Presidential Vote Counting to Get Revamp After Trump Tried to Reverse 2020 Loss
WASHINGTON-For the first time in more than a century, Congress is poised to pass legislation that would revamp the process of certifying presidential electors, a direct response to efforts by former President Donald Trump and his supporters to overturn the 2020 election results.
The Electoral Count Reform Act has been attached to a $1.65 trillion yearlong spending package currently moving through Congress that is expected to be passed this week. The ECRA is the result of nearly a year of bipartisan Senate negotiations to update an 1887 law that came into focus during the certification of the presidential results on Jan. 6, 2021.
Fiji Deploys Military, Risking Tensions in Election Aftermath
ADELAIDE, Australia-Fiji mobilized its military after the party of longtime leader Frank Bainimarama failed to win a majority in an election this month, a move that risks inflaming tensions in a Pacific nation that the U.S. has courted to counter China's inroads in the region.
Mr. Bainimarama's Fiji First party has yet to concede after the main opposition parties in Fiji, where there has been four military coups in the past 35 years, this week formed a coalition to oust the incumbent government.
IRS Urged to Examine Donald Trump's Loans to His Children
Donald Trump made loans to his children Ivanka, Donald and Eric that the Internal Revenue Service should scrutinize, according to a recommendation by the staff of the Joint Committee on Taxation to House Ways & Means Committee Chair Richard Neal (D., Mass.). The suggestion was part of the staff's analysis of Mr. Trump's tax returns for 2015-2020.
According to the report, Mr. Trump declared a total of $51,000 of interest paid to him by his three older children for each tax year from 2015 through 2019. For 2020, the amount of interest dropped to $46,000. The report questioned whether these related-party loans, as they are known, were "bona fide arms-length transactions" or were disguised gifts that should be taxable to Mr. Trump.
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Earnings:
Nothing major scheduled
Economic Events (ET):
0830 Oct Payroll employment, earnings & hours
Stocks to Watch:
Superior Plus Announces Sale of C$125M Promissory Note; To Use Proceeds From Note Sale to Repay Debt Under Revolving Credit Facility
Taiga Building Has Entered Into a New C$250M Senior Secured Revolving Credit Facility
Expected Major Events for Thursday
00:01/UK: Nov Zoopla House Price Index
00:01/UK: Dec CBI Growth Indicator Survey
05:00/JPN: Nov Steel Production
05:00/JPN: Oct Indexes of Business Conditions - Revision
07:00/UK: 3Q Balance of Payments
07:00/UK: 3Q Business investment revised results
07:00/UK: 3Q UK quarterly national accounts
09:00/ITA: Oct Industrial turnover
10:00/ITA: Nov PPI
11:00/ITA: Nov Foreign Trade non-EU
13:00/RUS: Weekly International Reserves
13:30/US: 3Q 3rd estimate GDP
13:30/US: Nov CFNAI Chicago Fed National Activity Index
13:30/US: 3Q Revised Corporate Profits
13:30/CAN: Oct Payroll employment, earnings & hours
13:30/US: 12/17 Unemployment Insurance Weekly Claims Report - Initial Claims
13:30/US: U.S. Weekly Export Sales
15:00/US: Nov Leading Indicators
15:30/US: 12/16 EIA Weekly Natural Gas Storage Report
16:00/US: Dec Federal Reserve Bank of Kansas City Survey of Tenth District Manufacturing
21:30/US: Foreign Central Bank Holdings
21:30/US: Federal Discount Window Borrowings
23:30/JPN: Nov CPI (Nation), CPI ex-food (Nation)
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Expected Earnings for Thursday
Apogee Enterprises Inc (APOG) is expected to report $0.97 for 3Q.
CarMax Inc (KMX) is expected to report $0.80 for 3Q.
EBET Inc (EBET) is expected to report for 4Q.
Limoneira Co (LMNR) is expected to report $-0.11 for 4Q.
Microbix Biosystems (MBX.T,MBXBF) is expected to report for 4Q.
Mission Produce Inc (AVO) is expected to report for 4Q.
NeuBase Therapeutics Inc (NBSE) is expected to report for 4Q.
Optical Cable (OCC) is expected to report for 4Q.
Outlook Therapeutics Inc (OTLK) is expected to report $-0.06 for 4Q.
Paychex Inc (PAYX) is expected to report $0.95 for 2Q.
Provident Bancorp Inc (PVBC) is expected to report for 3Q.
Waterloo Brewing Ltd (WBR.T) is expected to report for 3Q.
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ANALYST RATINGS ACTIONS
Adaptive Biotechnologies Raised to Overweight From Neutral by Piper Sandler
Altra Industrial Motion Cut to Market Perform From Outperform by BMO Capital
Brinker International Cut to Hold From Buy by Jefferies
Carvana Cut to Hold From Buy by Truist Securities
Chefs' Warehouse Raised to Buy From Hold by Jefferies
Comerica Raised to Buy From Neutral by DA Davidson
Denny's Cut to Neutral From Outperform by Wedbush
Freshworks Cut to Peer Perform From Outperform by Wolfe Research
Inspirato Cut to Neutral From Overweight by Piper Sandler
Ionis Pharmaceuticals Cut to Equal-Weight From Overweight by Morgan Stanley
Jack In The Box Cut to Neutral From Outperform by Wedbush
ONE Group Hospitality Cut to Neutral From Outperform by Wedbush
Opendoor Technologies Cut to Hold From Buy by Truist Securities
Palantir Technologies Cut to Underperform From Peer Perform by Wolfe Research
Papa John's Cut to Neutral From Outperform by Wedbush
Red Robin Cut to Hold From Buy by Jefferies
Redfin Cut to Hold From Buy by Truist Securities
RingCentral Cut to Peer Perform From Outperform by Wolfe Research
Roblox Cut to Underperform From Peer Perform by Wolfe Research
Shake Shack Cut to Neutral From Outperform by Wedbush
Starbucks Cut to Hold From Buy by Jefferies
Zions Bancorp Raised to Buy From Neutral by DA Davidson
This article is a text version of a Wall Street Journal newsletter published earlier today.
(END) Dow Jones Newswires
12-22-22 0647ET
