Housing Plan, Car Industry In Focus Wednesday

Just one day after signing the stimulus bill into law, President Obama will take aim at the housing market on Wednesday. Obama is set to unveil a new plan that will try to stem the wave of foreclosures. The plan may call for the creation of a bank bailout fund to help troubled homeowners with mortgage payments. Look out for housing stocks like Lennar, KB Home and Centex.

The auto industry remains in focus. Late on Tuesday Chrysler requested $2 billion in additional federal aid. The automaker says it will need to cut 3,000 more jobs. Both General Motors (nyse: GM - news - people ) and Ford Motor (nyse: F - news - people ) fell sharply on Tuesday.

A full docket of economic news is on deck Wednesday, with reports on housing, export prices, industrial production and the Federal Reserve's minutes. The central bank's last meeting should reveal growing concerns about the economic downturn and a moderation in the threat of inflation.

A broad range of stocks will report on Wednesday, including Whole Foods (nasdaq: WFMI - news - people ), Deere (nyse: DE - news - people ), Priceline.com (nasdaq: PCLN - news - people ), CBS (nyse: CBS - news - people ) and Comcast (nasdaq: CMCSA - news - people ). Finally, Johnson&Johnson (nyse: JNJ - news - people ) is getting attention, as Warren Buffett's Berkshire Hathaway (nyse: BRK - news - people ) has pulled back on his stake, reducing his holdings by roughly 50% to 29 million shares.