WSJ : Biden Floats New Infrastructure Spending Offer of $1 Trillion

Biden Floats New Infrastructure Spending Offer of $1 Trillion
President makes legislative proposal in meeting with Republican Sen. Capito but negotiators remain far apart

WASHINGTON—President Biden told a top Senate Republican that he wants $1 trillion in new spending in infrastructure legislation, according to people briefed on the matter, a proposal that still leaves the White House far apart from GOP lawmakers ahead of a deadline to show progress in the talks.

During a Wednesday afternoon White House meeting with Sen. Shelley Moore Capito (R., W.Va.), Mr. Biden laid out his $1 trillion proposal and signaled he remained committed to paying for the plan with corporate tax increases, the people said. Any new spending would be on top of $400 billion in projected federal spending over five years if current programs continued, one of the people said.

Previously, Mr. Biden had proposed a $1.7 trillion offer, which was also above baseline levels. Congress will need to set new baseline spending by the end of this fiscal year.

Senate Republicans have rejected any new taxes to pay for the infrastructure spending, with some suggesting user fees instead. Also, the spending gulf between the GOP and the White House is wider than it appears in the top-line numbers, as the Republicans’ counter offers have included projected spending, while the White House’s proposals are in addition to projected spending.

Senate Republicans unveiled a plan last week to spend $928 billion over eight years to update roads, bridges, rail and transit systems. That offer is an increase from the GOP’s original five-year $568 billion proposal, but only about $257 billion of their latest proposal is above baseline levels, according to the Republicans.

Mrs. Capito and other Senate Republicans working on the compromise infrastructure legislation are discussing making a counteroffer to the White House on Friday, when Mr. Biden and Mrs. Capito are planning to speak again. Politico first reported Mr. Biden’s offer.

Biden administration officials have said infrastructure talks need to show a clear direction toward an agreement by the time Congress returns from its recess on June 7. Another group of lawmakers, including Sens. Mitt Romney (R., Utah) and Joe Manchin (D., W.Va.), have been holding their own discussions on infrastructure, preparing a plan to release if the talks between Republicans and the White House fall apart.

“If Republicans don’t want to cooperate and help us seriously address the many crises we’re facing today, then, yes, we have to move forward without them,” Sen. Bernie Sanders (I., Vt.) tweeted Wednesday. Mr. Sanders is the chair of the Budget Committee which would be involved in any effort to pass the bill along party lines.

Under the reconciliation process, lawmakers pass a budget resolution that then provides committees with instructions to craft legislation meeting the budget’s target. That process allows lawmakers to pass bills in the Senate with just a simple majority, rather than the 60 votes most bills require.

The Senate is split evenly between Democrats and Republicans. Top Democrats have said they are open to using reconciliation, though the entire party would need to be on board. Vice President Kamala Harris could act as the tiebreaking vote.

Democrats already used reconciliation to pass a $1.9 trillion coronavirus relief package earlier this year using the budget tied to fiscal year 2021, which ends Sept. 30. Although the Senate parliamentarian, the nonpartisan official who gives guidance about what is permitted, has indicated that lawmakers could technically use the same budget resolution to pass additional legislation, her subsequent guidance has indicated that could be cumbersome and run into procedural challenges, according to a copy of the ruling viewed by The Wall Street Journal.

Democrats have indicated they will likely try to pass a fiscal year 2022 budget resolution that could be used for passing additional legislation under reconciliation. Mr. Biden released a $6 trillion budget request to Congress Friday.

>>> US Gapping down

Gapping down
In reaction to earnings/guidance
:

  • AI -11.4%, SPLK -4.7%, NCNO -2%, DAL -1.6%, EDR -1.4%, NTAP -0.9% (also increases dividend by 4%, authorizes add'l $500 mln for share repurchases)

Other news:

  • FEYE -9.3% (to sell FireEye Products business to Symphony Tech for $1.2 bln; authorizes $500 mln share repurchase program)
  • PINE -7.4% (stock offering)
  • AXU -7.4% (announces C$25 mln bought deal offering)
  • SYNH -5.4% (prices secondary offering of 10,851,676 shares by selling shareholders)
  • CWK -4.8% (prices offering of 10 mln ordinary shares at $18.75 per share)
  • SJ -4% (stock offering)
  • CMBM -3.9% (prices secondary offering of 2 mln ordinary shares at $48.00 per share)
  • WPRT -3.6% (prices offering of 18.2 mln shares of common stock at $5.50 per share)
  • SUMO -3% (to acquire Sensu)
  • HHR -2.9% (prices offering by selling shareholders of 4.5 mln ADSs at $37.00 per ADS)
  • APPS -2.6% (delays 10-K filing)
  • TSLA -2.4% (thousands of cars being recalled for loose brake bolt, according to Reuters)
  • BILL -2.2% (stock offering)
  • CYD -2.1% (announced that Dr. Thomas Phung Khong Fock resigned as Chief Financial Officer of the Company with effect from June 1)
  • FLR -1.8% (breaks ground on CTA project in Chicago)
  • AMRN -1.3% (announces presentation of further insights into potential mechanisms of action of icosapent ethyl)
  • MKTX -1.2% (provides volume statistics for May 2021)
  • SGEN -1.2% (announces long-term results from TUKYSA (tucatinib) pivotal trial in patients with HER2-positive breast cancer)

Analyst comments:

  • VERX -5.8% (downgraded to Sell from Neutral at Goldman)
  • SPNS -3.6% (downgraded to Sell from Neutral at Goldman)
  • BNFT -2.5% (downgraded to Sell from Neutral at Goldman)
  • ALL -1.7% (downgraded to Neutral from Buy at Citigroup)

>>> US Gapping up

Gapping up
In reaction to earnings/guidance
:

  • ESTC +11.9%, CONN +6.2%, SMTC +4.9%, SMAR +4.7%, CIEN +2.3%, PAGS +2.2%, LESL +2.1%, EPRT +1.4%, DOOO +1%, GWRE +0.9%, PVH +0.6% (also CFO/COO leaving as is the CEO of its Calvin Klein unit), .

Other news:

  • EBF +6.9% (acquires AmeriPrint)
  • REAL +6.8% (provides business update; GMV QTD up 106% yr/yr)
  • PTGX +6.6% (FDA grants Breakthrough Therapy Designation to rusfertide for treatment of patients with polycythemia vera)
  • REPL +4.8% (provides data update from its RP1 (vusolimogene oderparepvec) and RP2 programs and announces plans to expand the development of RP2/3 beyond phase 1)
  • VBLT +4.2% (announces a primary endpoint amendment in the OVAL Phase 3 registration-enabling study of VB-111)
  • WVE +3.9% (reports proof-of-concept preclinical data for ADAR editing program)
  • ALPN +3.6% (announces highlights from ALPN-303 data presentation)
  • IGMS +2.6% (expects to advance first intranasally administered IgM Antibody, IGM-6268, into the Clinic in Q3)
  • VAL +1.4% (awarded a two-well contract extension with Equinor Energy)
  • TW +1.2% (reported total trading volume for May 2021 of $19.6 trillion)

Analyst comments:

  • TLRY +4.5% (upgraded to Overweight from Neutral at Cantor Fitzgerald)
  • CRTO +1.7% (upgraded to Buy from Hold at Stifel)
  • TTWO +1.1% (upgraded to Buy from Hold at Jefferies)

>>> US Early premarket gappers

Early premarket gappers

  • Gapping up:
    • ESTC +11.9%, CONN +10.4%, WVE +7.7%, EBF +6.9%, SMTC +5.8%, SGEN +5.4%, ALPN +3.6%, RH +3.4%, REAL +2.8%, CMBM +2.1%, DOOO +1.6%, SMAR +1.5%, VAL +1.4%, GWRE +0.9%, PVH +0.6%, FRG +0.5%, PAGS +0.5%
  • Gapping down:
    • AI -8.6%, PINE -6.4%, FEYE -5.9%, SJ -4%, CWK -3.8%, SPLK -3.6%, SYNH -3.1%, APPS -2.4%, NCNO -2.3%, WPRT -2.2%, CYD -2.1%, BILL -1.9%, TSLA -1.7%, CHGG -1.3%, HHR -1.1%, SUMO -0.8%, NDAQ -0.8%, XOM -0.7%, IDXX -0.7%

>>> Europe : Brokers Upgrades & Downgrades - 3rd of June 2021 V2(+)

>>> Up
* Elis Raised to Buy at HSBC; PT 18 euros
* Ferrexpo Raised to Hold at BCS; PT 510 pence
* Mowi Raised to Buy at Nordea; PT 245 kroner (+)
* Nokia Raised to Buy at Liberum; PT 5.50 euros
* SGL Raised to Reduce at AlphaValue

>>> Down
* BT Cut to Sell at Deutsche Bank; PT 140 pence
* Experian Cut to Underperform at RBC; PT 2,400 pence
* Intertek Cut to Hold at Berenberg; PT 6,250 pence
* Roche Cut to Hold at SocGen
* Severstal GDRs Cut to Hold at BCS; PT $26
* Workspace Cut to Hold at Panmure Gordon; PT 930 pence (+)

>>> Initiation
* Allfunds Group Rated New Buy at HSBC; PT 15.50 euros
* Allfunds Group Rated New Buy at ING; PT 19.53 euros
* Allfunds Group Rated New Equal-Weight at Morgan Stanley
* DIC Asset Rated New Buy at Stifel; PT 22 euros
* Fluidra Rated New Underperform at Oddo BHF; PT 32.50 euros
* Qiagen Reinstated Neutral at Goldman; PT $52 (+)
* TUI Started at Hold by Deutsche Bank, Target Started at EUR4.40
* Wavestone Reinstated Strong Buy at Portzamparc; PT 45.60 euros

>>> Call
* EssilorLuxottica Needs Longer-Term Strategy, Targets: Bernstein (+)
* Experian Cut at RBC on Risks From Reforms to Address Inequality
* Intertek Organic Growth Uninspiring, Berenberg Cuts to Hold
* Nokia at Inflection Point After 1Q, Upgraded to Buy at Liberum
* Prosus Education Deal Shows Strategic Direction Shift: Jefferies (+)
* Remy Cointreau Results Strong, Expect Shares to Climb: Jefferies (+)
* Wizz Air Developments Boost Price Target by Deutsche Bank (+)

>>> TradeGate Pre-Market Indications

DAX:
  • None
MDAX:
  • Nordex (NDX1 TH) +2.9%
    • Statement: DGAP-News - Nordex Group receives further order from Spain for 77 MW
  • MorphoSys (MOR TH) +1.3%
    • NOTE: Stock declined 13% after M&A announcement on Wednesday
  • Brenntag (BNR TH) +0.9%
  • Commerzbank (CBK TH) -0.8%
SDAX:
  • LPKF (LPK TH) +2.7%
  • ADVA Optical (ADV TH) +1.4%
  • SGL (SGL TH) -1%
    • SGL Raised to Reduce at AlphaValue
  • Takkt (TTK TH) -1.4%
  • Home24 (H24 TH) -1.5%

>>> Stoxx 600 Pre-Market Indications

  • Carnival Plc (POH1 TH) +2.2%
    • U.K Set to Stay Cautious on Foreign Travel Amid Covid Surge
  • Vodafone (VODI TH) +1.6%
  • Glaxo (GS7 TH) +1.5%
  • Nokia (NOA3 TH) +1.1%
    • Nokia at Inflection Point After 1Q, Upgraded to Buy at Liberum
  • MorphoSys (MOR TH) +0.7%
    • NOTE: Stock declined 13% after M&A announcement on Wednesday
  • Rolls-Royce (RRU TH) -0.6%
    • Rolls-Royce Delays Deadline for ITP Aero Bids to June 7: Cinco
  • TUI (TUI1 TH) -0.8%

>>> Europe : Brokers Upgrades & Downgrades - 3rd of June

>>> Up
* Elis Raised to Buy at HSBC; PT 18 euros
* Ferrexpo Raised to Hold at BCS; PT 510 pence
* Nokia Raised to Buy at Liberum; PT 5.50 euros
* SGL Raised to Reduce at AlphaValue

>>> Down
* BT Cut to Sell at Deutsche Bank; PT 140 pence
* Experian Cut to Underperform at RBC; PT 2,400 pence
* Intertek Cut to Hold at Berenberg; PT 6,250 pence
* Roche Cut to Hold at SocGen
* Severstal GDRs Cut to Hold at BCS; PT $26

>>> Initiation
* Allfunds Group Rated New Buy at HSBC; PT 15.50 euros
* Allfunds Group Rated New Buy at ING; PT 19.53 euros
* Allfunds Group Rated New Equal-Weight at Morgan Stanley
* DIC Asset Rated New Buy at Stifel; PT 22 euros
* Fluidra Rated New Underperform at Oddo BHF; PT 32.50 euros
* TUI Started at Hold by Deutsche Bank, Target Started at EUR4.40
* Wavestone Reinstated Strong Buy at Portzamparc; PT 45.60 euros

>>> Call
* Experian Cut at RBC on Risks From Reforms to Address Inequality
* Intertek Organic Growth Uninspiring, Berenberg Cuts to Hold
* Nokia at Inflection Point After 1Q, Upgraded to Buy at Liberum