Stocks That Could Gain the Most From Biden’s Infrastructure Plan

Barrons2021-04-05

Wall Street is getting downright giddy about infrastructure. President Joe Biden’s proposal to spend $2.25 trillion could unleash a “supercycle” of spending last seen in the 1950s, according to Morgan...

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Comments

猪妞她爸
2021-10-22
猪妞她爸
[微笑]
Eellen
2021-04-05
Eellen
Wow
Mickie
2021-04-05
Mickie
Tell me your opinion about this news...
- Alfred1007:
  right now investors already price in the stock price, if anything goes wrong then we will see correction
ATH
2021-04-05
ATH
Green Theme? Sound interesting!
- Mickie:
  Yeah
Scarface
2021-04-05
Scarface
Go Semicons Go!
Alanleejw
2021-04-05
Alanleejw
Best president ever !

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With Democrats in control in Washington, the infrastructure floodgates could finally open.\nAt 10% of current gross domestic product, doled out over eight years, the plan reads like a Rooseveltian blueprint for economic and social engineering. More than $600 billion would go to conventional projects like roads, bridges, and public transit. There is $374 billion for tech, according to Goldman Sachs, including rural broadband, modernizing the electric grid, clean-energy storage, and electric vehicles.\nU.S. manufacturing and research and development would receive subsidies and incentives worth $480 billion. And $500 billion would go for the caregiving economy and workforce development.\nPackages like this bring out the knives in Congress. Opposition is already building over the cost and funding mechanism, including anincrease in the corporate tax rate to 28%. Without Republican support in the Senate, where Democrats can’t afford a single defection, a bill would need to pass under complex budget reconciliation rules and wouldn’t be ready for a vote until the summer.\nAll of this assumes that financial markets cooperate. Ultralow interest rates are keeping a lid on the Treasury’s funding costs. But Treasury yields have been rising as traders price in higher inflation and widening deficits due to all of the fiscal stimulus that has already been injected—$5 trillion and counting. TheBiden plan won’t pay for itself for 15 years, assuming its tax increases hold up. Higher deficits imply more Treasury issuance at potentially higher yields, raising the bill on taxpayers.\nAnother caveat is that infrastructure spending is like an intravenous drip that trickles through the economy’s veins for years. There aren’t enough “shovel-ready” projects to soak up anything close to $2 trillion. Indeed, infrastructure may be the messiest form of stimulus: It is distributed unevenly to states and localities, held up by zoning and contracting issues, and overseen by a patchwork of federal and state environmental rules. The economy may benefit long term from stronger growth and productivity gains, but it won’t happen right away.\nNonetheless, some economists view it as a long-term winner—addressing years of underinvestment in the country’s foundations. It could pick up the slack after more-immediate stimulus measures run dry.\n“It’s an important step to addressing a structural challenge—generating sufficient demand to keep the economy at full employment,” says David Wilcox, a senior fellow at the Peterson Institute for International Economics. “I’m not alarmed by the price tag,” he adds, noting that a 10-year Treasury yield of 1.7% is still historically low.\nThe markets are betting that infrastructure will be a winner, too. Many stocks have run up, but further gains may arise if the market sees a bill inching toward passage.\nIndustrials are already outperforming, thanks to a cyclical recovery, and would be a direct beneficiary of an infrastructure bill, according to BofA Securities. “Don’t buy the spenders, buy the companies that get the money,” BofA says, referring to capital expenditure. “Regardless of stimulus, capex beneficiaries should outperform consumption beneficiaries.”\nTheInvesco DWA Industrials Momentumexchange-traded fund (ticker: PRN) has topped the sector’s performance charts, using technical factors to weight and adjust holdings. TheIndustrial Select Sector SPDRfund (XLI), tracking the S&P 500 industrials, offers more exposure to large-caps in the sector.\nEngineering and construction companies have had strong runs, but their stocks don’t look overpriced on 2022 estimates.MasTec(MTZ), for instance, goes for 18 times earnings, slightly below theS&P 500,at 20 times. It’s one of Citigroup’s infrastructure picks, along withAecom(ACM),Jacobs EngineeringGroup (J), andQuanta Services(PWR). All look “well positioned for growing investments in infrastructure andclimate-change mitigationefforts,” Citi says.\nAggregates and construction materials supplier Vulcan Materials(VMC) would be a beneficiary of spending on roads and bridges. Other winners includeAstec Industries(ASTE) andConstruction Partners(ROAD), according to Ben Phillips, a government-policy expert and chief investment strategist at Savoie Capital. He also likes Evoqua Water Technologies(AQUA) and Great Lakes Dredge & Dock(GLDD). Water stocks still look relatively cheap, he says, and would benefit from clean-water initiatives, including Biden’s plans to replace all lead pipes.\nPrices are steep in clean tech since the markets started betting on a Green New Deal last summer. Still, if this is the start of a multiyear cycle, the sector could outperform long term.\nFirst Trust Nasdaq Clean Edge Green Energy Indexfund (QCLN) holds around 50 stocks in the space. Clean-tech winners, according to Morgan Stanley, include TPI Composites(TPIC),Sunrun(RUN), and SolarEdge Technologies (SEDG). TPI makes wind turbine blades and is expanding into ultralight bodies and components for electric buses and trucks. Morgan Stanley calls Sunrun a “best in class” solar installer and says SolarEdge has “cutting edge” technology with an expanding market in energy storage and EVs. Both trade at steep market premiums.\nFor income investors, three ways to play the green theme areNextEra Energy(NEE), Atlantica Sustainable Infrastructure (AY), and Clearway Energy (CWEN). NextEra is one of the largest renewable-power companies in the U.S. and a utility operator in Florida, yielding 2%. Atlantica and Clearway each own portfolios of assets such as wind and solar farms, yielding 4.4% and 4.0%, respectively.\n“They both have tailwinds and predictable cash flows,” says Josh Duitz, an infrastructure portfolio manager with Aberdeen Standard Investments. That could be a winning ticket if cooler heads prevail in the sizzling green-energy sector.","kind":null,"is_publish_news":true,"is_publish_highlight":true,"is_publish_live":false,"is_publish_wemedia":null,"editions":null,"column":"","sentiment":"0","news_tag":"","news_rank":0,"symbols":[],"gpt_button":1},"commentList":[{"id":853786441,"gmtCreate":1634841941404,"gmtModify":1676531290672,"author":{"id":"3551324046200416","authorId":"3551324046200416","name":"猪妞她爸","avatar":"https://static.laohu8.com/default-avatar.jpg","vip":1,"crmLevel":1,"crmLevelSwitch":0,"authorIdStr":"3551324046200416","idStr":"3551324046200416"},"htmlText":"[微笑]","listText":"[微笑]","text":"[微笑]","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":0,"commentSize":0,"repostSize":0,"link":"https://ttm.financial/post/853786441","repostId":1168896860,"repostType":2,"isVote":1,"likeStatus":false,"favoriteStatus":false,"reportStatus":false,"tweetType":1,"langContent":"CN"},{"id":349470800,"gmtCreate":1617634743000,"gmtModify":1704701211348,"author":{"id":"3574771607647825","authorId":"3574771607647825","name":"Eellen","avatar":"https://static.tigerbbs.com/0cbc0a268b9b34bfdb5dbf82ce98d474","vip":1,"hat":"https://static.tigerbbs.com/a3dee1aa3a3a3c1814833a4d3f8a5669","crmLevel":2,"crmLevelSwitch":1,"authorIdStr":"3574771607647825","idStr":"3574771607647825"},"htmlText":"Wow","listText":"Wow","text":"Wow","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":0,"commentSize":0,"repostSize":0,"link":"https://ttm.financial/post/349470800","repostId":1168896860,"repostType":4,"isVote":1,"likeStatus":false,"favoriteStatus":false,"reportStatus":false,"tweetType":1,"langContent":"EN"},{"id":349566215,"gmtCreate":1617626797737,"gmtModify":1704701023079,"author":{"id":"3578477788106055","authorId":"3578477788106055","name":"Mickie","avatar":"https://community-static.tradeup.com/news/6e30f2c122e040cc2a6a2c77f24a67d0","vip":1,"crmLevel":2,"crmLevelSwitch":0,"authorIdStr":"3578477788106055","idStr":"3578477788106055"},"htmlText":"Tell me your opinion about this news...","listText":"Tell me your opinion about this news...","text":"Tell me your opinion about this news...","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":0,"commentSize":1,"repostSize":0,"link":"https://ttm.financial/post/349566215","repostId":1168896860,"repostType":4,"isVote":1,"likeStatus":false,"favoriteStatus":false,"reportStatus":false,"tweetType":1,"comments":[{"id":3963394,"gmtCreate":1617630351162,"gmtModify":1680782947439,"authorId":3570656625926041,"author":{"id":3570656625926041,"idStr":"3570656625926041","authorId":3570656625926041,"name":"Alfred1007","avatar":"https://static.tigerbbs.com/81d8406380cbc0525927f00a9510f2fa","vip":1,"currentWearingBadge":{"badgeId":"7a9f168ff73447fe856ed6c938b61789-1","templateUuid":"7a9f168ff73447fe856ed6c938b61789","name":"Knowledgeable Investor","description":"Traded more than 10 stocks","bigImgUrl":"https://static.tigerbbs.com/e74cc24115c4fbae6154ec1b1041bf47","smallImgUrl":"https://static.tigerbbs.com/d48265cbfd97c57f9048db29f22227b0","grayImgUrl":"https://static.tigerbbs.com/76c6d6898b073c77e1c537ebe9ac1c57","redirectLinkEnabled":0,"hasAllocated":1,"isWearing":1,"stampPosition":0,"hasStamp":0,"allocationCount":1,"allocatedDate":"2021.12.21","individualDisplayEnabled":0,"individualDisplaySort":0,"categoryType":1102},"crmLevel":2,"crmLevelSwitch":0,"individualDisplayBadges":[]},"repliedAuthorId":0,"objectId":349566215,"type":1,"supId":0,"prevId":0,"content":"right now investors already price in the stock price, if anything goes wrong then we will see correction","text":"right now investors already price in the stock price, if anything goes wrong then we will see correction","html":"right now investors already price in the stock price, if anything goes wrong then we will see correction"}],"langContent":"EN"},{"id":349509752,"gmtCreate":1617621217276,"gmtModify":1704700947801,"author":{"id":"3571101263855262","authorId":"3571101263855262","name":"ATH","avatar":"https://community-static.tradeup.com/news/d7dc0fad7479871ddc0c60c9d526620e","vip":1,"hat":"https://static.tigerbbs.com/0a8758340a08196056f8bc1e54805193","crmLevel":7,"crmLevelSwitch":1,"authorIdStr":"3571101263855262","idStr":"3571101263855262"},"htmlText":"Green Theme? Sound interesting!","listText":"Green Theme? Sound interesting!","text":"Green Theme? Sound interesting!","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":2,"commentSize":1,"repostSize":0,"link":"https://ttm.financial/post/349509752","repostId":1168896860,"repostType":4,"isVote":1,"likeStatus":false,"favoriteStatus":false,"reportStatus":false,"tweetType":1,"comments":[{"id":3962887,"gmtCreate":1617626783577,"gmtModify":1680782944640,"authorId":3578477788106055,"author":{"id":3578477788106055,"idStr":"3578477788106055","authorId":3578477788106055,"name":"Mickie","avatar":"https://community-static.tradeup.com/news/6e30f2c122e040cc2a6a2c77f24a67d0","vip":1,"crmLevel":2,"crmLevelSwitch":0,"individualDisplayBadges":[]},"repliedAuthorId":0,"objectId":349509752,"type":1,"supId":0,"prevId":0,"content":"Yeah","text":"Yeah","html":"Yeah"}],"langContent":"EN"},{"id":349272688,"gmtCreate":1617620698644,"gmtModify":1704700940957,"author":{"id":"3560993393373290","authorId":"3560993393373290","name":"Scarface","avatar":"https://community-static.tradeup.com/news/ecc3b3fda33ad81dbec4b8a8bf80311a","vip":1,"crmLevel":1,"crmLevelSwitch":1,"authorIdStr":"3560993393373290","idStr":"3560993393373290"},"htmlText":"Go Semicons Go!","listText":"Go Semicons Go!","text":"Go Semicons Go!","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":2,"commentSize":0,"repostSize":0,"link":"https://ttm.financial/post/349272688","repostId":1168896860,"repostType":4,"isVote":1,"likeStatus":false,"favoriteStatus":false,"reportStatus":false,"tweetType":1,"langContent":"EN"},{"id":349273210,"gmtCreate":1617620403830,"gmtModify":1704700934765,"author":{"id":"3573201524091165","authorId":"3573201524091165","name":"Alanleejw","avatar":"https://static.tigerbbs.com/e98047d5efed36f1cd5be3fcd0c6411a","vip":1,"crmLevel":1,"crmLevelSwitch":0,"authorIdStr":"3573201524091165","idStr":"3573201524091165"},"htmlText":"Best president ever !","listText":"Best president ever !","text":"Best president ever !","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":2,"commentSize":0,"repostSize":0,"link":"https://ttm.financial/post/349273210","repostId":1168896860,"repostType":4,"isVote":1,"likeStatus":false,"favoriteStatus":false,"reportStatus":false,"tweetType":1,"langContent":"EN"}],"isCommentEnd":false,"newsSizeData":{"likeSize":67,"commentSize":22,"repostSize":0,"favoriteSize":3,"likeStatus":false,"favoriteStatus":false},"APP":{"userAgent":"Mozilla/5.0 AppleWebKit/537.36 (KHTML, like Gecko; compatible; ClaudeBot/1.0; +claudebot@anthropic.com)","isDev":false,"isTTM":true,"deviceId":"web-server-community-laohu8-v3","version":"4.29.1","shortVersion":"4.29.1","platform":"web","vendor":"web","appName":"ttm","isIOS":false,"isAndroid":false,"isTiger":false,"isTHS":false,"isWeiXin":false,"isWeiXinMini":false,"isWeiBo":false,"isQQ":false,"isBaiduSwan":false,"isBaiduBox":false,"isDingTalk":false,"isToutiao":false,"isOnePlus":false,"isHuaWei":false,"isXiaomi":false,"isXiaomiWebView":false,"isOppo":false,"isVivo":false,"isSamsung":false,"isMobile":false},"href":"/m/news/1168896860"}