- The fourth quarter report is largely in books and results were strong
- New macro challenges have emerged which could disrupt up bullish trends
- Apple (NASDAQ: AAPP), Deere (NYSE: DE) and QUALCOMM (NASDAQ: QCOM) organize shareholders’ meetings in the next five weeks that could shed light on the risks on a market scale
The profits season ends and the spotlights will soon move around 2025 trends after an impressive end of last year. FactstSet reports that S&P 500® EPS Q4 growth The rate is likely to check more than 15%, the best since the fourth quarter of 2021.1
The Lynchpin to the robust closure of 2024 was undoubtedly the consumer. Retail sales from October to December were healthy despite the fears that the holiday shopping season is not up to the figures for the previous year given a less weekend between Thanksgiving and Christmas, but such concerns were attenuated.2
Also close the fervor to finish the year were huge capex spending plans drawn up by many Technological companies with large capitalization. Goldman Sachs noted that more than a third of Russell 3000 companies mentioned “AI” during telephone conferences in the fourth quarter.3
Uncertainty
That’s all in the mirror now. The coming road feels, of course, less safe. Look no further than macro gauges such as the uncertainty index of economic policy (there is a clue for all days); It is at the highest level since the world resumed its base during the pandemic.4 Unknown on this price Will really go down the pike, hopes of deregulation, fears of deportation and even government cuts due to Doge are all generic characters.
The CEOs of the largest companies in the world have their hands navigating in this macro diet. Managers must focus on controllables, and Wall Street has generally rewarded companies that have effectively executed their strategies. In addition, investors seem to be attracted to the actions that have won. According to Wisdomtree, the Momentum factor was the best theme so-called “smart beta” in the last month, three months, six months and 12 months. It is a clean scan.5
What exactly is happening during shareholders’ meetings?
This backdrop makes the seasonal meeting season at 1:24 am all the more important. These events offer investors the opportunity to engage directly with the companies they own. Critical questions are expressed, in particular the election of members of the board of directors, the approval of the remuneration of managers and the ratification of financial decisions. Activists can show a finger in management teams, give their two hundred on strategies and even influence the long -term trajectory of a business.
Individual shareholders do not, however, need to be hostile to take advantage of shareholders’ meetings. Events are a window on the operational health of a company, responsibility for management and broad vision. Keeping an eye on what is happening during annual general assemblies (AGM) key can help shareholders keep up to date with macro and micro developments.
Apple industry bite
Our team normally takes a look at the calendar of shareholders’ meetings once spring has come, but we look closely now, thanks to Apple (AAPP). The most precious company in the world listed on the stock market welcomes its annual shareholder meeting in 2025 tomorrow, Tuesday, February 25 at 11 a.m. in a virtual format.6 With the T2 2025 gains which are not existed before Thursday, May 1 (AMC, not confirmed)It will be one of the rare chances for the stakeholders to interact with the management before that. In addition, while peers in the technological sector like NVIDIA (NVDA) should present to many business conferences In March, we show no confirmed commitment from Tim Cook or other Apple leaders in the coming weeks.
The Apple shareholders’ meeting in February could be a Belwether for future AGMs. There may be questions and concerns about the additional 10% prices taken from imports from China.7 Higher import duties could ding BPA in the current quarter of the company, or the iPhone manufacturer may have to increase prices. Like many multinationals, the decision to eat the price or transmit it to consumers is in the lead. Any comment from Apple’s management tomorrow could influence the choices of other companies.
The market capitalization company of 3.7 billions of dollars, the IT sector, undoubtedly acts as a consumption Blue Chip given the way in which its customers treat iphones, Macs and iPads. And it is these goods that face a potential tariff risk; While sales of services can be less affected. It is also clear that Apple is aware of pricing today – last week, it unveiled a “more affordable” iPhone 16th, at a price of $ 599.8 But do households go for that?
Aside from the prices, the AI remains at the front and at the center – Apple would have established a partnership with Alibaba (BABA) when it allowed itself to extend with the development of AI technology.9 For the moment, implicit volatility is less than 20% on AAPPL, so although the virtual room can be filled with drama, the stock should not move much.10
Deere & Qualcomm: industrial and semiconductor updates
Two other shareholders’ meetings to keep your calendar include those of John Deere (DE) and Qualcomm (QCOM). The first takes place on Wednesday morning (February 26) at 11 a.m., while the second is scheduled for Tuesday, March 27. We have picked up these events because they offer different opinions on the world economy.
The De A Troubuché after having announced the results of the first quarter earlier this month, but the industrial stock has increased by 37% in the last six months, which could surprise. Undoubtedly part of the trade in the quantity of movement at the moment, the management team has noted the uncertainty of the request for its call for results. It provides for a drop of 15 to 20% of large sales of agricultural equipment this year and risks the oscillating of currency and macro discomfort.11 The issues of shareholders and any new deployment of strategy can offer an overview of the state of the cyclic tranche of the global economy.
The Qualcomm event arrives a month later. Before its shareholders’ meeting, QCOM is suspended just below the upper range of its negotiation range since last summer. Many chip actions have not done much collectively since June-July 2024 (see: NVDA). Most recently, QCOM oscillated, but finally continued to have higher trends after last week news that Apple would use an internal modem without using Qualcomm chips.12 Shareholders could learn more about the company’s relations with Apple at the meeting at the end of March.
The bottom line
Shareholders’ meetings are crucial so that investors can resume corporate body language, in particular between the seasons of profits. They are part of the construction of corporate governance, offering possibilities for engagement, transparency and even the creation of value as the macro challenges evolve.
Sources:
1 gains insight, factset, John Butters, February 14, 2025, https://ad further.factst..com
2 American retail sales, trade, February 20, 2025, https://tradintinomics.com
3 35% of management teams mentioned AI on profits calls for the fourth quarter, GS Dataworks, Goldman Sachs Global Investment Research, February 17, 2025, https://x.com
4 index of uncertainty of economic policy, uncertainty of economic policy, February 20, 2025, https://www.policyuncencerry.com/
5 snapshots of the daily market – Wednesday February 19, Wisdomtree, February 19, 2025, https://www.wisdomtree.com
6 annual shareholders’ assembly, Apple, February 20, 2025, https://central.virtualshareholdermeeting.com
7 Fast fashion, laptops and toys are likely to cost more due to American prices on Chinese imports, AP News, Haleluya Hadero, February 5, 2025, https://apnews.com
8 Apple made its iPhone 16th debut: a new powerful member of the iPhone 16 family, Apple Inc., February 19, 2025, https://www.apple.com
9 Apple teams up with Alibaba to provide AI features for iphones in China, information reports, Reuters, February 11, 2025, https://www.reuters.com
10 AAPPL, ORATS, February 20, 2025, https://dashboard.orats.com
11 T1 2025 Call of the results, Deere & Co., February 13, 2025, https://s22.q4cdn.com
12 Apple reveals the first personalized modern chip, moving away from Qualcomm, Reuters, Stephen Nelis, February 19, 2025, https://www.reuters.com
Twitter: @ChristinelShort
The author can occupy positions in mentioned titles. All the opinions expressed here are only those of the author and in no way represent the opinions or opinions of any other person or entity.