Dow went up 26 to a new record, decliners modestly ahead of advancers & NAZ crawled up 6. The MLP index slid below 181 & the REIT index inched up to 463. Junk bond funds rose & Treasuries saw heavy buying, reducing the yield on the 10 year Treasury 5 basis points to 1.31%. Oil was pennies lower into the 68s & gold jumped 22 to 1774.
AMJ (Alerian MLP index tracking fund)
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A group of moderate House Dems is threatening to torpedo their party's $3.5T spending plan unless House Speaker Nancy Pelosi brings the bipartisan infrastructure bill for a vote first – an act of
direct defiance to the speaker & a bold exertion of power with
Dems holding just a slim majority in the chamber. "Some
have suggested that we hold off on considering the Senate
infrastructure bill for months – until the reconciliation process is
completed. We disagree," the group of 9 Dems said in the letter.
"With the livelihoods of hardworking American families at stake, we
simply can’t afford months of unnecessary delays and risk squandering
this once-in-a-century, bipartisan infrastructure package." The
group added: "We will not consider voting for a budget resolution until
the bipartisan Infrastructure Investment and Jobs Act passes the House
and is signed into law." Those 9 are enough to prevent the budget resolution recently
passed by Senate Dems from making it thru the House. Reps
are expected to uniformly vote against it & the party split in the
House is 220-212 with 3 vacancies. That injects a strong dose
of drama into the process of the House passing the budget resolution,
which Pelosi warned earlier this week should happen "without drama." The
budget resolution is the key that unlocks the budget reconciliation
process, which allows Dems to circumvent the legislative filibuster
in the Senate. Dem leaders & party progressives are planning to use that process to pass $3.5T of Pres Biden's
agenda that they could not get thruthe Senate under regular order
due to GOP opposition. But they'll need the support of their party's
moderates to force the measure thru with razor thin majorities in
both the House & Senate.
Moderate Dems defy Pelosi, block $3.5T spending plan until infrastructure passes
Disney (DIS), a Dow stock, shares jumped after the entertainment
giant surpassed expectations, posting a quarterly EPS 50¢ compared to a loss of $2.61 per share a year ago. Adjusted for one-time items, the EPS was 80¢ compared to 8¢ a year ago, topping the estimate of
55¢. Overall revenue for the 3rd qtr came in
at $17B, compared to $11.8B a year ago, beating the forecast of $16.7B. For the 9-month period
ending Jul 3, EPS was $1.02 with total revenue of $49B. Disney's Media, Entertainment & Distribution segment reported Q3 revenue of $12.7B, compared to $10.7B a year
ago. Direct-to-consumer revenue grew 57% to $4.3B as
total streaming subscribers grew to nearly 174M, with 116M
Disney+ subscribers, 14.9M ESPN+ subscribers & 42.8M
total Hulu subscribers. DIS did not offer an update on its full year guidance. However, the
company expects to incur approximately $1B in costs thru the
end of fiscal 2021 to address gov regulations & implement
safety measures for its employees, talent & guests. The stock rose 5.07.
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 shares jump as streaming subscribers reach nearly 174M
The Food & Drug Administration (FDA) authorized Covid-19 vaccine booster shots for people with weakened immune systems, a highly anticipated move intended to shield some of the most vulnerable Americans from the highly contagious delta variant. “Today’s action allows doctors to boost immunity in certain immunocompromised individuals who need extra protection from COVID-19,” acting FDA Commissioner Dr Janet Woodcock said. The agency said organ transplant recipients & people who are similarly immunocompromised can receive a 3rd dose of the Pfizer-BioNTech (PFE &BNTX) or Moderna (MRNA) vaccines. The FDA also emphasized that other fully vaccinated people are “adequately protected” & currently do not need an extra dose. The FDA OK is not the final go-ahead. The Centers for Disease Control & Prevention's vaccine advisory committee has scheduled a meeting today to consider shots for immunocompromised Americans. If they issue a recommendation & it is approved by the CDC, 3rd shots could begin immediately.
FDA permits Covid vaccine booster shots for people with weakened immune systems
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