We are entering a holiday-shortened trading week. However, don’t be fooled. There’s enough on the calendar to fill an entire week. Earnings season is in full swing. The Fed’s recommended inflation measure (albeit a bit outdated) is expected to be released. We will be holding our first monthly meeting this year. 1. Revenue outside the portfolio: There are many reports that need to be tracked outside of the club. Industry leaders such as 3M, Netflix, United Airlines, Johnson & Johnson, GE Aerospace, Intel, and SLB, to name a few, are all scheduled to report next week. Although these names are not part of a club, each can provide insight into different sectors of the economy. For example, 3M provides information about industrial activity and manufacturing demand. GE Aerospace was able to talk Thursday about the impact of President Donald Trump’s calls for increased defense spending and how much commercial air travel is taking place, as it relates to the company’s positions at Boeing and Honeywell. So did United Airlines on Wednesday. Additionally, United plans to provide a window into consumers’ health and sentiment about the U.S. economy. Meanwhile, Intel on Thursday plans to provide early-quarter insight on semiconductor demand, well before the data center giants in its portfolio, Broadcom and Nvidia, report later in the earnings season. Perhaps Intel will also provide an update on its custom CPU collaboration with Nvidia, which was announced to much fanfare in September. In the oil belt, SLB and rival Halliburton Corp., the drilling company’s arms dealer, will shed light on trends in energy demand and infrastructure following the U.S. arrest of Venezuelan leader Nicolas Maduro. What these companies say about customer activity levels may help us understand where energy prices are headed in 2026. Semiconductor giant Taiwan Semiconductor Manufacturing Co.’s earnings report last week perfectly illustrates why investors need to look beyond their own portfolios. After TSMC announced it would increase its capital budget due to strong demand, the entire chip community, from chip designers like Nvidia to supply chain companies like the club name Qnity Electronics, joined in the bidding. Investors are always looking for “reading material” to better understand the markets in which their portfolio companies operate. This week offers plenty of reading material for them. 2. Our Portfolio Returns: Both club shares to be reported this week will be reported on Thursday. Procter & Gamble was in the lead before the opening bell, and I wouldn’t be surprised if the headline numbers disappoint. As Jim Cramer pointed out on Friday’s Morning Meeting, two-thirds of P&G’s quarters in October and November were affected by the government shutdown, which led to delays in SNAP benefits and contributed to the weak start of the quarter. The problem is that we’re not sure whether Wall Street estimates fully factor in this. The consensus revenue estimate of $22.31 billion is only 1.2% lower than it was on Sept. 30, the day before the shutdown began. As a result, what P&G says about its post-shutdown performance and the current quarter (the third quarter of P&G’s fiscal 2026) will be the most important factor in determining where the stock goes going forward. This is P&G’s first quarter with new CEO Shailesh Jejurikar at the helm, and we’re excited about what he can bring to the parent company of Tide, Crest, and Dawn. Later that day, President Trump’s pressure campaign on the credit card industry caused a major ripple in Capital One’s earnings report after the close. At this point, it’s too early to tell whether President Trump’s call for a 10% one-year interest rate cap will become a reality. But either way, it’s likely to be a big topic on the conference call. Many of the CEOs of major banks who reported last week criticized this. Now, industry influencer Richard Fairbank of Capital One will have the opportunity to weigh in on what that means for the industry. The good news, at least for Capital One shareholders, is that National Economic Council Director Kevin Hassett said on Fox Business Friday that the administration is in contact with major banks to create new credit card products to appease President Trump. The outcome would be much narrower than President Trump’s initial threat, which sent Capital One stock down 6.4% on Monday. When it comes to Capital One’s actual financial health, important metrics beyond core revenue and profits include delinquency and payment rates, as they reflect the health of consumers. More general commentary on spending habits and debt levels is also important. With personal consumption accounting for approximately two-thirds of the U.S. GDP, understanding the consumer’s position is extremely important when considering the market more broadly. Finally, management’s Discovery integration plans for 2026 will be interesting, as will their comments on share repurchase activity. 3. Economic Data: This week’s important economic announcements will also be made on Thursday. That’s when we get the November personal spending and income report, which includes the Core PCE Price Index, the Fed’s preferred measure of inflation. While PCE can provide hints about the Fed’s future interest rate movements, it is important to remember that this is a delayed report. Therefore, rather than making investment decisions based on high-level reports that are already nearly two months old, investors should pay more attention to what management said on the earnings call. Another announcement coming Wednesday is the pending December home sales report. A better-than-expected report on the number of pending home sales should bode well for the economy. Housing is one sector that punches above its weight thanks to all the other purchases that come with purchasing a new home, such as services, appliances, and furniture. Home Depot is the stock in our portfolio that has the most influence on the housing market and mortgage rates. Just to be clear, the market was on a Monday in honor of Martin Luther King Jr. Day. And on Thursday, we’ll be holding our first monthly meeting of the year, so be sure to send in all your questions so Jim and Jeff can get on the phone. 1 week ago Monday, January 19 US stock markets closed on Tuesday, January 20 Before the bell: DR Horton, Inc. (DHI), 3M Company (MMM), Fifth Third Bancorp (FITB), US Bancorp (USB), Fastenal Co. (FAST), Peoples Bancorp Inc (PEBO), KeyCorp (KEY) After the bell: Netflix, Inc. (NFLX), Interactive Brokers Group Inc. (IBKR), United Airlines (UAL), Progress Software Corporation (PRGS) Wednesday, Dec. 21, 10 a.m. ET Home Sales Report Pending Before the Bell: Johnson & Johnson (JNJ), Ally Financial (ALLY), Halliburton Company (HAL), Charles Schwab Co. (SCHW), TE Connectivity Ltd. (TEL), Prologis, Inc. (PLD), Teledyne Technologies, Inc. (TDY), Travelers Companies, Inc. (TRV) After the Bell: Kinder Morgan, Inc. (KMI), Bank of California, Inc. (BANC), Banner Corporation (BANR), CACI International, Inc. (CACI) Thursday, January 22 PCE Index 8:30 a.m. ET Kansas City Fed Manufacturing Index 11 a.m. ET Before the bell: Procter & Gamble Co. (PG), Freeport-McMoRan Copper & Gold, Inc. (FCX), GE Aerospace (GE), Huntington Bancshares Incorporated (HBAN), Texas Capital Bancshares, Inc. (TCBI), Abbott (ABT), McCormick & Company, Incorporated (MKC) After the bell: Capital One Financial Corp. (COF), Intel Corp. (INTC), Intuitive Surgical, Inc. (ISRG), Alcoa, Inc. (AA), CSX Corp. (CSX) Friday, January 23, University of Michigan Consumer Sentiment Survey (Final) 10 a.m. ET Before the Bell: SLB (SLB), Booz Allen Hamilton Holding Corporation (BAH), Comerica Inc. (CMA), Ericsson (ERIC) (Jim Cramer Charitable Trust Long NVDA, AVGO, COF, and AVGO. See here for a complete list of stocks.) As a subscriber to Jim Cramer’s CNBC Investing Club, you will receive trade alerts from Jim Cramer before he makes a trade. After Jim sends a trade alert, he waits 45 minutes before buying or selling stocks in his charitable trust’s portfolio. If Jim talks about a stock on CNBC TV, he will issue a trade alert and then wait 72 hours before executing the trade. The above investment club information is subject to our Terms of Use and Privacy Policy, along with our disclaimer. No fiduciary duties or obligations exist or arise from your receipt of information provided in connection with the Investment Club. No specific results or benefits are guaranteed.
