The markets were closed on Monday for Presidents’ Day, but the short week was still filled with notable events for investors.
Tuesday
We began the week with a couple of notable earnings releases:
- Waste Managment (WM ) – Reported lower results. EPS beat estimates, but revenue fell short.
- Medtronic (MDT ) – Posted higher revenue and profits. Beat analysts’ view.
The markets ended in positive territory, partially due to Greece reporting that it intends to seek an extension for its loan agreement.
After hours, we saw better than expected earnings from Analog Devices (ADI ) and Agilent (A ), and disappointing results from Devon Energy (DVN )
The Dow gained 0.2%, the S&P increased 0.2% and the Nasdaq rose 0.1%.
Wednesday
There were a few notable earnings on Wednesday morning, but the spotlight was on the FOMC Minutes released in the afternoon. We also a 2% dip in Housing Starts for January.
Earnings:
- Duke Energy (DUK ) – Reported higher revenue, but lower profits. Missed estimates.
- Garmin (GRMN ) – Posted higher profits and revenue, but missed estimates.
The market dipped slightly into negative territory as the debate of whether to raise interest rates at the latest FOMC meeting continued.
The Dow dipped 0.1%, the S&P declined 0.03% and the Nasdaq rose 0.1%.
Thursday
We started Thursday morning with earnings from the world’s largest retailer, Wal-Mart (WMT ). The company reported higher results, but missed EPS estimates. Shares fell on the disappointing results and news that the retailer plans to boost employee wages 24% above the federal minimum wage.
There was more good news for the job market in the weekly Jobless Claims report. The report indicated that unemployment benefits fell by 21,000 last week, which was better than expected.
After hours, we saw better than expected earnings from Intuit (INTU ) and Marvell Technology (MRVL ), while Nordstrom (JWN ) reported disappointing results.
The Dow dipped 0.24%, the S&P rose 0.38% and the Nasdaq dipped 0.13%.
Friday
We wrapped up the short trading week with a pre-market earnings release from Deere & Co. (DE ). The company reported lower results, but beat analysts’ estimates.
The markets opened slightly lower as the spotlight remains on the uncertainty in Greece.
Next Week
Next week we have many big-name earnings reports, including results from Comcast (CMCSA ), Home Depot (HD ), Bank of Montreal (BMO ) and Target (TGT ). In economic news, the Existing Home Sales, New Home Sales and GDP reports will be released.
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