Last week we were correct to say that the focus would be on the many Capitol Hill hearings related to the financial recovery. We were also spot on when we told you to keep your eye out for news on the Treasury's final piece of the recovery puzzle: the public-private bank partnership. Et voila, by the end of last week you had bits and pieces of news on the program, over the weekend it got front page treatment, and today the Treasury Department is unveiling it.
For our MBA readers here's why you care: You can find Treasury's press release here which will give you the white paper, and the term sheets to the two components of the "Public-Private Investment Program" which are programs targeting loans and securities. We note that the press release includes a mention of avoiding the "Japanese experience" which is certainly an acknowledgement that the concern is just how long the recovery will take.
For our MBA-Wannabes here's why you care: The Washington Post's Neil Irwin has a good synopsis of the program, which you need to understand because the Treasury is banking on this plan to get banks lending again, and most notably shorten the length of the recession.
As you can imagine this week will be dominated by dissecting the Treasury's new program. In particular Pres. Obama has a prime-time news conference on Tuesday. However, Treasury Secy. Geithner and Federal Reserve Chmn. Bernanke will be back on Capitol Hill, this time for another round of AIG hearings which will gather headlines. But that's not all, Secy. Geithner is also giving a talk to the Wall Street Journal. Shall we say full court sales press? The result should be extended coverage of the new program and the recovery, and we suspect by the end of the week our MBA-Wannabes will be talking like our MBAs.
Here's your cheat sheet... We do caution that you check back to WhyYouCare.com for updates on scheduling.
Here's why you care about this week's trends in earnings, reports and hearings:
Reports: Home Prices (3/24), Homes Sales (3/25), and Unemployment (3/26).
Such a big week that you could almost miss it?: CNN, AP and NPR heads at the National Press Club talk the future of journalism in a tough financial reality.
MONDAY 3/23
Earnings: Focus Media, Providence Service Corp., Sonic, Tiffany & Co., Walgreen.
Economic Report: Existing Home Sales (for Feb.)
Pres. Obama: Along with VP Biden, Treasury Secy. Geithner, FDIC Chmn. Bair and Federal Reserve Chmn. Bernanke has economic briefing followed renewable energy statement.
Briefing: Treasury Secy. Geithner, "pen & pad" on the administration financial recovery plan.
Briefing: Rep. Mike Pence (R-IN) House Republican Conference Chmn. Has "pen & pad" reporting briefing.
Conference: Wall Street Journal's "Future of Finance Initiative" conference. Speaker: Treasury Secy. Geithner.
Hearing: House Financial Services Cmte. on "Seeking Solutions: Finding Credit for Small and Mid-Size Businesses in Massachusetts."
Conference: Kalb Report at the National Press Club: The future of journalism, hosted by Marvin Kalb with guests - AP President Tom Curley, NPR President Vivian Schiller, CNN President Jon Klein and Knight Foundation President Alberto Ibarguen.
TUESDAY 3/24
Earnings: Carnival, Commercial Metals, Williams-Sonoma.
Economic Report: FHFA Home Prices (for Feb.).
Pres. Obama: 8p ET - Prime-Time News Conference.
Hearings:
Senate Banking, Housing and Urban Affairs Cmte. on banking regulation.
Senate Judiciary Cmte's Administrative Oversight Subcmte. on "Abusive Credit Card Practices and Bankruptcy."
House Financial Services Cmte. on the government's intervention in AIG: Witnesses: Treasury Secy. Geithner and Federal Reserve Chmn. Bernanke.
House Energy and Commerce Cmte's Commerce, Trade and Consumer Protection Subcmte. on "Consumer Credit and Debt: The Role of the Federal Trade Commission in Protecting the Public."
Conference: National Press Club hosts Fmr. Congressional Budget Office Director Alice Rivlin on "The Economy and the financial meltdown--what happened and what can we do now?"
Conference: Wall Street Journal's "Future of Finance Initiative" conference. Speakers: Sen. Evan Bayh (D-IN) and Rep. Carolyn Maloney (D-NY).
WEDNESDAY 3/25
Earnings: Paychex, Red Hat, SAIC.
Economic Reports: Mortgage Applications data, New Home Sales (for Feb.).
Hearings:
House Oversight and Government Reform Cmte's Government Management, Organization and Procurement Subcmte. on "Roles and Responsibilities of Inspectors General in Financial Markets Regulatory Agencies."
House Financial Services Cmte. drafts legislation prohibiting companies receiving government financial recovery funds from paying bonuses until the government is paid back.
THURSDAY 3/26
Earnings: Accenture, Aladin Knowledge Systems, Best Buy, ConAgra, Conns, Dr. Pepper Snapple, Fred's, Movado Group, Texas Industries,
Economic Reports: Initial (Unemployment) Claims (for 3/21), Fourth Quarter GDP.
Hearings:
Senate Banking, Housing and Urban Affairs Cmte. on the regulation of securities markets.
House Financial Services Cmte. on "Addressing the Need for Comprehensive Regulatory Reform." Witness: Treasury Secy. Geithner.
FRIDAY 3/27
Earnings: KB Home.
Economic Report: Personal Income/Personal Spending (for Feb.).
SATURDAY 3/28
Hearing: House Financial Services Cmte's Housing and Community Opportunity Subcmte. field hearing on foreclosures in Los Angeles.
Monday, March 23, 2009
Wednesday, March 18, 2009
Canary in the Coal Mine Business Story You Shouldn't Miss
While the lead story today will continue to be on executive bonuses, we think the story you shouldn't miss is on the financial recovery process itself.
For our MBA-Wannabes here's why you care: The LA Times' Roger Vincent has a terrific story examining the commercial real estate market in Los Angeles. Sectors like commercial real estate are something of a canary in coal mine for measuring the health of the economy as transactions rely on lending, credit, functioning banks, and so forth. Vincent's story matters to you because he deftly shows how the economy has left buyers and sellers without a way to really tell the value of a property which only further paralyzes the market. He also shows how this ultimately makes it a good time be a business in search of a lease. Take a moment and read Vincent's piece and consider what other cities are going through similar scenarios - New York, Miami, etc.
For our MBAs here's why you care: We note that the one commercial market that is not in LA style dire straights is actually Washington, D.C. Why? The expansion of the federal government will keep occupancy rates higher in DC than in other cities. That's not to say there are no vacancies, but it certainly is a different calculation.
For our MBA-Wannabes here's why you care: The LA Times' Roger Vincent has a terrific story examining the commercial real estate market in Los Angeles. Sectors like commercial real estate are something of a canary in coal mine for measuring the health of the economy as transactions rely on lending, credit, functioning banks, and so forth. Vincent's story matters to you because he deftly shows how the economy has left buyers and sellers without a way to really tell the value of a property which only further paralyzes the market. He also shows how this ultimately makes it a good time be a business in search of a lease. Take a moment and read Vincent's piece and consider what other cities are going through similar scenarios - New York, Miami, etc.
For our MBAs here's why you care: We note that the one commercial market that is not in LA style dire straights is actually Washington, D.C. Why? The expansion of the federal government will keep occupancy rates higher in DC than in other cities. That's not to say there are no vacancies, but it certainly is a different calculation.
Monday, March 16, 2009
Your Capitol Hill & Wall Street Events Cheat Sheet (Bernanke Bookends Addition)
Last week we were correct to say that the focus would be on Treasury Secy. Timothy Geithner's and the director of the Office of Management and Budget (OMB), Peter Orszag's myriad trips to Capitol Hill. Early in the week, we updated the website with a link to a terrific piece outlining what the FDIC's Sheila Bair thought would happen next in the recovery. We spotlighted it because she was focused on the public/private bank partnership (which will assist banks in unloading unwanted assets) that has been called everything from a bad bank to an aggregator bank. The most important part of that story was a source saying we might get the details as early as this week.
We were disappointed to hear over the weekend on the Sunday talk shows that the administration needs more time, however, we suspect this week you may see some leaks on this topic.
This week is bookended by Federal Reserve Chmn. Ben Bernanke due to his 60 Minutes interview last night (which you can easily watch and read on the web) where he said the recovery would begin in 2010. The week will end with a speech by Chmn. Bernanke, and it may end up being interesting depending on how the news cycle dissects his Scott Pelley interview.
In the meantime, we've outline a dozen hearings this week in Congress that will be fodder to scrutinize the Troubled Asset Relief Program "TARP," Chmn. Bernanke's comments, and oh - of course - certain bonuses that have gotten headlines in the past few days.
Here's your cheat sheet... 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, reports and hearings:
Reports: Building Permits and Housing Starts (3/17), Retails Sales and Unemployment (3/19).
Such a big week that you could almost miss it?: Commerce Secy. confirmation hearing (3/18).
MONDAY 3/16
Earnings: Education Realty Trust, Oriental Financial Group, Patriot Capital Funding, PMI Group, Providence Service Corp., Sterling Construction.
Conference: National Association of Housing and Redevelopment Officials 2009 conference in Washington, D.C. In attendance: HUD Secy. Shaun Donovan.
Discussion: Center for American Progress on "Imagining a Mortgage Finance System that Works."
TUESDAY 3/17
Earnings: AAR Corp., Adobe Systems, Anthracite Capital, Goldman Sachs, Pinnacle, Sirius XM Radio
Economic Reports: Building Permits (for Feb.), Housing Starts (for Feb.), Producer Price Index (PPI) (for Feb.)
Hearings:
House Energy and Commerce Cmte's Commerce, Trade and Consumer Protection Subcmte. on "Stimulating the Economy through Trade: Examining the Role of Export Promotion."
House Financial Services Cmte. on regulation of systemic risk in the financial services industry.
House Judiciary Cmte's Courts and Competition Policy Subcmte. on "Too Big To Fail?: The Role of Antitrust Law in Government-Funded Consolidation in the Banking Industry."
Conference: National Association of Housing and Redevelopment Officials 2009 conference in Washington, D.C. In attendance: Rep. Tom Latham (R-IA), Rep. Albio Sires (D-NJ), Rep. Shelley Moore Capito (R-WV).
WEDNESDAY 3/18
Earnings: Actuant, General Mills, Lindsay Corp., Nike, Oracle.
Economic Reports: Consumer Price Index (CPI), FOMC (Federal Open Markets Cmte.) Rate Decision, Mortgage Bankers Association releases weekly data on mortgage applications.
Hearing: House Financial Services Cmte's Capital Markets, Insurance and Government Sponsored Enterprises Subcmte. on "American International Group's Impact on the Global Economy: Before, During and After Federal Intervention." Witness: AIG CEO Edward Liddy.
Confirmation Hearing: Senate Commerce, Science and Transportation Cmte's confirmation hearing for Commerce Secy. nominee Gary Locke.
Conference: National Association of Housing and Redevelopment Officials 2009 conference in Washington, D.C. - closing ceremony.
THURSDAY 3/19
Earnings: 3com, Barnes & Noble, Blockbuster, Carnival, Discover Financial Services, FedEx, Morgan Stanley, Perry Ellis, Ross Stores,
Economic Reports: Initial Unemployment Claims (for 3/14), Primary Mortgage Market Survey (mortgage rate survey).
Hearings:
Senate Small Business and Entrepreneurship Cmte. on small business lending.
House Appropriations Cmte's Financial Services and General Government Subcmte. on fiscal 2010 appropriations.
House Oversight and Government Reform Cmte. on "Preventing Stimulus Waste And Fraud: Who are the Watchdogs?"
House Ways and Means Cmte's Oversight Subcmte. on the Troubled Asset Relief Program.
House Financial Services Cmte's Capital Markets, Insurance and Government Sponsored Enterprises Subcmte. on administration programs that allow homeowners to refinance or modify their mortgages.
Senate Banking, Housing and Urban Affairs Cmte. on modernizing bank supervision and regulation.
Senate Banking, Housing and Urban Affairs Cmte's Financial Institutions Subcmte. on deposit insurance.
FRIDAY 3/20
Earnings: Kirklands
Hearing: House Financial Services Cmte. on "Federal and State Enforcement of Financial Consumer and Investor Protection Laws."
Speech: Federal Reserve Chmn. Ben Bernanke on "The Financial Crisis and Community Banking" at the Independent Community Bankers of America's National Convention in Phoenix, AZ.
We were disappointed to hear over the weekend on the Sunday talk shows that the administration needs more time, however, we suspect this week you may see some leaks on this topic.
This week is bookended by Federal Reserve Chmn. Ben Bernanke due to his 60 Minutes interview last night (which you can easily watch and read on the web) where he said the recovery would begin in 2010. The week will end with a speech by Chmn. Bernanke, and it may end up being interesting depending on how the news cycle dissects his Scott Pelley interview.
In the meantime, we've outline a dozen hearings this week in Congress that will be fodder to scrutinize the Troubled Asset Relief Program "TARP," Chmn. Bernanke's comments, and oh - of course - certain bonuses that have gotten headlines in the past few days.
Here's your cheat sheet... 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, reports and hearings:
Reports: Building Permits and Housing Starts (3/17), Retails Sales and Unemployment (3/19).
Such a big week that you could almost miss it?: Commerce Secy. confirmation hearing (3/18).
MONDAY 3/16
Earnings: Education Realty Trust, Oriental Financial Group, Patriot Capital Funding, PMI Group, Providence Service Corp., Sterling Construction.
Conference: National Association of Housing and Redevelopment Officials 2009 conference in Washington, D.C. In attendance: HUD Secy. Shaun Donovan.
Discussion: Center for American Progress on "Imagining a Mortgage Finance System that Works."
TUESDAY 3/17
Earnings: AAR Corp., Adobe Systems, Anthracite Capital, Goldman Sachs, Pinnacle, Sirius XM Radio
Economic Reports: Building Permits (for Feb.), Housing Starts (for Feb.), Producer Price Index (PPI) (for Feb.)
Hearings:
House Energy and Commerce Cmte's Commerce, Trade and Consumer Protection Subcmte. on "Stimulating the Economy through Trade: Examining the Role of Export Promotion."
House Financial Services Cmte. on regulation of systemic risk in the financial services industry.
House Judiciary Cmte's Courts and Competition Policy Subcmte. on "Too Big To Fail?: The Role of Antitrust Law in Government-Funded Consolidation in the Banking Industry."
Conference: National Association of Housing and Redevelopment Officials 2009 conference in Washington, D.C. In attendance: Rep. Tom Latham (R-IA), Rep. Albio Sires (D-NJ), Rep. Shelley Moore Capito (R-WV).
WEDNESDAY 3/18
Earnings: Actuant, General Mills, Lindsay Corp., Nike, Oracle.
Economic Reports: Consumer Price Index (CPI), FOMC (Federal Open Markets Cmte.) Rate Decision, Mortgage Bankers Association releases weekly data on mortgage applications.
Hearing: House Financial Services Cmte's Capital Markets, Insurance and Government Sponsored Enterprises Subcmte. on "American International Group's Impact on the Global Economy: Before, During and After Federal Intervention." Witness: AIG CEO Edward Liddy.
Confirmation Hearing: Senate Commerce, Science and Transportation Cmte's confirmation hearing for Commerce Secy. nominee Gary Locke.
Conference: National Association of Housing and Redevelopment Officials 2009 conference in Washington, D.C. - closing ceremony.
THURSDAY 3/19
Earnings: 3com, Barnes & Noble, Blockbuster, Carnival, Discover Financial Services, FedEx, Morgan Stanley, Perry Ellis, Ross Stores,
Economic Reports: Initial Unemployment Claims (for 3/14), Primary Mortgage Market Survey (mortgage rate survey).
Hearings:
Senate Small Business and Entrepreneurship Cmte. on small business lending.
House Appropriations Cmte's Financial Services and General Government Subcmte. on fiscal 2010 appropriations.
House Oversight and Government Reform Cmte. on "Preventing Stimulus Waste And Fraud: Who are the Watchdogs?"
House Ways and Means Cmte's Oversight Subcmte. on the Troubled Asset Relief Program.
House Financial Services Cmte's Capital Markets, Insurance and Government Sponsored Enterprises Subcmte. on administration programs that allow homeowners to refinance or modify their mortgages.
Senate Banking, Housing and Urban Affairs Cmte. on modernizing bank supervision and regulation.
Senate Banking, Housing and Urban Affairs Cmte's Financial Institutions Subcmte. on deposit insurance.
FRIDAY 3/20
Earnings: Kirklands
Hearing: House Financial Services Cmte. on "Federal and State Enforcement of Financial Consumer and Investor Protection Laws."
Speech: Federal Reserve Chmn. Ben Bernanke on "The Financial Crisis and Community Banking" at the Independent Community Bankers of America's National Convention in Phoenix, AZ.
Tuesday, March 10, 2009
FDIC's Head Outlines What's Likely to Happen Next
Here's the headline: More tax dollars are needed, but tax payers may end up making money.
For our MBA-Wannabes here's why you care: We've noted a number of times that you can agree/disagree with the Federal Deposit Insurance Corporation's Chairwoman, Sheila Bair, but what you have to give her and the FDIC credit for is offering up early in the financial crisis a very detailed rescue plan. Many of the elements in place now come from Bair's plan. That's why it is worth your time today to read Washington Post reporter Binyamin Appelbaum's story about what Bair thinks needs to happen next. Not surprisingly it all comes back to how and when banks can sell assets. Recall that the Treasury promoted a public/private partnership to buy the assets dragging down banks' balance sheets. The shape of that partnership is what is being discussed in this article.
For our MBAs here's why you care: The plan to buy/sell bank assets could be detailed as early as next week.
For our MBA-Wannabes here's why you care: We've noted a number of times that you can agree/disagree with the Federal Deposit Insurance Corporation's Chairwoman, Sheila Bair, but what you have to give her and the FDIC credit for is offering up early in the financial crisis a very detailed rescue plan. Many of the elements in place now come from Bair's plan. That's why it is worth your time today to read Washington Post reporter Binyamin Appelbaum's story about what Bair thinks needs to happen next. Not surprisingly it all comes back to how and when banks can sell assets. Recall that the Treasury promoted a public/private partnership to buy the assets dragging down banks' balance sheets. The shape of that partnership is what is being discussed in this article.
For our MBAs here's why you care: The plan to buy/sell bank assets could be detailed as early as next week.
Monday, March 9, 2009
Your Weekly Capitol Hill/Wall Street Events Cheat Sheet
We are trying something new this week with our events calendar and publishing at the start of the week instead of the preceding week's end. Let us know what you think, as we continue to play with the website (and that's a hint as we are working on a redesign/launch).
Last week we were correct to say that the focus would be on the budget with Federal Reserve Chmn. Ben Bernanke, Treasury Secy. Timothy Geithner and the director of the Office of Management and Budget (OMB), Peter Orszag, making multiple trips to Capitol Hill. The sheer volume of coverage was impressive. What we were surprised by was Treasury's announcement of more details in the housing plan without a strategic leak to the press. Normally you see leaks in the paper to set up the information presented at the hearing, but not this time. That is a shame because it would have given journos time to detail the story further. And, it is definitely a story needing the focus on the detail and nuance and less on the heat and politics. Conversely, one of the Troubled Asset Relief Program (TARP) hearings this week has already leaked (today) to the Washington Post (click here for the story) parts of their report to be examined this week.
This week feels similar to last - appearances by Secy. Geithner and OMB Dir. Orszag on Capitol Hill to talk budget and, of course, the Troubled Asset Relief Program "TARP" (all detailed below). President Obama and Vice President get into the act this week with a financial recovery conference on Thursday - we expect more details to come out in the next day or so. What will be interesting to see is if the conference is a photo-op oriented or policy detail oriented. These will be the events that will drive DC financial coverage.
We'll definitely be watching, you should too. 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:
Reports: Mortgages Applications (3/11), Retails Sales and Unemployment (3/12).
Such a big week that you could almost miss it?: There are two hearings this week that will likely end up inside the business pages but shouldn't. They should be general consumption. The first is an examination of the Securities and Exchange Commission, with SEC Chrwmn. Mary Shapiro testifying (3/11). The second is a hearing on Thursday (3/12) looking at "mark-to-market" accounting. Both are exactly that type of thing that sounds boring to the non-MBA set, and is exactly the type of thing the MBA set is focusing on instead of the photo-ops. How businesses run their books and how the SEC polices actions ultimately impact all of us (see daily headlines). But, when the nitty gritty gets examined the good journalistic reporting often gets ignored.
MONDAY 3/9
Hearing: Senate Finance Cmte's U.S. Trade Representative confirmation hearing for Roland Kirk.
TUESDAY 3/10
Earnings: Dick's Sporting Goods, J.Crew, Kroger, Patriot Capital Funding.
Hearings:
House Appropriations Cmte's Financial Services and General Government Subcmte. on the Treasury and the financial crisis. Witnesses: Secy. Geithner and Troubled Asset Relief Program (TARP) Inspector General Neil Barofsky.
Senate Budget Cmte. on the proposed 2010 budget. Witness: Office of Management and Budget Dir. Peter R. Orszag. [EDITOR'S NOTE: RESCHEDULED FROM LAST WEEK.]
Senate Banking, Housing and Urban Affairs Cmte. on protecting investors and regulating securities markets.
Senate Health, Education, Labor and Pensions Cmte. on "Rebuilding Economic Security: Empowering Workers to Restore the Middle Class."
WEDNESDAY 3/11
Earnings: American Eagle, Diamond Foods, National Semi, Newcastle Investment, Quicksilver, Staples, Vail Resorts.
Economic Reports: Mortgage Bankers Association releases weekly data on mortgage applications.
Hearings:
House Financial Services Cmte. on " Views and Estimates Report" to the House Budget Cmte. and mark up pending legislation: Special Inspector General for the Troubled Asset Relief Program Act of 2009.
House Oversight and Govt. Reform Cmte's Domestic Policy Subcmte on "TARP Oversight: Assessing Treasury's Efforts to Prevent Waste and Abuse of Taxpayer Funds." Selected Witnesses: Neel Kashkari, Bush administration's interim Asst. Treasury Secy (you'll recall present at the birth of TARP) and Troubled Asset Relief Program (TARP) Inspector General Neil Barofsky.
House Armed Services Cmte. the security and the global financial crisis.
House Appropriations Cmte's Financial Services and General Govt. Subcmte. on the Securities and Exchange Commission (SEC) and the financial crisis. Witness: SEC Chrwmn. Mary Shapiro.
Joint Economic Cmte. on TARP: Accountability, oversight and transparency.
House Budget Cmte. on the proposed 2010 budget.
House Financial Services Cmte's Financial Institutions and Consumer Credit Subcmte. on "Mortgage Lending Reform: A Comprehensive View of the American Mortgage System."
House Judiciary Subcmte's Commercial and Administrative Law Subcmte. on "Circuit City Unplugged: Why Did Chapter 11 Fail to Save 34,000 Jobs?" [EDITOR'S NOTE: RESCHEDULED FROM LAST WEEK.]
THURSDAY 3/12
Earnings: Anthracite Capital, Interstate Hotels, MGM Mirage, NGP Capital Resources, ZipRealty.
Economic Report: Business Inventories (for Jan.), Initial Unemployment Claims for (3/7), Retails Sales (for Feb.).
Conference: Pres. Obama and V.P. Biden on "White House Recovery and Reinvestment Act Implementation Conference to ensure that dollars invested and spent as part of the Recovery Act are effective, transparent and efficient."
Hearings:
Senate Budget Cmte. on the proposed 2010 budget. Witness: Treasury Secy. Geithner.
House Financial Services Cmte's Capital Markets, Insurance and Govt. Sponsored Enterprises Subcmte.on mark-to-market accounting rules.
House Small Business Cmte's Contracting and Technology Panel on "Ensuring Stimulus Contracts for Small and Veteran-owned Businesses."
FRIDAY 3/13
Earnings: Compass Group
Economic Reports: Export and Import Prices (for Feb.)
Last week we were correct to say that the focus would be on the budget with Federal Reserve Chmn. Ben Bernanke, Treasury Secy. Timothy Geithner and the director of the Office of Management and Budget (OMB), Peter Orszag, making multiple trips to Capitol Hill. The sheer volume of coverage was impressive. What we were surprised by was Treasury's announcement of more details in the housing plan without a strategic leak to the press. Normally you see leaks in the paper to set up the information presented at the hearing, but not this time. That is a shame because it would have given journos time to detail the story further. And, it is definitely a story needing the focus on the detail and nuance and less on the heat and politics. Conversely, one of the Troubled Asset Relief Program (TARP) hearings this week has already leaked (today) to the Washington Post (click here for the story) parts of their report to be examined this week.
This week feels similar to last - appearances by Secy. Geithner and OMB Dir. Orszag on Capitol Hill to talk budget and, of course, the Troubled Asset Relief Program "TARP" (all detailed below). President Obama and Vice President get into the act this week with a financial recovery conference on Thursday - we expect more details to come out in the next day or so. What will be interesting to see is if the conference is a photo-op oriented or policy detail oriented. These will be the events that will drive DC financial coverage.
We'll definitely be watching, you should too. 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:
Reports: Mortgages Applications (3/11), Retails Sales and Unemployment (3/12).
Such a big week that you could almost miss it?: There are two hearings this week that will likely end up inside the business pages but shouldn't. They should be general consumption. The first is an examination of the Securities and Exchange Commission, with SEC Chrwmn. Mary Shapiro testifying (3/11). The second is a hearing on Thursday (3/12) looking at "mark-to-market" accounting. Both are exactly that type of thing that sounds boring to the non-MBA set, and is exactly the type of thing the MBA set is focusing on instead of the photo-ops. How businesses run their books and how the SEC polices actions ultimately impact all of us (see daily headlines). But, when the nitty gritty gets examined the good journalistic reporting often gets ignored.
MONDAY 3/9
Hearing: Senate Finance Cmte's U.S. Trade Representative confirmation hearing for Roland Kirk.
TUESDAY 3/10
Earnings: Dick's Sporting Goods, J.Crew, Kroger, Patriot Capital Funding.
Hearings:
House Appropriations Cmte's Financial Services and General Government Subcmte. on the Treasury and the financial crisis. Witnesses: Secy. Geithner and Troubled Asset Relief Program (TARP) Inspector General Neil Barofsky.
Senate Budget Cmte. on the proposed 2010 budget. Witness: Office of Management and Budget Dir. Peter R. Orszag. [EDITOR'S NOTE: RESCHEDULED FROM LAST WEEK.]
Senate Banking, Housing and Urban Affairs Cmte. on protecting investors and regulating securities markets.
Senate Health, Education, Labor and Pensions Cmte. on "Rebuilding Economic Security: Empowering Workers to Restore the Middle Class."
WEDNESDAY 3/11
Earnings: American Eagle, Diamond Foods, National Semi, Newcastle Investment, Quicksilver, Staples, Vail Resorts.
Economic Reports: Mortgage Bankers Association releases weekly data on mortgage applications.
Hearings:
House Financial Services Cmte. on " Views and Estimates Report" to the House Budget Cmte. and mark up pending legislation: Special Inspector General for the Troubled Asset Relief Program Act of 2009.
House Oversight and Govt. Reform Cmte's Domestic Policy Subcmte on "TARP Oversight: Assessing Treasury's Efforts to Prevent Waste and Abuse of Taxpayer Funds." Selected Witnesses: Neel Kashkari, Bush administration's interim Asst. Treasury Secy (you'll recall present at the birth of TARP) and Troubled Asset Relief Program (TARP) Inspector General Neil Barofsky.
House Armed Services Cmte. the security and the global financial crisis.
House Appropriations Cmte's Financial Services and General Govt. Subcmte. on the Securities and Exchange Commission (SEC) and the financial crisis. Witness: SEC Chrwmn. Mary Shapiro.
Joint Economic Cmte. on TARP: Accountability, oversight and transparency.
House Budget Cmte. on the proposed 2010 budget.
House Financial Services Cmte's Financial Institutions and Consumer Credit Subcmte. on "Mortgage Lending Reform: A Comprehensive View of the American Mortgage System."
House Judiciary Subcmte's Commercial and Administrative Law Subcmte. on "Circuit City Unplugged: Why Did Chapter 11 Fail to Save 34,000 Jobs?" [EDITOR'S NOTE: RESCHEDULED FROM LAST WEEK.]
THURSDAY 3/12
Earnings: Anthracite Capital, Interstate Hotels, MGM Mirage, NGP Capital Resources, ZipRealty.
Economic Report: Business Inventories (for Jan.), Initial Unemployment Claims for (3/7), Retails Sales (for Feb.).
Conference: Pres. Obama and V.P. Biden on "White House Recovery and Reinvestment Act Implementation Conference to ensure that dollars invested and spent as part of the Recovery Act are effective, transparent and efficient."
Hearings:
Senate Budget Cmte. on the proposed 2010 budget. Witness: Treasury Secy. Geithner.
House Financial Services Cmte's Capital Markets, Insurance and Govt. Sponsored Enterprises Subcmte.on mark-to-market accounting rules.
House Small Business Cmte's Contracting and Technology Panel on "Ensuring Stimulus Contracts for Small and Veteran-owned Businesses."
FRIDAY 3/13
Earnings: Compass Group
Economic Reports: Export and Import Prices (for Feb.)
Sunday, March 1, 2009
Next Week's News Today (Budget Hearing Bonanza Edition)
It's time for Next Week's News Today where we publish our weekly 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 the bank stress tests and congressional testimony from Fed. Chmn. Ben Bernanke and the President's Economic Advisory Board Chmn. Paul Volcker would drive the market and the news (in addition to the obvious conclusion that the week would be filled with analysis of President Obama address to Congress).
This coming week will be all about the budget with Chmn. Bernanke, Treasury Secy. Geithner and the director of the Office of Management and Budget making multiple trips to Capitol Hill. As of now there are seven congressional hearings this coming week devoted to the budget. Additionally, you'll see a TARP hearing and an accountability hearing on stimulus spending noted below. All of which should generate excellent coverage.
We'll definitely be watching, you should too. 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:
MONDAY 3/2
Earnings: Allied Capital, American Capital, Ares Capital, BPZ Energy, DISH Network, Edison, Fannie Mae, Franklin Electric, First Industrial Realty, Kenneth Cole, Pepco Holdings, Sun Healthcare, TiVo, Tower Group.
Economic Reports: Construction spending (for Jan.); Federal Reserve releases weekly interest rates information; Personal income and outlays (for Jan.).
Speech: NPR CEO Vivian Schiller, National Press Club on "What Public Broadcasting can learn from commercial media... and vice versa."
TUESDAY 3/3
Earnings: America's Car-Mart, AutoZone, Jackson Hewitt, MBIA Inc., Patriot Capital Funding, Reliant Energy, URS, Verifone, Virgin Mobile USA.
Economic Report: Car/truck sales (for Feb.); Pending home sales (for Jan.).
Hearings:
House Ways and Means Cmte. on the proposed 2010 budget. Witness: Treas. Secy. Timothy Geithner.
Senate Budget Cmte. on budget challenges. Witness: Federal Reserve Board Chmn. Ben Bernanke.
House Budget Cmte. on the proposed 2010 budget. Witness: Office of Management and Budget (OMB) Dir. Peter R. Orszag.
Senate Banking, Housing and Urban Affairs Cmte. on consumer protections in financial services.
House Judiciary Subcmte's Commercial and Administrative Law Subcmte. on "Circuit City Unplugged: Why Did Chapter 11 Fail to Save 34,000 Jobs?" [EDITOR'S NOTE, AS OF 3/2 THIS IS POSTONED.]
WEDNESDAY 3/4
Earnings: ABM Industries, Allis-Chalmers Energy, BJ's Wholesale, Costco, Cox Radio, Cross Country, Dynamex, Foot Locker, Monaco Coach, PETsMART, U.S. Concrete, Weight Watchers.
Economic Reports: Federal Reserve releases the "Beige Book" (economic conditions report); Weekly mortgage applications report.
Hearings:
Senate Finance Cmte. on the proposed 2010 budget. Witness: Treas. Secy. Timothy Geithner.
Senate Budget Cmte. on budget challenges. Witness: Office of Management and Budget (OMB) Dir. Peter Orszag (9:30a ET).
House Ways and Means Cmte. on the proposed 2010 budget. Witness: Office of Management and Budget (OMB) Dir. Peter Orszag (2p ET).
House Financial Services Cmte's Financial Institutions and Consumer Credit Subcmte. on "TARP [Troubled Asset Relief Program] Oversight: Is TARP Working for Main Street?"
Senate Homeland Security and Governmental Affairs Cmte. on "Where Were the Watchdogs? Systemic Risk and the Breakdown of Financial Governance."
Senate Homeland Security and Governmental Affairs Cmte's Permanent Investigations Subcmte. on "Tax Haven Banks and U.S. Tax Compliance - Obtaining the Names of U.S. Clients With Swiss Accounts."
THURSDAY 3/5
Earnings: Alliant Energy, Bankrate, bebe stores, Belden, Belo, Brookfield Properties, Bunge, Burger King, CIGNA, Cincinnati Bell, Cincinnati Financial Corp, Diamond Management, Diamond Offshore, Duke Energy, Earthlink, Echelon, Elizabeth Arden, Estee Lauder, Evercore, Hartford Financial, Imperial Sugar, Infinity Property & Casualty, Kellog, Kimco Realty, Knoll, M/I Homes, Mastercard, McClatchy, Moody's, Prestige Brands, Sonoco Products, Tenneco, Timberland, Warner Music Group, Western Union.
Economic Report: Initial unemployment claims (for 2/28).
Hearings:
House Budget Cmte. on the Treasury Dept.'s 2010 budget. Witness: Treas. Secy. Timothy Geithner.
Senate Homeland Security and Governmental Affairs Cmte. on stimulus spending accountability. Witnesses: Office of Management and Budget (OMB) Dir. Peter Orszag. and Govt. Accountability Office Acting Dir. Eugene Dodaro.
House Financial Services Cmte's Capital Markets, Insurance and Government Sponsored Enterprises Subcmte. on monitoring risk in the financial services industry.
Senate Finance Cmte's U.S. Trade Representative confirmation hearing for Roland Kirk. [EDITOR'S NOTE, AS OF 3/2 THIS IS POSTPONED TO MONDAY 3/9.]
FRIDAY 3/6
Earnings: H & R Block.
Economic Reports: Bank assets and liabilities (Federal Reserve weekly data); Consumer credit (measuring debt for Jan.); Hourly earnings (for Feb.); Unemployment rate (for Feb.)
This coming week will be all about the budget with Chmn. Bernanke, Treasury Secy. Geithner and the director of the Office of Management and Budget making multiple trips to Capitol Hill. As of now there are seven congressional hearings this coming week devoted to the budget. Additionally, you'll see a TARP hearing and an accountability hearing on stimulus spending noted below. All of which should generate excellent coverage.
We'll definitely be watching, you should too. 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:
MONDAY 3/2
Earnings: Allied Capital, American Capital, Ares Capital, BPZ Energy, DISH Network, Edison, Fannie Mae, Franklin Electric, First Industrial Realty, Kenneth Cole, Pepco Holdings, Sun Healthcare, TiVo, Tower Group.
Economic Reports: Construction spending (for Jan.); Federal Reserve releases weekly interest rates information; Personal income and outlays (for Jan.).
Speech: NPR CEO Vivian Schiller, National Press Club on "What Public Broadcasting can learn from commercial media... and vice versa."
TUESDAY 3/3
Earnings: America's Car-Mart, AutoZone, Jackson Hewitt, MBIA Inc., Patriot Capital Funding, Reliant Energy, URS, Verifone, Virgin Mobile USA.
Economic Report: Car/truck sales (for Feb.); Pending home sales (for Jan.).
Hearings:
House Ways and Means Cmte. on the proposed 2010 budget. Witness: Treas. Secy. Timothy Geithner.
Senate Budget Cmte. on budget challenges. Witness: Federal Reserve Board Chmn. Ben Bernanke.
House Budget Cmte. on the proposed 2010 budget. Witness: Office of Management and Budget (OMB) Dir. Peter R. Orszag.
Senate Banking, Housing and Urban Affairs Cmte. on consumer protections in financial services.
House Judiciary Subcmte's Commercial and Administrative Law Subcmte. on "Circuit City Unplugged: Why Did Chapter 11 Fail to Save 34,000 Jobs?" [EDITOR'S NOTE, AS OF 3/2 THIS IS POSTONED.]
WEDNESDAY 3/4
Earnings: ABM Industries, Allis-Chalmers Energy, BJ's Wholesale, Costco, Cox Radio, Cross Country, Dynamex, Foot Locker, Monaco Coach, PETsMART, U.S. Concrete, Weight Watchers.
Economic Reports: Federal Reserve releases the "Beige Book" (economic conditions report); Weekly mortgage applications report.
Hearings:
Senate Finance Cmte. on the proposed 2010 budget. Witness: Treas. Secy. Timothy Geithner.
Senate Budget Cmte. on budget challenges. Witness: Office of Management and Budget (OMB) Dir. Peter Orszag (9:30a ET).
House Ways and Means Cmte. on the proposed 2010 budget. Witness: Office of Management and Budget (OMB) Dir. Peter Orszag (2p ET).
House Financial Services Cmte's Financial Institutions and Consumer Credit Subcmte. on "TARP [Troubled Asset Relief Program] Oversight: Is TARP Working for Main Street?"
Senate Homeland Security and Governmental Affairs Cmte. on "Where Were the Watchdogs? Systemic Risk and the Breakdown of Financial Governance."
Senate Homeland Security and Governmental Affairs Cmte's Permanent Investigations Subcmte. on "Tax Haven Banks and U.S. Tax Compliance - Obtaining the Names of U.S. Clients With Swiss Accounts."
THURSDAY 3/5
Earnings: Alliant Energy, Bankrate, bebe stores, Belden, Belo, Brookfield Properties, Bunge, Burger King, CIGNA, Cincinnati Bell, Cincinnati Financial Corp, Diamond Management, Diamond Offshore, Duke Energy, Earthlink, Echelon, Elizabeth Arden, Estee Lauder, Evercore, Hartford Financial, Imperial Sugar, Infinity Property & Casualty, Kellog, Kimco Realty, Knoll, M/I Homes, Mastercard, McClatchy, Moody's, Prestige Brands, Sonoco Products, Tenneco, Timberland, Warner Music Group, Western Union.
Economic Report: Initial unemployment claims (for 2/28).
Hearings:
House Budget Cmte. on the Treasury Dept.'s 2010 budget. Witness: Treas. Secy. Timothy Geithner.
Senate Homeland Security and Governmental Affairs Cmte. on stimulus spending accountability. Witnesses: Office of Management and Budget (OMB) Dir. Peter Orszag. and Govt. Accountability Office Acting Dir. Eugene Dodaro.
House Financial Services Cmte's Capital Markets, Insurance and Government Sponsored Enterprises Subcmte. on monitoring risk in the financial services industry.
Senate Finance Cmte's U.S. Trade Representative confirmation hearing for Roland Kirk. [EDITOR'S NOTE, AS OF 3/2 THIS IS POSTPONED TO MONDAY 3/9.]
FRIDAY 3/6
Earnings: H & R Block.
Economic Reports: Bank assets and liabilities (Federal Reserve weekly data); Consumer credit (measuring debt for Jan.); Hourly earnings (for Feb.); Unemployment rate (for Feb.)
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