Dow fell 26, advancers barely ahead of decliners & NAZ went up 19. The MLP index added 1 to 152 & the REIT index was off 2 to the 388s. Junk bond funds inched higher & Treasuries were sold. Oil rose in the 58s & gold was even at 1827.
AMJ (Alerian MLP index tracking fund)
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The House Ways & Means Committee advanced key portions of Pres Biden's coronavirus relief bill, including the 3rd round of $1400 payments & a major expansion of the Child Tax Credit. The panel approved its $940B piece of Biden's proposal on a 25-18 party-line vote. A dozen House Committees, including the Ways & Means Committee, are working on writing Biden's nearly $2T aid package. The committees plan to finish the work today, with the full House voting on the overall package the week of Feb 22 once the Budget Committee combines the different parts. House Speaker Nancy Pelosi said that she wants the legislation passed by the end of the month & on Biden's desk before Mar 14, when more than 11M Americans are poised to lose their supplemental unemployment benefits. The legislation includes another $1400 cash payment for individuals earning $75K or less (& couples with an income below $150K). The checks would phase out faster than previous rounds, cutting off individuals who earn more than $100K & couples earning more than $200K. The proposal also extends eligibility to more dependents, including college students & disabled adults. The IRS is expected to begin issuing the checks as soon as possible if the bill becomes law.
House panel advances partial COVID-19 relief bill including $1,400 stimulus checks
Disney (DIS), a Dow stock, reported strong growth in paid streaming subscribers & its first quarterly profit since early last year in its earnings report for its fiscal Q1 of 2021. EPS was 32¢ adjusted vs a loss of 41¢ expected & sales rose to $16.25B vs $15.9B expected. DIS now has almost 95M paid subscribers to its
its streaming service as of the qtr. This comes
during Q1 after the free-trial period ended for some
subscribers who are also Verizon customers. The company said it has more than 146M total paid
subscribers across its streaming services as of the end of Q1. Revenue for the direct-to-consumer business grew 73%,
compared with the same qtr the previous year, to $3.5B. That
growth helped to offset losses in other segments affected by the
pandemic. DIS expects capital expenditures for fiscal year 2021 to be similar
to those for 2020, with the business investing more in the media &
entertainment segment & less in the parks segment. CFO Christine McCarthy said
that execs are “really happy with the conversion numbers that we've
seen there going from the promotion to become paid subscribers.” The stock was off 2.03.
If you would like to learn more about DIS, click on this link:
club.ino.com/trend/analysis/stock/DIS?a_aid=CD3289&a_bid=6ae5b6f7
Disney smashes streaming subscriber expectations, boosting segments hurt by Covid
Pres Biden said that the US will have enough
supply of the COVID-19 vaccine by the end of the summer to inoculate 300M Americans. Biden made the announcement at the National Institutes of Health complex outside DC. The US is on pace to exceed his goal of administering
100M vaccine doses in his first 100 days in office, with more
than 26M shots delivered in his first 3 weeks. “That’s just the floor,” Biden said. “Our end goal is beating COVID-19.” Biden announced that the US had secured contractual commitments from Moderna (MNRA) & Pfizer (PFE) to deliver the 600M doses of vaccine by the end of Jul — more than a month earlier than initially anticipated. “We’re now on track to have enough supply for 300 million Americans by the end of July,” he announced.
Biden says U.S. is ahead of pace, will have vaccines for 300 million Americans by end of July
Traders are keeping busy twiddling their thumbs. Not much else going on with a lack of significant news.
Dow Jones Industrials
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