Hess; KKR Financial; Lazard; Legg Mason; New York Times; Novartis; Philip Morris International; Qualcomm; Regis; SAP AG; Southern Co.; Starbucks; Susquehanna Bank; Wellpoint, Wells Fargo; Whitney Holding
Fed Meeting Day 2: FOMC meeting concludes (FOMC - This is the part of the Fed that sets monetary policy) - rate news change (if any) would come on this day (currently at 0-.25%).
House Floor: May take up economic stimulus package.
Senate Budget Cmte. Mtg.: Examines housing and financial crisis (federal response). Witnesses include: Douglas Elmendorf, Congressional Budget Office.
Senate Judiciary Cmte. Mtg.: Votes on Eric Holder's Attorney General nomination.
Political Event: Republican National Committee (RNC) holds winter meeting, 1/28-1/31.
THURSDAY 1/29
Earnings: 1-800-Flowers; 3M; Alaska Air; Amazon.com; Astoria Financial; Black & Decker; Colgate-Palmolive; Continental Air; Eastman Kodak; Eli Lilly; Ethan Allen; Ford Motor; Gentex; Jetblue; MBIA Inc.; NASDAQ; Newell Rubbermaid; Occidental Petro; PepsiAmericas; Provident Financial; Raytheon; Royal Caribbean; SEI Investments; Sony; Starwood Hotels; T. Rowe Price; Under Armour; US Airways
Economic Reports: Initial Unemployment Claims (for 1/24), New Homes Sales (for Dec.); Federal Home Loan Mortgage Corporation (Freddie Mac) releases its weekly data regarding mortgage rates.
Senate Budget Cmte. Mtg.: Examines the global economy (outlook and risks).
Event: National Economists Club holds "Responding to a Tough Economic Assignment" discussion on the White House, Congress and the economy. Guest: Alice Rivlin, Brookings Institution.
FRIDAY 1/30
Earnings: Chevron; Exxon Mobil; Gannett; Gramercy Capital; Honeywell; Invesco; MB Financial; Overstock.com; Procter & Gamble; Wilmington Trust
Economic Reports: GDP (Gross Domestic Product for the 4th Quarter of 2008); Federal Reserve releases info on US commercial banks' assets and liabilities.
Wednesday, January 21, 2009
A Window into Wall Street's TARP Psyche
You may not have noticed yesterday, but we're guessing you realized today that while inauguration festivities were in full swing, Wall Street was in a full slide. What's up? Is it just that Wall Street is anxious to see the new Obama team's plan in action for the remaining TARP funds? Or is there a different angst?
Here's why you care: We have been keenly listening to the different perspectives on TARP here in Washington, DC. There are lots of competing policy concerns - all of which are worth listening to. So, when we found BusinessWeek's Ben Steverman's article on TARP, outlining Wall Street's worries, we thought it was worth your time. We are not saying we support, or don't support, the points made in the reporting - what we're saying is that this is accurate as to what is going through many investors minds on Wall Street. And, we think trying to understand all parties is good when the outcome of the debate impacts all of our 401ks, home values, and jobs. So read Ben Steverman's reporting as some good food for thought in understanding how Wall Street thinks.
We note that given today's Senate Finance Committee hearing on Timothy Geithner's nomination to be Treasury Secretary these issues will continue to be debated. So, it is good to get a grounding on where all the players are coming from.
Here's why you care: We have been keenly listening to the different perspectives on TARP here in Washington, DC. There are lots of competing policy concerns - all of which are worth listening to. So, when we found BusinessWeek's Ben Steverman's article on TARP, outlining Wall Street's worries, we thought it was worth your time. We are not saying we support, or don't support, the points made in the reporting - what we're saying is that this is accurate as to what is going through many investors minds on Wall Street. And, we think trying to understand all parties is good when the outcome of the debate impacts all of our 401ks, home values, and jobs. So read Ben Steverman's reporting as some good food for thought in understanding how Wall Street thinks.
We note that given today's Senate Finance Committee hearing on Timothy Geithner's nomination to be Treasury Secretary these issues will continue to be debated. So, it is good to get a grounding on where all the players are coming from.
Monday, January 19, 2009
TARP With A Twist - Understanding Good Bank, Bad Bank
The latest buzz on a way out of the financial crisis around Capitol Hill corridors, K Street and Wall Street is the idea of a "good bank" versus a "bad bank." So, we thought would be useful to remind you that TARP (Troubled Asset Relief Program) started out as a way for banks to sell bad assets to the government. Which is to say, it was a way for banks to dump the bad assets. Now, a good bank versus bad bank strategy is similar. Which is to say it is a way for bank to dump the bad assets.
Here's why you care: You are going to hear more about a good bank versus bad bank as a strategy in the days to come, so it is worth your while to get your arms around it. Fortunately, the Washington Post's Binyamin Appelbaum and David Cho did that in the Sunday Business section - which we think you may have missed. Take a moment to read it, and you'll understand not only what government officials and Wall Street is talking about, but also a historic reference to it as well. It is worth your time.
Here's why you care: You are going to hear more about a good bank versus bad bank as a strategy in the days to come, so it is worth your while to get your arms around it. Fortunately, the Washington Post's Binyamin Appelbaum and David Cho did that in the Sunday Business section - which we think you may have missed. Take a moment to read it, and you'll understand not only what government officials and Wall Street is talking about, but also a historic reference to it as well. It is worth your time.
Friday, January 16, 2009
Treasury's TARP Moves Today and Framing the Big Picture
We figured you saw that the Senate released the second half of the TARP money ($350 Billion). And we figured you saw that the Treasury Department 1) injected more money into Bank of America; 2) guaranteed some assets for Citi; 3) loaned money to a new Chrysler entity; and 4) updated the TARP's executive compensation rules. Well, maybe not on #4, but the others have been on the web, and will be in newscasts tonight if you didn't see cable today.
So we thought we'd do something a little different. We're going to highlight a columnist that is trying to bring all the nitty gritty into an understandable framework.
Here's why you care: The Washington Post's Steven Pearlstein has written a thoughtful column trying to weave the bigger picture issues of things like: Can we spend our way out? Where's the money coming from? Will this work? He's speaking to the MBA and non-MBA set alike, and thus he's worth your while. We thought his piece would be especially helpful as we get closer to the inauguration where you are likely to here much about the stimulus package and the economy. As we noted in our futures calendar yesterday - Next Week's News Today, the stimulus package will be debated over the weekend and through the inauguration. We are not endorsing Mr. Pearlstein, just noting that he is being thoughtful, and he does a great job of raising important questions going forward. And that's where we like you to be, ahead of the curve.
So we thought we'd do something a little different. We're going to highlight a columnist that is trying to bring all the nitty gritty into an understandable framework.
Here's why you care: The Washington Post's Steven Pearlstein has written a thoughtful column trying to weave the bigger picture issues of things like: Can we spend our way out? Where's the money coming from? Will this work? He's speaking to the MBA and non-MBA set alike, and thus he's worth your while. We thought his piece would be especially helpful as we get closer to the inauguration where you are likely to here much about the stimulus package and the economy. As we noted in our futures calendar yesterday - Next Week's News Today, the stimulus package will be debated over the weekend and through the inauguration. We are not endorsing Mr. Pearlstein, just noting that he is being thoughtful, and he does a great job of raising important questions going forward. And that's where we like you to be, ahead of the curve.
Thursday, January 15, 2009
Next Week's News Today (Beyond the Inauguration Edition: Treasury Confirmation, TARP, and Bank Earnings)
So, if it's Thursday, then it's time for Next Week's News Today where we publish our own futures calendar of earnings, reports, hearings and political events which will either drive the news, or deserve more attention. Last week we were correct to point out a few choice economic reports that would drive both the market and coverage (think Beige Book, unemployment and retails sales), as well as earnings for financial institutions, and we were correct to say that the House Financial Services Committee Chairman, Rep. Barney Frank's, new legislation to change TARP would garner a great deal of attention.
This coming week is clearly all about the inauguration. However, look for the stimulus package to be an undercurrent for all the economic reporting out of Washington, DC. In fact, now that the first drafts of details are out - the debate will go through the weekend leading up to the inauguration, and beyond. Additionally, Chairman Frank's legislation to amend TARP will get a look at by both the House (a vote) and the Senate next week. We hear that it will not get passed in the Senate in same form as in the House.
Also of note this coming week is the rescheduled confirmation hearing for Treasury Secretary nominee Timothy F. Geithner (1/21). That will obviously get media attention. We do caution that you check back to WhyYouCare.com for updates on scheduling.
Here's why you care about next week's trends in earnings and reports:
Earnings: After JP Morgan and Citi news this week, look for Bank of America earnings on Tuesday (1/20) to get lots of attention. BUT, we'd also like to note that a number of other financial institutions are reporting next week (like this week), that will create lots of coverage. Many of the names below are regional financial institutions.
Earning Redux: There's another notable pattern in earnings next week - big name tech stocks: IBM (1/20); AMD, Apple, Google, and Microsoft (1/22) to just name a few. Given Apple's current headlines, look for more.
Interesting Earning Story: Harley-Davidson - how does a niche company do in a recession?
Reports: Building Permits, Housing Starts, and Initial Unemployment Claims all on 1/22.
Notable events: Geithner's hearing currently listed for 1/21
As always notable earnings, events, and reports are below:
MONDAY 1/19 - Martin Luther King Day
TUESDAY 1/20 - Inauguration.
Earnings: Bank of America; CSX Corp.; Forest Labs Inc.; Hancock Holding Corp.; IberiaBank Corp.; IBM; Johnson & Johnson; Pinnacle Financial Partners; Regions Financial Corp.; State Street Corp.; Suncor Energy Inc.; TD Ameritrade
WEDNESDAY 1/21
Earnings: Abbott Labs; AMBAC Financial Group; Ameripirce Financial; Applied Micro Circuits; Citrix Systems; Coach; Emergen; Philip Morris International; Seagate Tech, SLM Corp; US Bancorp
Confirmation Hearing: Senate Finance Committee holds confirmation hearing for Treasury Secy. Nominee, Timothy Geithner, 10a ET.
Hearing: Senate Homeland Security and Governmental Affairs Committee holds hearing on"Where Were the Watchdogs? The Financial Crisis and the Breakdown of Financial Governance," 10a ET.
THURSDAY 1/22
Earnings: Advanced Micro Devices; AMCORE Financial; Apple; Bank of New York; BB&T Corp.; BlackRock; CIT Group; Con Edison; Firth Third; First Commonwealth; Ford; Google; Hershey Foods; Huntington Banc; Janus Capital; KeyCorp; Lockheed Martin; Knight Capital Group; M&T Bank; Microsoft; Nokia; Northrop Grumman; Sherwin-Williams; Southwest Airlines; Suntrust Banks; Union Pacific; United Health; US Airways; Varian
Economic Reports: Building Permits (for Dec.); House Starts (for Dec.); Initial Unemployment Claims (for 1/17)
FRIDAY 1/23
Earnings: Harley-Davidson; MB Financial Inc.; Webster Financial Corp.; Xerox
Speech: National Press Club, 12:30p ET, Senate Minority Leader Mitch McConnell re: Congressional agenda.
This coming week is clearly all about the inauguration. However, look for the stimulus package to be an undercurrent for all the economic reporting out of Washington, DC. In fact, now that the first drafts of details are out - the debate will go through the weekend leading up to the inauguration, and beyond. Additionally, Chairman Frank's legislation to amend TARP will get a look at by both the House (a vote) and the Senate next week. We hear that it will not get passed in the Senate in same form as in the House.
Also of note this coming week is the rescheduled confirmation hearing for Treasury Secretary nominee Timothy F. Geithner (1/21). That will obviously get media attention. We do caution that you check back to WhyYouCare.com for updates on scheduling.
Here's why you care about next week's trends in earnings and reports:
Earnings: After JP Morgan and Citi news this week, look for Bank of America earnings on Tuesday (1/20) to get lots of attention. BUT, we'd also like to note that a number of other financial institutions are reporting next week (like this week), that will create lots of coverage. Many of the names below are regional financial institutions.
Earning Redux: There's another notable pattern in earnings next week - big name tech stocks: IBM (1/20); AMD, Apple, Google, and Microsoft (1/22) to just name a few. Given Apple's current headlines, look for more.
Interesting Earning Story: Harley-Davidson - how does a niche company do in a recession?
Reports: Building Permits, Housing Starts, and Initial Unemployment Claims all on 1/22.
Notable events: Geithner's hearing currently listed for 1/21
As always notable earnings, events, and reports are below:
MONDAY 1/19 - Martin Luther King Day
TUESDAY 1/20 - Inauguration.
Earnings: Bank of America; CSX Corp.; Forest Labs Inc.; Hancock Holding Corp.; IberiaBank Corp.; IBM; Johnson & Johnson; Pinnacle Financial Partners; Regions Financial Corp.; State Street Corp.; Suncor Energy Inc.; TD Ameritrade
WEDNESDAY 1/21
Earnings: Abbott Labs; AMBAC Financial Group; Ameripirce Financial; Applied Micro Circuits; Citrix Systems; Coach; Emergen; Philip Morris International; Seagate Tech, SLM Corp; US Bancorp
Confirmation Hearing: Senate Finance Committee holds confirmation hearing for Treasury Secy. Nominee, Timothy Geithner, 10a ET.
Hearing: Senate Homeland Security and Governmental Affairs Committee holds hearing on"Where Were the Watchdogs? The Financial Crisis and the Breakdown of Financial Governance," 10a ET.
THURSDAY 1/22
Earnings: Advanced Micro Devices; AMCORE Financial; Apple; Bank of New York; BB&T Corp.; BlackRock; CIT Group; Con Edison; Firth Third; First Commonwealth; Ford; Google; Hershey Foods; Huntington Banc; Janus Capital; KeyCorp; Lockheed Martin; Knight Capital Group; M&T Bank; Microsoft; Nokia; Northrop Grumman; Sherwin-Williams; Southwest Airlines; Suntrust Banks; Union Pacific; United Health; US Airways; Varian
Economic Reports: Building Permits (for Dec.); House Starts (for Dec.); Initial Unemployment Claims (for 1/17)
FRIDAY 1/23
Earnings: Harley-Davidson; MB Financial Inc.; Webster Financial Corp.; Xerox
Speech: National Press Club, 12:30p ET, Senate Minority Leader Mitch McConnell re: Congressional agenda.
Wednesday, January 14, 2009
Understanding Capitol Hill and the TARP Votes
Once the House votes on House Financial Services Cmte. Chairman Rep. Barney Frank's (D-MA) TARP, you'll see lots of headlines about how it will modify TARP. There'll be new reporting requirements, executive compensation provisions, etc. What we want to note is that, just because it passes the House, doesn't mean it is going to pass the Senate. We hear that Republican Senators are already cautioning that they want further assurances on how the second half of the TARP funds ($350 billion) will get spent.
Here's why you care: This means a longer process than just a green light from the House. In other words, there's still miles to go before we're done. It makes less likely President-elect Obama has something to sign on Tuesday when he gets sworn in. We suspect the financial markets would like to see something sooner rather than later, but we also know the financial markets really want clarity.
Editor's Note: You've likely read that Treasury Secy. Nominee Geithner's confirmation hearing has been pushed back from this Friday, 1/16. We wanted to make sure you kept your calendars current. Additionally, we note that JP Morgan Chase will report earnings tomorrow, Thursday 1/15, and not next Wednesday 1/21. Lastly, Citi will report earnings early this Friday, 1/16.
Here's why you care: This means a longer process than just a green light from the House. In other words, there's still miles to go before we're done. It makes less likely President-elect Obama has something to sign on Tuesday when he gets sworn in. We suspect the financial markets would like to see something sooner rather than later, but we also know the financial markets really want clarity.
Editor's Note: You've likely read that Treasury Secy. Nominee Geithner's confirmation hearing has been pushed back from this Friday, 1/16. We wanted to make sure you kept your calendars current. Additionally, we note that JP Morgan Chase will report earnings tomorrow, Thursday 1/15, and not next Wednesday 1/21. Lastly, Citi will report earnings early this Friday, 1/16.
Tuesday, January 13, 2009
The Answer to the Economic Crisis?
We assume you are reading the front page stories, and thus we assume you've read about the request for the second half of TARP funds to be released (the remaining $350 billion) by the current administration on behalf of the incoming one. So, we think the story you may have ignored is on Federal Reserve Board Chairman Ben Bernanke's speech on what steps the Fed thinks should be taken in the coming months.
Here's why you care: Bernanke's speech is important because it shows that he's not only looking at the stimulus package, the remaining TARP funds (and how they can be used) but other measures. You could read the speech for yourself or you could let the Washington Post's Neil Irwin do the work for you. He's got a great summary. The important point here is that Mr. Bernanke's speech really gives a window into all the ways the Fed, Treasury, the FDIC plan to act in the coming months. And, of course, we like to keep you looking ahead. Apparently, Mr. Bernanke and Mr. Irwin do too. Take three minutes to be ahead of the curve.
Editor's note: When we posted our futures calendar this past Friday - Next Week's News Today - we listed AIG CEO Edward Libby at the National Press Club this coming Thursday, 1/15. That's been postponed.
Here's why you care: Bernanke's speech is important because it shows that he's not only looking at the stimulus package, the remaining TARP funds (and how they can be used) but other measures. You could read the speech for yourself or you could let the Washington Post's Neil Irwin do the work for you. He's got a great summary. The important point here is that Mr. Bernanke's speech really gives a window into all the ways the Fed, Treasury, the FDIC plan to act in the coming months. And, of course, we like to keep you looking ahead. Apparently, Mr. Bernanke and Mr. Irwin do too. Take three minutes to be ahead of the curve.
Editor's note: When we posted our futures calendar this past Friday - Next Week's News Today - we listed AIG CEO Edward Libby at the National Press Club this coming Thursday, 1/15. That's been postponed.
Monday, January 12, 2009
Detailing How the Rest of TARP Will Get Spent (Plus, Judges & Mortgage Modifications)
We like to highlight just one article a day, but today there are two out there you need to read. The first is Manu Raju's story in Politico revealing that the Obama administration is willing to detail how the second half of the TARP funds (the remaining $350 billion) will get spent. The other is the Wall Street Journal's Amir Efrati's and Jennifer Forsyth's reporting on Federal bankruptcy judges feeling ready to step in and modify mortgages.
Here's why you care about TARP: As we noted in our futures calendar for this week (Next Week's News Today), Financial Services Cmte. Chairman, Rep. Barney Frank (D-MA), will hold a hearing examining the use of TARP funds tomorrow. It was already important because on Friday he put out a proposed bill to modify TARP. Now, that hearing could be the place where some of the details come out. Maybe not, but we bet he's interested, and you should be too. After all, it is your money.
Here's why you care about judges modifying mortgages: The Efrati/Forsyth article does a solid job of outlining both sides of the argument as to whether judges should get involved. You can bet ears on Wall Street perked up when they saw this in the Journal because of the massive amount of money involved. The implications are big, both for lenders and borrowers. We could outline the pros/cons, but we'd just be repeating the solid reporting here, so go read this article and be smart. One note, the term cramdown is used. Just think loan modification to keep it very simple.
Here's why you care about TARP: As we noted in our futures calendar for this week (Next Week's News Today), Financial Services Cmte. Chairman, Rep. Barney Frank (D-MA), will hold a hearing examining the use of TARP funds tomorrow. It was already important because on Friday he put out a proposed bill to modify TARP. Now, that hearing could be the place where some of the details come out. Maybe not, but we bet he's interested, and you should be too. After all, it is your money.
Here's why you care about judges modifying mortgages: The Efrati/Forsyth article does a solid job of outlining both sides of the argument as to whether judges should get involved. You can bet ears on Wall Street perked up when they saw this in the Journal because of the massive amount of money involved. The implications are big, both for lenders and borrowers. We could outline the pros/cons, but we'd just be repeating the solid reporting here, so go read this article and be smart. One note, the term cramdown is used. Just think loan modification to keep it very simple.
Friday, January 9, 2009
Next Week's News Today (Stimulus Packages, Changing TARP?, and Confirmation Hearings!)
So, if it's Thursday (ok, so it's Friday) then it's time for Next Week's News Today where we publish our own futures calendar of earnings, reports, hearings and political events which will either drive the news, or deserve more attention. Last week we were correct to point out a few choice economic reports that would drive both the market and coverage (think unemployment and retails sales), and we were correct to say that the Obama administration's stimulus package would be the backdrop and context of the reporting.
This coming week look for not only the stimulus package to be an undercurrent for all the economic reporting out of Washington, DC, but also the House Financial Services Committee's hearing on Tuesday examining the use of TARP funds for the next administration. Why? Today Chairman Barney Frank released an outline of a proposed bill to amend all the programs under TARP. The financial community will be watching, and you should be too.
Here's why you care about next week's trends in earnings and reports:
Earnings: We note that the financial institutions' earnings below, and Intel, offer news pegs to examine how those who handle money are doing, and how tech stocks are doing.
Reports: The Beige Book is out 1/14 (ie - the Fed's report on the economy) and will be closely examined, while retail sales (1/14) and unemployment (1/15) will also get and deserve ink.
Notable events: Eric Holder's Attorney General confirmation hearing was moved from this week to 1/15 and will likely be the focus of political coverage. But, that shouldn't mean you should overlook the National Press Club speeches on 1/13 and 1/15, economic reporters will care.
As always notable earnings, events, and reports are below:
MONDAY 1/12
Earnings: Alcoa; Charles Schwab; M&T Bank.
Hearings: House Financial Services Committee holds a hearing titled "The Madoff Ponzi Scheme and the Need for Regulatory Reform," 2p ET.
Dueling Events: AEI & Brookings
AEI, 10a ET: "Responding to the Recession: Exploring the Stimulus Options." Check out the panelists here.
Brookings, 10a ET: "Memo to the President: Invest in Infrastructure for Long-Term Prosperity." Check out the panelists here.
TUESDAY 1/13
Earnings: Commerce Bancshares Inc.; State Street Corp.
Hearing: House Financial Services Cmte holds hearing on: "Priorities for the Next Administration: Use of TARP Funds under [the Emergency Economic Stabilization Act]," 2p ET. (Note: Chmn. Frank released a proposed outline to amend TARP on 1/9/09.)
Confirmation Hearing #1: Senate Energy and Natural Resources Committee holds Steven Chu's confirmation hearing for Energy Secy, 10a ET.
Confirmation Hearing #2: Senate Health, Education, Labor and Pensions Committee holds Arne Duncan's confirmation hearing for Education Secy, 10a ET.
Speech: National Press Club, 12:30p ET, James Mulva, Chairman and CEO, ConocoPhillips.
Speech: Georgetown University, 9:30a ET, Interim Assistant Secretary for Financial Stability Neel Kashkari gives an update on TARP implementation.
WEDNESDAY 1/14
Earnings: Gramercy Capital Corp.; Knight Capital Group Inc.
Economic Reports: Beige Book (the Fed's report on the economy); Business Inventories (for Nov.); Export/Import Prices (for Dec.); Retail Sales (for Dec.)
Confirmation Hearing #1: Senate Environment and Public Works Committee holds Lisa Jackson's confirmation hearing for EPA Administrator, 10a ET.
Confirmation Hearing #2: Senate Veterans' Affairs Committee holds Eric Shinseki's confirmation hearing for Veterans Affairs Secy., 10a ET.
Confirmation Hearing #3: Senate Agriculture, Nutrition and Forestry Committee holds Thomas Vilsack confirmation hearing for Agriculture Secy., 10a ET.
Hearing: House Small Business Committee holds "The State of the Small Business Economy and Identifying Policies to Promote an Economic Recovery" hearing, 10a ET.
THURSDAY 1/15
Earnings: Astoria Financial Corp.; BlackRock Inc.; Genentech Inc.; Intel
Economic Reports: Initial Unemployment Claims (for 1/10); Producer Price Index (for Dec.)
Confirmation Hearing #1: Senate Judiciary Committee holds Eric Holder's confirmation hearing for Attorney General, 9:30a ET.
Confirmation Hearing #2: Senate Energy and Natural Resources Committee holds Sen. Ken Salazar's (D-CO) confirmation hearing for Interior Secy., 9:30a ET.
Confirmation Hearing #3: Senate Homeland Security and Governmental Affairs Committee holds Janet Napolitano's confirmation hearing for Homeland Security Secy.
Speech: National Press Club, 8:30a ET, Edward Liddy, CEO of American International Group, Inc.
FRIDAY 1/16
Earnings: First Horizon National Corp.; Sony
Economic Reports: Consumer Price Index (for Dec.)
This coming week look for not only the stimulus package to be an undercurrent for all the economic reporting out of Washington, DC, but also the House Financial Services Committee's hearing on Tuesday examining the use of TARP funds for the next administration. Why? Today Chairman Barney Frank released an outline of a proposed bill to amend all the programs under TARP. The financial community will be watching, and you should be too.
Here's why you care about next week's trends in earnings and reports:
Earnings: We note that the financial institutions' earnings below, and Intel, offer news pegs to examine how those who handle money are doing, and how tech stocks are doing.
Reports: The Beige Book is out 1/14 (ie - the Fed's report on the economy) and will be closely examined, while retail sales (1/14) and unemployment (1/15) will also get and deserve ink.
Notable events: Eric Holder's Attorney General confirmation hearing was moved from this week to 1/15 and will likely be the focus of political coverage. But, that shouldn't mean you should overlook the National Press Club speeches on 1/13 and 1/15, economic reporters will care.
As always notable earnings, events, and reports are below:
MONDAY 1/12
Earnings: Alcoa; Charles Schwab; M&T Bank.
Hearings: House Financial Services Committee holds a hearing titled "The Madoff Ponzi Scheme and the Need for Regulatory Reform," 2p ET.
Dueling Events: AEI & Brookings
AEI, 10a ET: "Responding to the Recession: Exploring the Stimulus Options." Check out the panelists here.
Brookings, 10a ET: "Memo to the President: Invest in Infrastructure for Long-Term Prosperity." Check out the panelists here.
TUESDAY 1/13
Earnings: Commerce Bancshares Inc.; State Street Corp.
Hearing: House Financial Services Cmte holds hearing on: "Priorities for the Next Administration: Use of TARP Funds under [the Emergency Economic Stabilization Act]," 2p ET. (Note: Chmn. Frank released a proposed outline to amend TARP on 1/9/09.)
Confirmation Hearing #1: Senate Energy and Natural Resources Committee holds Steven Chu's confirmation hearing for Energy Secy, 10a ET.
Confirmation Hearing #2: Senate Health, Education, Labor and Pensions Committee holds Arne Duncan's confirmation hearing for Education Secy, 10a ET.
Speech: National Press Club, 12:30p ET, James Mulva, Chairman and CEO, ConocoPhillips.
Speech: Georgetown University, 9:30a ET, Interim Assistant Secretary for Financial Stability Neel Kashkari gives an update on TARP implementation.
WEDNESDAY 1/14
Earnings: Gramercy Capital Corp.; Knight Capital Group Inc.
Economic Reports: Beige Book (the Fed's report on the economy); Business Inventories (for Nov.); Export/Import Prices (for Dec.); Retail Sales (for Dec.)
Confirmation Hearing #1: Senate Environment and Public Works Committee holds Lisa Jackson's confirmation hearing for EPA Administrator, 10a ET.
Confirmation Hearing #2: Senate Veterans' Affairs Committee holds Eric Shinseki's confirmation hearing for Veterans Affairs Secy., 10a ET.
Confirmation Hearing #3: Senate Agriculture, Nutrition and Forestry Committee holds Thomas Vilsack confirmation hearing for Agriculture Secy., 10a ET.
Hearing: House Small Business Committee holds "The State of the Small Business Economy and Identifying Policies to Promote an Economic Recovery" hearing, 10a ET.
THURSDAY 1/15
Earnings: Astoria Financial Corp.; BlackRock Inc.; Genentech Inc.; Intel
Economic Reports: Initial Unemployment Claims (for 1/10); Producer Price Index (for Dec.)
Confirmation Hearing #1: Senate Judiciary Committee holds Eric Holder's confirmation hearing for Attorney General, 9:30a ET.
Confirmation Hearing #2: Senate Energy and Natural Resources Committee holds Sen. Ken Salazar's (D-CO) confirmation hearing for Interior Secy., 9:30a ET.
Confirmation Hearing #3: Senate Homeland Security and Governmental Affairs Committee holds Janet Napolitano's confirmation hearing for Homeland Security Secy.
Speech: National Press Club, 8:30a ET, Edward Liddy, CEO of American International Group, Inc.
FRIDAY 1/16
Earnings: First Horizon National Corp.; Sony
Economic Reports: Consumer Price Index (for Dec.)
Wednesday, January 7, 2009
Where the Fed Thinks We're Going
All the way back in mid-December when the Federal Open Market Committee met (ie - the Fed's leaders) to discuss the economy and eventually lower the Fed rate to basically 0%, they also mapped out what they thought 2009 would look like.
Here's why you care: First the Fed is often right (we'd say on the money, but you'd alt-cntrl-delete out of our blog), but second even if they are not right the actions they took and are going to take are based on what they think may happen. In other words, you need to understand their thinking. Yesterday, the minutes were released from that mid-December meeting. Thankfully, there's solid reporting out there so you don't have to wade through them. We suggest taking two minutes and reading the Washington Post's Neil Irwin's story because he keeps it forward looking - which is (as always) where we think you should be.
Examples of why you care: The minutes show the Fed leaders seeing the first half of 2009 experiencing a fair amount of pain before a recovery starts. But, there's also concern that the global problems are deep enough to continue the pain. Care now? Another example is the Fed's plan to buy bundled mortgages (ie- mortgage securities) in the hopes of pushing down mortgage lending rates (which has started). Care now?
We thought so... Go check out Neil Irwin's piece and understand what the Fed is thinking and doing in the coming months.
Here's why you care: First the Fed is often right (we'd say on the money, but you'd alt-cntrl-delete out of our blog), but second even if they are not right the actions they took and are going to take are based on what they think may happen. In other words, you need to understand their thinking. Yesterday, the minutes were released from that mid-December meeting. Thankfully, there's solid reporting out there so you don't have to wade through them. We suggest taking two minutes and reading the Washington Post's Neil Irwin's story because he keeps it forward looking - which is (as always) where we think you should be.
Examples of why you care: The minutes show the Fed leaders seeing the first half of 2009 experiencing a fair amount of pain before a recovery starts. But, there's also concern that the global problems are deep enough to continue the pain. Care now? Another example is the Fed's plan to buy bundled mortgages (ie- mortgage securities) in the hopes of pushing down mortgage lending rates (which has started). Care now?
We thought so... Go check out Neil Irwin's piece and understand what the Fed is thinking and doing in the coming months.
Monday, January 5, 2009
Commercial Real Estate the "Next Ticking Time Bomb"
Back on December 10, 2008 we spotlighted a terrific story by Terry Pristin in the New York Times pointing out the seriousness of the commercial real estate market situation. Today the New York Times has another terrific piece, this time by Charles V. Bagli. You need to read it.
Here's why you care: Just as the economy is struggling to gain footing, either through Treasury's cash infusion to banks in the hopes of greasing the lending wheels of commerce or the still in the works Obama stimulus package, the market (and thus YOU) may get another whammy - defaulting commercial loans. As we pointed out back in December, commercial loans impact you because when the bank takes a hit it makes it harder for the bank to lend to you. Furthermore vacant real estate impacts the properties nearby - just like a foreclosed home.
Thus, in the words of Charles Bagli in his story today, "Stock analysts say commercial real estate is the next ticking time bomb for banks, which have already received hundreds of billions of dollars in capital and other assistance from the federal government. Big banks — like Bank of America, JPMorgan Chase and Morgan Stanley — each hold tens of billions of dollars in commercial real estate securities. The banks also invested directly in properties."
Care now? Read his piece and be enlightened.
Here's why you care: Just as the economy is struggling to gain footing, either through Treasury's cash infusion to banks in the hopes of greasing the lending wheels of commerce or the still in the works Obama stimulus package, the market (and thus YOU) may get another whammy - defaulting commercial loans. As we pointed out back in December, commercial loans impact you because when the bank takes a hit it makes it harder for the bank to lend to you. Furthermore vacant real estate impacts the properties nearby - just like a foreclosed home.
Thus, in the words of Charles Bagli in his story today, "Stock analysts say commercial real estate is the next ticking time bomb for banks, which have already received hundreds of billions of dollars in capital and other assistance from the federal government. Big banks — like Bank of America, JPMorgan Chase and Morgan Stanley — each hold tens of billions of dollars in commercial real estate securities. The banks also invested directly in properties."
Care now? Read his piece and be enlightened.
Sunday, January 4, 2009
Next Week's News Today (Confirmation Hearings, Paulson's Speech, Unemployment Numbers)
So, if it's Thursday (ok, well Sunday), then it's time for Next Week's
News Today where we publish our own futures calendar of earnings,
reports, hearings and political events which will either drive the
news, or deserve more attention. We took a break for the holidays,
but we're back, and this coming week you'll see the markets and coverage
driven by a few choice economic reports and of course Capitol Hill hearings. Oh
and don't forget the RNC Chairmanship debate.
Just what are we talking about? Oh, just the economic recovery,
examination of Mr. Madoff's investment strategy, and of course
Daschle, Holder, and Solis confirmation hearings.
And what's the backdrop? What we've been pointing out, that as soon
as the new year is in the rear view mirror, the spotlight will be on the new administration's stimulus package.
And any big speeches? You bet, look for Treasury Secretary Paulson's
remarks on the housing recovery, Wednesday, 1/7.
Here's why you care about next week's trends in earnings and reports:
Earnings: Focus on Wednesday (1/7), you'll see some familiar retail names.
Reports: Unemployment claims and a report that measures consumers'
debt on Thursday, 1/8, will be interesting. All eyes on December
unemployment numbers come Friday, 1/9.
As always notable earnings, events, and reports are below are below:
MONDAY 1/5
Reports: Construction Spending (for Nov.); Car/Truck Sales (for Dec.)
Hearings: House Financial Services Committee holds a hearing titled
"The Madoff Ponzi Scheme and the Need for Regulatory Reform," 2p ET.
Political Events: RNC Chairmanship Debate, 1p ET, National Press
Club, hosted by Americans for Tax Reform. Who will be there? Check
out NPC's website.
TUESDAY 1/6
Reports: Minutes from the Federal Reserve's December 16th meeting.
WEDNESDAY 1/7
Earnings: Bed Bath & Beyond, Family Dollar, Monsanto, Ruby Tuesday,
Sonic, Supervalu, WD-40 Company
Events: Treasury Secretary Henry Paulson remarks the housing recovery, 12p ET.
Hearing #1: House Financial Services Committee holds hearing on
"Priorities for the Next Administration: Use of TARP Funds Under the
Emergency Economic Stabilization Act of 2008," 10a ET.
Hearing #2: House Democratic Steering and Policy Committee holds
hearing on the Economic Recovery Plan, 10a ET. Witness list includes
Fmr. Labor Secy. Robert Reich and Moody's Mark Zandi.
Briefing: U.S. Chamber of Commerce's State of American Business, 10a
ET. Briefing by Chamber President Thomas Donohue.
THURSDAY 1/8
Economic Reports: Consumer Credit (ie- measure debt for December);
Initial Unemployment Claims
Confirmation Hearing: Senate Health, Education, Labor and Pensions
Committee holds the confirmation hearing for HHS Secretary Nominee
Thomas Daschle, 10a ET.
FRIDAY 1/9
Reports: Unemployment Rate for December
Confirmation Hearing: Senate Health, Education, Labor and Pensions
Committee holds the confirmation hearing for Labor Secretary Nominee
Rep. Hilda L. Solis (D-CA), 9:30a ET.
News Today where we publish our own futures calendar of earnings,
reports, hearings and political events which will either drive the
news, or deserve more attention. We took a break for the holidays,
but we're back, and this coming week you'll see the markets and coverage
driven by a few choice economic reports and of course Capitol Hill hearings. Oh
and don't forget the RNC Chairmanship debate.
Just what are we talking about? Oh, just the economic recovery,
examination of Mr. Madoff's investment strategy, and of course
Daschle, Holder, and Solis confirmation hearings.
And what's the backdrop? What we've been pointing out, that as soon
as the new year is in the rear view mirror, the spotlight will be on the new administration's stimulus package.
And any big speeches? You bet, look for Treasury Secretary Paulson's
remarks on the housing recovery, Wednesday, 1/7.
Here's why you care about next week's trends in earnings and reports:
Earnings: Focus on Wednesday (1/7), you'll see some familiar retail names.
Reports: Unemployment claims and a report that measures consumers'
debt on Thursday, 1/8, will be interesting. All eyes on December
unemployment numbers come Friday, 1/9.
As always notable earnings, events, and reports are below are below:
MONDAY 1/5
Reports: Construction Spending (for Nov.); Car/Truck Sales (for Dec.)
Hearings: House Financial Services Committee holds a hearing titled
"The Madoff Ponzi Scheme and the Need for Regulatory Reform," 2p ET.
Political Events: RNC Chairmanship Debate, 1p ET, National Press
Club, hosted by Americans for Tax Reform. Who will be there? Check
out NPC's website.
TUESDAY 1/6
Reports: Minutes from the Federal Reserve's December 16th meeting.
WEDNESDAY 1/7
Earnings: Bed Bath & Beyond, Family Dollar, Monsanto, Ruby Tuesday,
Sonic, Supervalu, WD-40 Company
Events: Treasury Secretary Henry Paulson remarks the housing recovery, 12p ET.
Hearing #1: House Financial Services Committee holds hearing on
"Priorities for the Next Administration: Use of TARP Funds Under the
Emergency Economic Stabilization Act of 2008," 10a ET.
Hearing #2: House Democratic Steering and Policy Committee holds
hearing on the Economic Recovery Plan, 10a ET. Witness list includes
Fmr. Labor Secy. Robert Reich and Moody's Mark Zandi.
Briefing: U.S. Chamber of Commerce's State of American Business, 10a
ET. Briefing by Chamber President Thomas Donohue.
THURSDAY 1/8
Economic Reports: Consumer Credit (ie- measure debt for December);
Initial Unemployment Claims
Confirmation Hearing: Senate Health, Education, Labor and Pensions
Committee holds the confirmation hearing for HHS Secretary Nominee
Thomas Daschle, 10a ET.
FRIDAY 1/9
Reports: Unemployment Rate for December
Confirmation Hearing: Senate Health, Education, Labor and Pensions
Committee holds the confirmation hearing for Labor Secretary Nominee
Rep. Hilda L. Solis (D-CA), 9:30a ET.
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