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)

STOCKS TO WATCH

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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– CNBC

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