Dow fell 61, advancers over decliners 3-2 & NAZ rebounded 113. The MLP index added 1+ to 190 & the REIT iidex was off 2+ to the 477s. Junk bond funds inched higher & Treasuries were steady with the yield on the 10 year Treasury holding at 1.56%. Oil climbed in the 81s & gold shot up 16 to 1864.
AMJ (Alerian MLP index tracking fund)
|
|
The US Chamber of Commerce accused the authors of the Dem-backed reconciliation bill of using "gimmicks to cover up well over $1T in spending," & called on Congress to identify the bill's actual "real-world impact." The business group published a letter it sent to politicians in DC yesterday demanding that they consider the cost of the legislation, its inflationary impact & how the policies will impact future workforce participation. Pres Biden is expected to sign the $1.2T infrastructure bill Mon at the White House. The bill provides funding for physical infrastructure projects like roads, bridges, water pipes & broadband internet. Dems are now zeroing in on Biden's even bigger $1.75T package aimed at expanding health, child, elder care & climate change programs. Congress hasn't been this narrowly split in 20 years, with a Dem margin of just a few seats in the House & the current 50-50 split Senate. According to the chamber, the reconciliation bill has sunset provisions that "disguise the true cost of the bill." These provisions essentially expire after a certain amount of time, but then could be extended. So the amount looks smaller than the actual total cost. A report said that Sen Joe Manchin called these provisions "shell games" & the actual cost of the reconciliation bill could be double the amount being discussed. The Congressional Budget Office (CBO) announced that there is currently no set timeline for when they will have a score for the Build Back Better Act, the social spending bill Dems are trying to pass.
'Gimmicks' hide over $1T in Biden's massive spending spree, group says
Disney's (DIS), a Dow stock, flagship streaming service grew at a slower pace than expected during a Q4 in which the entertainment giant missed projections across the board. DIS had 118M global paid subscribers as of the end of
qtr, an increase of 2.1M subscribers for the
qtr & 60% compared to the same qtr one year earlier. However, the forecast expected 126M subscribers. DIS
generated average monthly revenue per paid subscriber of $4.12, down 9%
compared to last year. Despite the disappointing growth, CEO Bob Chapek said the company expects to hit its target for 230 -260M subscribers by the year 2024. CFO Christine McCarthy said the company expects
subscriber growth to accelerate in H2 of fiscal 2022 as it
ramps up content releases, adding the streaming service is on track to
achieve profitability by fiscal 2024. The company posted adjusted EPS of 37¢ after posting a loss in
the same qtr one year earlier but fell short of the estimate of 51¢. Quarterly revenue was $18.5B versus an expected $18.8B. "This has been a very productive year for The Walt Disney Company, as
we’ve made great strides in reopening our businesses while taking
meaningful and innovative steps in Direct-to-Consumer and at our Parks,
particularly with our popular new Disney Genie and Magic Key offerings,"
Chapek said. He warned in Sep that the company was experiencing "headwinds"
in its streaming business, a key source of its growth in recent years. At the time, Chapek said the company expected the Disney+ global
subscriber base to post "low-single-digit" growth. The stock dropped 12.48 (7%).
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+ subscriber growth, company earnings miss Wall Street's expectations
Germany was once seen as a prime example of how to
deal with the coronavirus. Now, it's recording close to 50K new
Covid cases a day, prompting a dire warning of a dramatic rise in
fatalities. Germany is in the midst of what has
been described as a f4th wave of Covid, as the delta variant spreads
as the weather gets colder. Today marks the 4rth day in a row that
it has posted a fresh daily high with the number of new
cases coming in at 50K. Data from the country's public health body, the Robert Koch Institute, showed that Germany's total number of cases has now hit 4.9M & that the number of fatalities stands at 97K. The data is worrying officials & public health experts. Outgoing
Chancellor Angela Merkel has reportedly called for an urgent meeting
with state premiers to discuss the country's response to the
Covid crisis. Her chief spokesman said that the
virus was “spreading dramatically” & that a “quick and unified
response” was required.
Stocks are stumbling this week while gold has risen about 100 in this since last weeks. High inflation in on the minds of many investors & Treasury yields on the rise. The Dow is back to about where it was at the start of Nov & there may be more selling ahead.
Dow Jones Industrials
No comments:
Post a Comment