Senate passes $1 trillion bipartisan infrastructure bill 📢
Wednesday, 11th August 2021 by Gotrade
Hey Gotraders,
In headline news today, the US Senate passed a historic $1.2 TRILLION infrastructure bill on Tuesday!
$550 billion in new funding will be set aside to build and improve the nation’s infrastructure such as roads, bridges, rail, transit, broadband, and utilities. Money will also be set aside to build out electric vehicle charging stations across the country, and to improve the nation’s cybersecurity.
The infrastructure bill will largely be funded by repurposed coronavirus relief money, unused federal unemployment insurance aid, and spectrum auctions. Taxes on corporations and the wealthy will also be raised.
Democrats have released a complementary $3.5 trillion budget plan that prioritizes massive investment in social programs and climate policy.
Both bills fit into what the Democrats consider a two-part agenda to boost the economy, strengthen the social safety net and attempt to tackle climate issues and global warming.
Congress would need to pass both measures before they get signed into law.
Why is this important? This is a historic moment and a notable win for President Joe Biden as Congress has failed to agree on an infrastructure plan for years.
If signed into law, the infrastructure bill will “create jobs, increase productivity, and pave the way for decades of economic growth and prosperity – all without raising taxes on everyday Americans or increasing inflation.”
Well done, Biden! 👏
📈 Robinhood acquires Say Technologies for $140 million 🛒
Robinhood (HOOD) announced that they will be going shopping and acquiring Say Technologies for $140 million. This is Robinhood’s first major acquisition since going public in late July. Say has built a communications platform that allows even smaller shareholders to pose questions to the companies in which they invest. This acquisition will place Robinhood one step ahead of the competition by allowing them to offer a better shareholder experience to its users.
Robinhood stock is up 54.91% over the last month and closed at $53.94 yesterday.
📈 Coinbase beats Wall Street’s expectations on earnings 🥳
Coinbase (COIN) stock is up over 2.70% in extended trading following the company’s second-quarter earnings report. They beat analysts’ expectations on both counts. They reported earnings of $3.45 per share and brought in $2.23 billion in revenue. Analysts were expecting earnings per share of $2.33, and revenue of $1.78 billion. Net profit for the quarter was $1.6 billion, up nearly 4,900% from a year earlier! Yes, really!
Coinbase closed down 3.85% yesterday, at $269.67 but is up 2.79% in extended trading at the time of writing.
Top movers & shakers 🎢
What else is making headline news 📰
Twitter (TWTR) suspends Marjorie Taylor Greene's account for one week.
Salesforce (CRM) wants Salesforce+ to be the Netflix of biz content.
Popular companies releasing earnings this week 💰
Wednesday: NIO (NIO), Coupang (CPNG), Wix.com (WIX), Bumble (BMBL), Payoneer (PAYO), Amwell (AMWL), Opendoor (OPEN), eBay (EBAY), Perrigo (PRGO)
Thursday: DoorDash (DASH), Disney (DIS), Palantir (PLTR), Airbnb (ABNB), Baidu (BIDU), Wheaton Precious Metals (WPM), Tattooed Chef (TTCF), IQIYI (IQ), AbCellera (ABCL), Wish (WISH), Arko (ARKO), SoFi (SOFI), Algonquin Power (AQN), AEGON (AEG)
Friday: The Honest Co (HNST)
A company’s market value may fluctuate considerably around the time that the earnings report is expected to be published. Stock prices may rise or fall according to analysts' speculative estimates, released prior to the actual earnings announcement.
The earnings season can be a time of great opportunity since better-than-expected figures could cause a company’s stock to greatly increase in value. Worse-than-expected results could have the opposite effect.
That’s all from us for now.
Signing out,
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The legal stuff 🤓
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