Warren Proposes Wealth Tax Based on Net Worth

Democrat Senator Elizabeth Warren (MA) introduced wealth tax legislation on Monday based on the net worth of the wealthiest people in America. Warren’s wealth tax would apply a 2% tax to individual net worth above $50 million. A 1%  surcharge will apply to persons whose net worth exceeds $1 billion.

News For the Day: Federal Workers To Get $1400 Stimulus Checks for 15 Weeks

5 Stocks to Watch Out For Tuesday, March 2

Vector Acquisition Corp ▲(VACQ 13.95 USD +3.70 (36.10%) shares blasted off by 36.10% then continued rising after hours. The special purposes acquisition company (SPAC) agreed to a merger with space-transportation startup Rocket Lab USA Inc. The deal is worth about $1.4 billion, and Rocket Labs is now a few steps closer to an IPO.   

Rocket Companies Inc ▲(RKT 24.30 USD +2.45 (11.21%) zoomed 11.21% in yesterday’s trading then zoomed some more after hours by 7.41%. Analysts covering Rocket are looking at revenues of US$14b in 2021 instead of the previous $12 billion, and earnings per share of $2.35 instead of the previous $2.16. 

NRG Energy Inc ▲(NRG 40.36 USD +3.85 (10.55%)) rose more than 10% in Monday’s trading, as the power company reported better-than-expected fourth-quarter earnings. The company’s stock price rose 15% before it settled down to 10.55%. NRG reported fourth-quarter earnings of $2.10 a share, up from $1.27 in the year-earlier quarter. Meanwhile, analysts forecasted earnings of 45 cents a share. Revenue totaled $2 billion, compared with $2.2 billion a year earlier. Consensus predicted revenue of $2.4 billion.

Zoom Video Communications Inc ▲(ZM 409.66 USD +36.05 (9.65%)) rose almost 10% in trading yesterday, then went up 8.38% more after hours. The video conferencing company reported that earnings in the fourth quarter easily surpassed expectations. Revenue came in at $882.5 million versus $81..04 million expected. Adjusted earnings per share are $1.22 versus 79 cents. The best thing is that with social distancing still in place, work from home arrangements are still in full swing. 

Square Inc ▲(SQ 241.00 USD +10.97 (4.77%)) stock prices rose 4.77% yesterday and went up some more after hours, going up a further 3.82%. Yesterday, Square announced that its industrial bank, Square Financial Services, started operations after completing the charter approval process with the Federal Deposit Insurance Corporation (FDIC) and the Utah Department of Financial Institutions. It will begin to offer business loans and deposit products.

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