Stock futures were headed for a lower open early Monday after the best week of the year last week. Stocks managed a rally on Friday after digesting the disappointing jobs report for January. Now, the wait is on to see what new Federal Reserve Chair Janet Yellen will say in her first testimony before Congress tomorrow and Thursday.
Wells Fargo Chief Economist John Silvia told Hot Stock Minute he will be watching Yellen’s testimony closely for comments on inflation as well as growth objectives. Silvia also said another disappointing ISM manufacturing report or another weak jobs number could lead to dissent among Fed governors on continued tapering at the March meeting.
While investors await Yellen’s testimony, Apple (AAPL) shareholders may be bracing for a battle. Influential proxy-advisory firm Institutional Shareholder Services is telling Apple shareholders not to agree to Carl Icahn's $50 billion share buyback proposal at its annual meeting later this month. ISS said the proposal would micromanage the company's capital allocation process.
McDonald's (MCD) today reported that global comparable sales grew 1.2% in January. Sales in the U.S. fell, but sales in Europe, Asia/Pacific, the Middle East and Africa were up. McDonald's also announced that it will be opening its first restaurant in Vietnam which will also mark the first drive-thru restaurant ever in Vietnam.
And a hail Mary pass from the U.S. Post Office. The postal service lost $354 million dollars last year and says it will default on a $5.7 billion dollar retiree health benefit payment due later this year unless Congress takes action. But they may have a plan. They could start a lending program specifically catering to populations underserved by traditional banks, essentially to poorer communities. In our poll this morning, tell us: Would you take a loan from the U.S. Postal Service? Cast your vote and post your comments as well.