Stocks Are Little Changed After Democrats Release Budget Proposal

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Democrats unveiled their $3.5 trillion budget proposal on Monday, calling for significant spending increases for social programs and climate policy. The plan comes as the Senate is trying to push through a $1 trillion infrastructure bill on Tuesday.
Amazon cloud executive Charlie Bell is leaving the company, which he joined in 1998. Bell’s departure is the latest in a series of high-level turnover at Amazon Web Services. The company also switched CEOs earlier this year, with Andy Jassy taking the reins as founder Jeff Bezos stepped back. (CNBC)


Casper Sleep (CSPR) – The sleep products company reported record quarterly revenue that came in above Street forecasts, though it still reported a quarterly loss. Casper Sleep said it saw strong growth in both retail and direct-to-consumer sales channels, but noted that it is also dealing with higher input costs and supply chain difficulties. Shares initially rallied in the premarket, but subsequently tumbled 6.1%.

Kansas City Southern (KSU) – Canadian Pacific Railway (CP) raised its cash-and-stock offer for Kansas City Southern to about $300 per share. Canadian Pacific had struck a deal to buy its rival rail operator for $275 per share, but Kansas City Southern subsequently agreed to a higher offer from Canadian National Railway (CNI). Kansas City Southern surged 7.2% in the premarket, while Canadian Pacific lost 1.7% and Canadian National rose 1.9%.

Aramark (ARMK) – The foodservice company reported a quarterly profit of 3 cents per share, beating the penny a share consensus estimate. Revenue came in slightly below forecasts. Aramark said it benefited from rebounding sales volume as well as effective cost management. Aramark shares added 1.3% in the premarket.

Planet Fitness (PLNT) – Planet Fitness missed estimates by 2 cents a share, with quarterly earnings of 21 cents per share. Revenue topped estimates as gyms reopened and membership numbers increased for the fitness center operator. Shares fell 3.2% in the premarket.

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