Wednesday, February 27, 2019
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WHAT TO WATCH
Big box retailers Best Buy (BBY) and Lowe’s (LOW) face their moment of truth. Home improvement giant Lowe’s will be in focus following rival Home Depot’s (HD) lackluster earnings report on Tuesday.
Both Home Depot and Lowe’s are under pressure as the number of homes being built in the U.S. plunged to its lowest level in two years, according to the U.S. Commerce Department.
Lowe’s is expected to report earnings of 79 cents per share on $15.74 billion in revenue, according to analysts polled by Bloomberg. Same-store sales, a key industry metric, is expected to have grown 2.3% during Q4.
Other notable earnings reports scheduled for Wednesday include Campbell Soup (CPB), Chesapeake Energy (CHK), Sinclair Broadcast (SBGI), TJX Companies (TJX) before market open. Apache (APA), Booking Holdings (BKNG), Box (BOX), Fitbit (FIT), Hostess Brands (TWNK), HP (HPQ), L brands (LB), Square (SQ), Wingstop (WING) will report after market close.
TOP NEWS
Trump, Kim near the opening of their second nuclear summit: U.S. President Donald Trump enthusiastically waved a tiny Vietnamese flag Wednesday as he sought to convince North Korea's Kim Jong Un that his nation could thrive economically like Vietnam if he would end his pursuit of nuclear weapons. [Associated Press]
Also: 5 things to know about Vietnam before the 2nd Trump-Kim summit [Yahoo Finance]
Weight Watchers' stock crashes 30% after posting disappointing guidance: Shares of Weight Watchers (WTW) slumped after the company posted an outlook for fiscal 2019 that fell well below consensus expectations. The weight management company said it expects to earn an adjusted $1.25 to $1.50 per share for the full year, below expectations of $3.36 per share, according to Bloomberg-compiled estimates. [Yahoo Finance]
Fiat Chrysler: $4.5B plan would add 6,500 Detroit-area jobs: Fiat Chrysler announced a $4.5 billion plan that includes building the first new auto assembly plant in Detroit in almost three decades and increasing its workforce in the area by about 6,500 jobs, an investment officials touted as an uncommon opportunity to revive the region's economy. [Associated Press]
Powell signals that balance sheet rolloff could end as early as Oct.: Federal Reserve Chairman Jerome Powell’s testimony to Congress Tuesday yielded little new information on the Fed’s path of monetary policy, but Powell may have given markets a clue on where the Fed might halt its efforts to shrink its balance sheet.
Read more of Yahoo Finance’s coverage of Powell’s testimony
America's 'inefficient' health care system is driving our fiscal instability: Powell
Fed Chair Powell: 'The U.S. federal government is on an unsustainable fiscal path'
Fed Chair Powell: We're seeing 'crosscurrents and conflicting signals'
MORE FROM YAHOO FINANCE
Why a court's punishment of Musk could backfire on shareholders
Home price growth ends 2018 down — drops for 9th straight month
Senators grill pharma execs over prescription drug prices
Why voters will reject the 'Green New Deal'
There are signs Snap’s freefall may be coming to an end
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