Stocks were mixed after Automatic Data Processing reported that companies added just 139,000 jobs in the month of February. Economists were expecting 155,000 jobs. In January, ADP reported 175,000 jobs. The report is closely watched by some as an indication of what may come from Friday's jobs report from the Labor Department, but it is not always an accurate indicator as we saw in December, when the government reported just 74,000 jobs after ADP's strong report of 238,000 jobs. The job market is not alone when it comes to feeling the cold weather.
Restaurant chain Chipotle issued an ominous warning about the effects of climate change on some of its menu items, including – brace yourselves – guacamole and salsa. In a regulatory filing with the Securities and Exchange Commission, Chipotle warned that increasing weather volatility, including global climate change could have a significant impact on the price or availability of some of its regular ingredients. “In the event of cost increases with respect to one or more of our raw ingredients, we may choose to temporarily suspend serving menu items, such as guacamole or one or more of our salsas, rather than paying the increased cost for the ingredients,” the company stated in its most recent 10-k filing.
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Some of the stocks the Yahoo Finance team will be watching for you today, include early mover PetSmart (PETM). The company reported better-than-expected earnings. Earnings per share beat by $0.07, while revenue declined from last year and just missed estimates. As of yesterday's closing price, shares of PetSmart are off about 6% year-to-date.
President Obama unveiled a budget yesterday that would raise more than $1 trillion in taxes over 10 years through closing loopholes, raising some taxes and cracking down on enforcement. The budget debates heats up on Capitol Hill this week, as Congress considers competing plans from Republicans and the White House. Treasury Secretary Jacob Lew is likely to face questions about tax reform when he testifies before the House Ways and Means Committee Thursday.
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