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Investors wait for Buffett's wisdom, Trump's tax plan and more earnings

Investors are playing their cards close to the vest, as stocks open lower this Friday morning. More earnings reports are coming out for the markets to analyze, while investors wait for President Donald Trump’s tax reform proposals next Tuesday.

Here are some of the stocks the Yahoo Finance team will be watching for you today.

Footlocker (FL) tops our list this morning. Shares of the athletics shoe retailer are racing higher as earnings topped estimates, and same-store sales increased 5%. The company, however, did note that it faces a softer sales environment than it did at the same time last year.

JCPenny (JCP) shares are also in focus after fourth-quarter earnings beat estimates but same-store sales missed the mark. The struggling retailer announced plans to close over 100 stores and two distribution centers, as well as start a voluntary early retirement program for about 6,000 eligible employees — all for an expected cost savings of about $200 million.

HP Enterprise (HPE) shares were tumbling ahead of the open. The tech company posted a slight beat on earnings, but a big miss on revenue and cut its outlook for the year. Revenue dropped over 10% from a year ago, largely due to weak demand for its servers and storage equipment.

Restoration Hardware (RH) shares are seeing a nice pop. The high-end furnishings retailer beat on earnings and gave better-than-expected forward guidance. To top it all off, Restoration Hardware said its board authorized as much as $300 million in stock buybacks.

Here are some of the other stocks the Yahoo Finance team is covering for you today.

Waiting for Warren Buffett
This is a big weekend for fans and followers of Warren Buffett. The CEO of Berkshire Hathaway (BRK-A) is expected to publish his annual letter to shareholders on Saturday, a must-read for investors from Wall Street to Main Street. We’ll discuss why he’s going to make a case for passive investing over active stock picking.

Waymo and Uber: Road warriors
The battle between Google (GOOGL) and Uber over self-driving cars is heading to court. Google’s Waymo unit has sued Uber, accusing it of stealing trade secrets. Waymo says a former Google manager secretly downloaded 14,000 files before he left and founded Otto, a self-driving truck maker acquired last year by Uber. Is this just the first salvo?

Trump might be coming for your weed
Trump’s press secretary, Sean Spicer, suggested on Thursday that the Trump administration could crack down on the eight states that have legalized marijuana for recreational use. Spicer said the Justice Department would be “further looking into” the question of whether to enforce federal anti-marijuana laws more aggressively, and went on to say, “I do believe that you’ll see greater enforcement of it.” What does this mean for the growing marijuana industry?