Enjoying the Presidents Day three-day weekend on Wall Street by stuffing yourself with your roommate's leftover Valentine's confectioneries? Take a break from that chocolate truffle binge and check out what pushed the stock market to its best/hottest week of 2014.
Investors found their mojo on Valentine's Day. U.S. econ data released Friday was pretty ugly: January retail sales were flat, and industrial production fell 0.3%, when analysts expected a rise. But investors have been blaming most of the economic unimpressiveness on the ungodly bad weather nationwide over the past month and decided to ignore the news Friday, pumping the Dow up a lovely 127 points. Although the economic recovery gained steam over 2013, 2014 has not been a kind lover to investors so far.
Campbell Soup (NYSE:CPB) earnings heated up as the company slimmed its spending on marketing last quarter. Overall, Campbell's earnings surged 71% last quarter, getting investors hungry enough for the stock to pump it up more than 5% Friday.
3. ... and a fourth-quarter earnings loser
Profits for Weight Watchers (NYSE:WTW) plummeted nearly 50% as customers turn to better-looking diet apps and personalized health programs. And investors took note -- slamming the stock for a 25% fall on Friday.
On Friday, men's corporate dresser Jos. A. Bank (NASDAQ: JOSB) decided to step into the big outdoors and buy Eddie Bauer for $825 billion in cash and stock. And earlier in the week, Comcast (NASDAQ:CMCS.A) reported that it will merge with mediocre-to-horrible cable service Time Warner (NYSE: TWC) in an all stock plan -- Comcast is snagging all 285 million Time Warner shares (worth $45.2 billion), while Time Warner stockholders will get about three Comcast shares in exchange (unless the anti-monopoly Justice Department turns the deal into a soap opera).
5. Janet Yellen's big day
In her first major policy speech since taking over the throne at the Federal Reserve, fresh-faced Chairwoman Janet Yellen acknowledged that the economic recovery improved over 2013 and that the central bank will continue to slow its stimulus policies -- but added that the Fed doesn't have a set timeline for doing so yet. Investors loved the fact that economy-boosting stimulus juice isn't drying up anytime soon, and sent the stock market up to its best day in months on Tuesday.
What MarketSnacks is checking out this week:
- Monday: Stock market closed for Presidents Day
- Tuesday: New York "Empire State" manufacturing survey; earnings: Coca-Cola, Herbalife
- Wednesday: Minutes from the Fed Meeting; earnings: Tesla Motors, Marriott Hotels
- Thursday: Weekly jobless claims; earnings: Wal-Mart, Nordstrom
- Friday: Existing-home sales; earnings: DISH Network, Billabong
As originally published on MarketSnacks.com