Next Week's News Today (Foreclosure Plan Unveiling and Automaker Deadline Edition)

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 say that House and Senate Democrats would rush to pass the stimulus package before Valentine's Day. We were also correct to say that you needed to focus on the House Financial Service Cmte's hearing with the major bank executives. And, perhaps just as importantly we were right to point out to you that your time was best spent understanding the Treasury's revamped rescue plan while the House and Senate hammered out the stimulus details.

Here's why you care: As we said, once the dust settled there would be great pieces outlining what's in the stimulus package. Here's your pay off - some great journalism today from CNN's Jeanne Sahadi breaking down what's in the stimulus bill for the consumer/tax payer. AND, although we stay away from front page pieces, the Washington Post's Tomoeh Murakami Tse, Binyamin Appelbaum and Lori Montgomery have a terrific piece on how tougher executive pay caps for banks receiving government funds not only got into the stimulus bill, but the impact. The one question that Why You Care thinks will get addressed in the coming week on this topic: Given that what Wall Street wants is a clear road map as to the rules the government will play by, if the stimulus bill now makes those caps on executive pay retro-active (unlike the Treasury plan) does that create a dynamic where Wall Street is even more reluctant to trust the government to play by those rules? The short, and obvious answer is yes. But, what's less obvious is how this plays out, so look for stories in the coming weeks on this topic.

On to this week...

This coming week will bring clarity to the missing piece of the Treasury's newly announced and revamped financial rescue plan: Foreclosures. We noted on Friday that the foreclosure plan unveiling would come Wednesday (2/18). That of course means trial balloons between now and then, and the Wall Street Journal's John McKinnon does not disappoint with a great wrap of Senior Obama Adviser David Axelrod's explanations on the Sunday shows hinting at what to expect come Wednesday. Or as we are thinking of it: Big Wednesday. The bonus here is that Federal Reserve Chmn. Ben Bernanke JUST HAPPENS to be speaking at the National Press Club on Wednesday as well. That means journos will have sound from the White House and the Fed to explain the impact of the new foreclosure mitigation plan will have on the financial recovery.

Even though Big Wednesday will get the headlines, Tuesday (2/17) should command your attention if reports are correct that President Obama will sign the stimulus bill into law that day. Additionally, GM (which happens to be reporting earnings this coming week) and Chrysler LLC have until Tuesday to give the federal government their recovery game plan or face the possible loss of the government loan (See CNN article for more explanation). We'll definitely be watching. 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: The auto industry gets yet another look when General Motors reports (2/19). The health of the hotel industry gets an examination with Wynn Resorts (2/17) and MGM Mirage (2/19) both reporting. Other industry metaphors? Computing: Hewlett-Packard (2/18), discount mega stores: Wal-Mart (2/17), and home improvement: Lowe's (2/20).

Reports: Housing starts and mortgage applications (2/18) and unemployment figures (2/19).

Such a big week that you could almost miss it?: Whole Foods (2/18) which has already gotten some media play, may yet get more articles to look at how niche retailers do during tough economic times.

As always notable earnings, events, and reports are below:
MONDAY 2/16 - Holiday


TUESDAY 2/17
Earnings: Chesapeake Energy, Consumer Portfolio Services, Daimler AG, Genuine Parts, GTX, Hudson Highland Group, Martha Stewart, Orleans Homebuilders, Penske Auto, Republic Airways, Wal-Mart, Wynn Resorts.

President Obama expected to sign economic stimulus bill: American Recovery and Reinvestment Act of 2009.

Deadline: GM and Chrysler LLC must show the federal government their turnaround plans, or face the loss of the taxpayer loan (See CNN article).


WEDNESDAY 2/18
Earnings: Advanced Auto, Allied Capital, Avista, Brandywine Realty, CBS Corp, Champion, Comcast, Cowen Group, Denny's, Dollar Thrifty, Dress Barn, Extra Space Storage, Federal Realty Investment Trust, First Advantage, First Industrial Realty Trust, Goodyear Tire, Hewlett-Packard, HNI Corp., Host Hotels, LoJack, McCormick & Schmick's, Nutrisystem, OfficeMax, Owens Corning, Playboy, Whole Foods.

Economic Report: Building Permits (for Jan) and Housing Starts (for Jan); Mortgage Bankers Assoc. release Mortgage Application numbers.

Obama Foreclosure Plan Unveiled.

Speech: Federal Reserve Chmn. Ben Bernanke, National Press Club, 12:30p ET, current economic conditions.

THURSDAY 2/19
Earnings: Asset Acceptance Capital, CapitalSource, Comsys IT Partners, CVS Caremark, Eaton Vance Corp., General Motors, GFI Group, Grubb & Ellis, Harlesyville Group, Hormel Foods, Hospitality Prop, Intuit, MGM Mirage, Oriental Financial Group, RadioShack, Regal Entertainment, Reliance Steel, RiskMetrics Group, Sprint Nextel, WebMD Health.

Economic Reports: Initial Unemployment claims and Producer Price Index (measures whole sale good prices).


FRIDAY 2/20
Earnings: JC Penney, Lowe's, TRW Automotive, Weingarten Realty.
Economic Reports: Consumer Price Index (measures goods' prices for consumers).