Thursday, 29 Jul 2021

Senate Democrats Endorse $3.5 Tln Budget Reconciliation Package

Wells Fargo Turns To Profit In Q2 – Quick Facts

Wells Fargo & Co. (WFC) reported that its second-quarter net income was $6.04 billion or $1.38 per share compared to a loss of $3.85 billion or $1.01 per share in the prior year.

Analysts polled by Thomson Reuters expected the company to report earnings of $0.97 per share for the second-quarter. Analysts’ estimates typically exclude special items.

Provision for credit losses decreased $10.8 billion as second quarter 2021 included a $1.6 billion decrease in the allowance for credit losses due to continued improvements in the economic environment, while second quarter 2020 included an $8.4 billion increase in the allowance for credit losses. Additionally, net charge-offs were down significantly from a year ago.

Chief Executive Officer Charlie Scharf said, “Wells Fargo benefited from the continued economic recovery, strong markets that helped drive gains in our affiliated venture capital businesses, and our progress on improving efficiency, but the headwinds of low interest rates and tepid loan demand remained.”

Total revenue for the quarter grew to $20.27 billion from $18.29 billion in the previous year. Analysts expected revenues of $17.75 billion for the quarter.

20 Sauces to Change Your Cooking

By Sam Sifton

Because of a publishing error, we inadvertently sent you Monday’s newsletter. The correct one is below.

Brazil's Bolsonaro hospitalized to find cause of hiccups, presidency says

Brazilian President Jair Bolsonaro was hospitalized on Wednesday to identify the cause of chronic hiccups, the president's office said, in the latest health scare for the far-right leader who was stabbed in the gut on the campaign trail in 2018.

Bolsonaro went to the military hospital in Brasilia and is expected to be under observation for between 24 and 48 hours, although not necessarily in hospital, the statement said.

"He is feeling good and doing well," it said.

Local media outlet Globo reported that Bolsonaro had been admitted for unspecified medical testing after feeling abdominal pains during the early hours of Wednesday.

Bolsonaro's health has been an issue during his presidency, after he was stabbed and seriously injured in the intestines on the campaign trail in 2018.

He has had other scares. In July last year, Bolsonaro caught Covid-19 but recovered. In appearances over the last few months, he has had a stubborn cough.

More recently, he has had hiccups, which have led to concerns about his health.

Datasea Surges 70% On Several New Purchase And Distribution Agreements

Shares of Datasea Inc. (DTSS) are currently gaining nearly 70% after the Chinese company said its subsidiary has inked several purchase and distribution agreements to provide 5G Message-marketing Cloud Platform.

DTSS is currently trading at $4.95, up $2.02 or 68.942%, on the Nasdaq. Trading volume for the day has surpassed 53.3 million shares, far above the average volume of 879 thousand. The stock has traded between $1.69 and $6.84 in the 52-week period. Datasea has gained over 150% in that period.

Datasea said its wholly-owned subsidiary company named Shuhai Zhangxun Information Technology Co., Ltd. has signed six purchase and distribution agreements to provide 5G Message-marketing Cloud Platform Version 3.0 and further enhanced product availability nationwide in China by adding new district partners.

5G MMCP is a product intending to unify customer and prospect marketing signals in a single view with functions like precise SaaS value-added services, data monetization and message-marketing.

Score Media And Gaming Tanks 10% On Quarterly Results

Shares of Score Media and Gaming Inc. (SCR) are losing over 10% on Wednesday morning after reporting its third-quarter results.

SCR is currently trading at $15.96, down $1.78 or 10.01%, on the NYSE. The stock has traded between $4.03 and $45.00 in the 52-week period.

Revenues for the third quarter rose to $6.4 million from $2.4 million last year. Net loss for the quarter was $37.1 million or $0.78 per share, compared to $10.7 million or $0.30 per share last year.

“theScore demonstrated continued momentum across our business in the fiscal 2021 third quarter as solid gaming handle was complemented by record third quarter media revenue,” said John Levy, Chairman and CEO of theScore. “Third quarter media revenue of $8.9 million was up 270% year-over-year and grew 5% compared to the same period in 2019.”

Senate Democrats Endorse $3.5 Tln Budget Reconciliation Package

Leading Democrat Senators have agreed on President Joe Biden’s $3.5 trillion budget reconciliation package that would include spending on healthcare, climate change, education and family programs.

Speaking at a news conference after two hour long talks Tuesday, Senate Majority Leader Chuck Schumer said, “We are very proud of this plan, we know we have a long road to go, we are going to get this done for the sake of making average Americans lives a whole lot better.”

“The budget resolution with instructions will be $3.5 trillion. You add that to the $600 billion bipartisan plan, you get to $4.1 trillion, which is very, very close to what President Joe Biden asked us for,” Schumer told reporters. “Every major program that President Biden has asked us for is funded in a robust way,” he added.

Schumer said the plan would go beyond traditional infrastructure and include a historic expansion of Medicare.

Sen. Bernie Sanders described it as “a very pivotal moment in American history.”

“The wealthy and large corporations are going to start paying their fair share of taxes, so that we can protect the working families of this country,” said the chairman of the Budget Committee.

The agreement by Senate Democrats on the Budget Committee is subject to endorsement by the 50-member Senate Democratic caucus.

Biden will meet with his party’s Senators at the Capitol Wednesday to discuss the agreement.

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