Does cognitive dissonance affect our investing behavior?
Odds of coronavirus stimulus bill before November 3 elections fall as Senate fails to advance Republican $500 billion package
Today, Wednesday, October 21, House Speaker Nancy Pelosi continued to express optimism that she and Treasury Secretary Steve Mnuchin would be able to reach a deal on another big coronavirus relief and stimulus package--although a bill is unlikely before election day on November 3. And, also today, the Senate, predictably, failed to pass a scale down $500 billion relief and stimulus package proposed by Senate Majority Leader Mitch McConnell.
On October 15 I noted that the hike in revenue guidance from Taiwan Semiconductor Manufacturing (TSM) on huge demand for its chips in AI and gaming (among other sectors) was good news for gaming, AI, and data center leader Nvidia (NVDA.) And I hinted at buying shares in Nvidia before that company reports earnings for its fiscal fourth quarter on November 12. (That's NASDAQ's current forecast for when Nvidia will report earnings. Other sources say November 18.) Well, today I'm taking that from "hint" to "buy.
A day after ConocoPhilips (COP) announced it would buy big Permian Basin oil shale play Concho Resources (CXO) for $9.7 billion, the Wall Street Journal reported that Pioneer Natural Resources, by some measures the biggest oil shale operator in the Permian Basin, is in talks to acquire Parsley Energy (PE), another Permian Basin producer. (After the close today, we got confirmation of the deal with a price of $7.9 billion.)