- As earnings reports roll in, investors shouldn’t overlook Annual General Meetings
- These gatherings provide color on firm-specific and macro trends
- Strategic plans are outlined, activists can assert themselves, and shareholders voice their say
Spring has sprung! Old Man Winter has lost his grip, warmer temps greet us each afternoon, and pollen wreaks havoc on plenty of folks in North America.
You may be tempted to play hooky, but you’d miss out on so many exciting events and volatility catalysts among companies big and small.
It’s earnings season, of course, and we’ve already heard from a handful of major US firms. Big tech begins reporting this week—attention is fixated upon what executives have to say about the macroeconomic situation, namely tariffs and how the “wait-and-see” economy will shape markets going forward.
It’s also shareholder meeting season. April through early June is when company leaders take time to connect with stockholders to discuss short- and long-term trends. Operational performance data, strategy concepts, and future plans are laid out. Maybe more importantly, shareholders’ voices can be heard through Q&A sessions.
Annual General Meetings (AGM) are the cornerstone of sound corporate governance and financial transparency, ensuring shareholder rights.
It’s also a forum to hold CEOs accountable—in this week’s piece, we highlight some companies with tensions at the top. Investors also vote on key issues, such as the election of board members, executive compensation, and dividend policy or stock splits. M&A rumors are sometimes addressed, and you can never rule out activists asserting themselves at AGMs. A poorly handled event—one fraught with evasive answers and unpopular decisions—can stir up drama on Wall Street, too. Here are some of the possibly eventful shareholder meetings on tap through next month:
April 23: Goldman Sachs
Goldman Sachs (GS) was among the first major companies to report Q1 results. Bank earnings were generally solid, helping to assuage concerns of a soft start to 2025. But all eyes are on the road ahead, given that President Trump’s tariff policy took a hard turn on the second day of Q2. Still, equity trading was strong, but CEO David Solomon warned of economic risks, noting that the chance of a US recession has increased.1 Investors will have a follow-up opportunity this Wednesday.
April 29: Citigroup
Then next week, Citi (C) hosts its AGM. After reporting a bottom-line beat, CEO Jane Fraser took a more sanguine stance than Solomon, suggesting that the US can weather the tariff storm. Amid rising interest rates this month and as the US dollar has sagged, Citi’s chief was upbeat about the greenback remaining the world’s reserve currency.2 Like GS, Citi shares are down on the year, so we’ll see if the bank’s generally successful turnaround efforts will continue to pay off.
April 30: Newmont Corp
Away from the Financials sector, Newmont Mining (NEM) has been red hot. Shares of the gold-mining company have soared by more than 45% YTD through last Tuesday. Gold has rallied better than 20% in 2025, and macro factors could finally be on the side of the once-unloved Precious Metal Mining industry. While the yellow metal rose after the pandemic, labor costs and rising interest rates were financial headwinds for the likes of Newmont. This could be more of a party than a shareholder meeting—Goldman Sachs recently raised its gold target to $3,700 per ounce, while UBS took NEM to a buy from a hold earlier this month.3
May 3: Berkshire Hathaway
Gold may be attractive at the moment, but the crown jewel of shareholder meeting season is Berkshire Hathaway’s (BRKA) event. It truly is an experience in Omaha, NE, hosted by Warren Buffett—the GOAT. “Woodstock for capitalists” should be a good one this year—Berkshire stock is up nearly 20% so far in 2025, sharply outperforming the S&P 500. The big question may be, “What are your plans for all that cash, Warren?” Now a $1.14 trillion market cap behemoth, the holding company boasts an extraordinary cash position to the tune of $334 billion.4 The hoard is plenty of dry powder for takeovers or simply buying the dip if the market revisits its April lows.
May 6: Intel
Buffett is the GOAT, but Intel (INTC) has been a dog. It was booted from the Dow Jones Industrial Average late last year, and shares are down a whopping 44% in the last 12 months (as of April 15, 2025).5 CEO Lip-Bu Tan is new on the job, replacing Pat Gelsinger, and this AGM comes after Intel’s April 24 Q1 earnings date.6
May 8: UPS
Along the same lines, United Parcel Service (UPS) is off by more than 30% year-on-year as it struggles to fend off competition from FedEx (FDX), of course, but also Amazon (AMZN). Recall in January, the Atlanta-based Air Freight and Logistics industry company announced a cut to its Amazon shipping volume by more than 50%.7 The executive team had an optimistic reason for the decision, but shareholders could say otherwise on May 8.
May 14: Southwest Airlines
As macro risks weigh on a company like UPS, similar concerns are front and center with Southwest Airlines (LUV). Investors could question CEO Bob Jordan’s move to drop its popular “bags fly free” policy.8 And guess what? No more finding your own spot on the plane—assigned seating is the new rule. Beyond those irks, bigger risks are at play. A slowdown in consumer spending and less domestic travel would obviously weigh on revenue and earnings. Hop aboard the May 14 telecast to find out more.
May 15: Las Vegas Sands
Speaking of travel, Las Vegas Sands (LVS) has disappointed investors in 2025. The stock is down 36% on the year (before it reported earnings on April 23), and you can bet that tariff fears and the trade war with China are the culprits. Global recession worries have weighed on the Casinos and Gaming industry company, too. Remember that despite its name, LVS has no assets on the Las Vegas strip—it’s among the purest China plays among US stocks.9 Value investors could be at this AGM—LVS trades at just 12 times forward earnings estimates.
The Bottom Line
There are plenty more major shareholder meetings over the back half of May and into early June. Be on the lookout for an ‘Extra! Extra!’ next month as we call out the key AGMs that could not only move individual stocks, but also provide important clues on where the economy is headed as recession calls grow louder.
Sources:
1 Goldman CEO Solomon says prospect of a US recession ‘has increased’, Yahoo Finance, David Hollerith, April 14, 2025, https://finance.yahoo.com
2 Citigroup CEO is betting the U.S. economy can weather the tariff storm, MarketWatch, Steve Gelsi, April 15, 2025, https://www.marketwatch.com
3 Goldman Sachs raises end-2025 gold price forecast to $3,700/oz, Yahoo Finance, Reuters, April 14, 2025, https://finance.yahoo.com
4 Warren Buffett amasses more cash and sells more stock, but doesn’t explain why in annual letter, CNBC, Yun Li, February 22, 2025, https://www.cnbc.com
5 Nvidia to take Intel’s spot on Dow Jones Industrial Average, Reuters, Arsheeya Bajwa, November 1, 2024, https://www.reuters.com
6 Intel Stock Jumps After Chip Company Names New CEO, The Wall Street Journal, March 14, 2025, https://www.wsj.com
7 UPS to cut Amazon volume by more than 50%, Retail Drive, max Garland, January 31, 2025, https://www.retaildive.com
8 Southwest Airlines Drops Popular Policy in Another Blow to Customers, Yahoo Finance, Parade, mary Hawkins, April 14, 2025, https://www.yahoo.com
9 Las Vegas Sands completes US$6.25 billion sale of Las Vegas assets, Inside Asian Gaming, Ben Blaschke, February 24, 2022, https://asgam.com
Twitter: @ChristineLShort
The author may hold positions in mentioned securities. Any opinions expressed herein are solely those of the author, and do not in any way represent the views or opinions of any other person or entity.
