Today after the close the following companies are scheduled to report earnings/did report: DDC, DTEA, PIR.
Futures are lower after hours: S&P 500 futures are -1.75 from fair value of 2,341 and Nasdaq100 futures are -7.12 from the fair value of 5,377.
Tomorrow morning, economic reports scheduled to be released include: PPI (08:30am ET, Consensus 0.0%), Core PPI (08:30am ET, Consensus 0.2%), Initial Claims (08:30am EST, Consensus 251K), Continuing Claims (08:30am EST, Consensus NA).
Tomorrow before the open the following companies are scheduled to report earnings: YGE, APOG, TSM, INFY, FHN, FRC, JPM, PNC, WFC, C, CBSH, PACW.
In other news, Berkshire Hathaway (BRK.A, BRK.B) confirmed the sale of 7,134,447 shares of Wells Fargo common stock to keep percentage ownership below the 10% threshold. The company has no present intention to sell Wells Fargo shares in amounts beyond the quantity required.
The company said, ""In the near future, we intend to sell 1,865,553 shares of Wells Fargo common stock in addition to the shares that are being reported on today's Form 4. These sales are not being made because of investment or valuation considerations. Rather they are solely motivated by the desire to return to a percentage ownership below the 10% notification threshold under the Change in Bank Control Act... A little over a year ago, repurchases by Wells Fargo of its common stock caused Berkshire's ownership interest in Wells Fargo to exceed 10%... While we then had no intention to purchase more shares of Wells Fargo we recognized that our percentage interest would slowly creep up if Wells Fargo continued to purchase shares...After several months of discussions with representatives of the Federal Reserve, we have concluded that the commitments that would be required of us by the Federal Reserve to retain ownership of 10% or more of Wells Fargo's outstanding common stock would materially restrict our commercial activity with Wells Fargo. Therefore, it would be simpler to keep our ownership below 10%. Accordingly, on April 7, 2017, we informed the Federal Reserve that we were withdrawing our filing and that we intend to reduce our ownership in Wells Fargo common stock below 10% within 60 trading days."
Berkshire has no present intention to sell Wells Fargo shares in amounts beyond the quantity required to provide a small safety margin below 10%.