CALL TODAY: TAX UPDATE WITH DAVID HOPPE - HOUSE + SENATE BILLS (Today @ 8:30 AM ET): The House Ways and Means Committee finalized their markup and passed the Tax Cuts and Jobs Act out of Committee following changes made in the Chairman's amendment. We are at a major turning point as the legislation now moves to the House floor (next week) and the Senate Finance Committee begins consideration of their tax legislation. Join us as David Hoppe walks through where the tax debate stands, next steps, and anticipated changes. Get the event details here.
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SENATE BILL HIGHLIGHTS: The Senate released a preview of what's to come in their bill, expected to be released throughout the day. We lined up the provisions against the House bill, the Big Six’s tax framework, and current law. Some major differences are in the individual income brackets, mortgage interest deduction, and the delay of the corporate rate cut. See the comparison below:
TECH, TECH, TECH – We’ve been bullish on Tech for all of 2017. The reality of the +30.5% YTD Nasdaq 100 beat-down of the bears is that earnings growth has been a major market catalyst – and corporate earnings growth is black and white. So far in Q3 earnings growth has come in at +26% YY for S&P 500 constituents within the information technology sector. Earnings have beat estimates by +11.8% in Q3 (+3.9% is the 5yr average beat rate)! This widely divergent “print” vs. “expectations” trend has been consistent in all 3 quarters this year. The difficult comps will come, but for now we’re basking in the growth accelerating sun.
CALL INVITE: UPDATE FROM THE FORMER U.S./UN COMMANDER IN KOREA: Our Senior Defense Analyst Emo Gardner wants you to join us on Thursday, 16 November at 10 AM ET to hear the four-star former commander of U.S./UN forces in Korea provide an up to date assessment. Get the details here.
DOJ PLAYS HARDBALL WITH AT&T/TIME WARNER: Our Senior Telecom Analyst Paul Glenchur writes that AT&T looks ready for a court battle if necessary; we still expect the deal to close despite timing uncertainty. Read the full piece here.
NECESSARY BUT NOT SUFFICIENT: CONGRESS AUTHORIZES 10% PENTAGON BOOST BUT HAS NO BUDGET: Our Senior Defense Analyst Emo Gardner writes that the Senate/House agreement to authorize $700B for Pentagon in FY18 makes all boats float, but exceeds BCA cap by up to ~$85B. Read the full piece here.
TRUMP REQUESTS $5.9B MORE EMERGENCY SPENDING. BA, LMT, RTN, NOC TO GAIN: Our Senior Defense Analyst Emo Gardner writes that POTUS has requested $4.7B in emergency spending for missile defense and ship repair and $1.2B for new AFG strategy. Read the full piece here.
EVENT REPLAY | TAX REFORM BLACK BOOK: IS IT REAL THIS TIME?: Macro Policy Analyst JT Taylor and Health Policy Analyst Emily Evans held an in-depth presentation on tax reform. They provided a comprehensive overview of House Republicans' tax reform package including significant provisions, political obstacles, the timeline to passage, and the probability of success. If you missed it, get the replay details here.
