Bill Ackman’s Pershing Square promoted to UK’s FTSE 100 [FT]
Pershing Square Holdings will be added to the FTSE 100 after the close of trade on December 18, FTSE Russell, the index provider, said on Wednesday evening…. “Shares in Pershing Square have leapt partly due to deft choreography by CEO Bill Ackman’s fund management team during the coronavirus crisis. Moves to hedge its equity portfolio just before the pandemic hit paid off when the market crashed in late March,” said Susannah Streeter, senior investment and markets analyst at Hargreaves Lansdown. The company had been “waiting in the wings” in the FTSE 250 for some time, she added.

Pelosi and Schumer back $900 billion coronavirus stimulus plan as basis for negotiations [CNBC]
In a joint statement, the Democratic leaders endorsed a more narrow aid approach than they have previously. The California and New York Democrats had insisted on legislation that costs at least $2.2 trillion…. [Senate Majority Leader Mitch] McConnell quickly shot down the bipartisan plan after its release Tuesday. He has endorsed only about $500 billion in spending in a new package.

Katie Porter in heated exchange with Mnuchin: 'You're play-acting to be a lawyer' [The Hill]
Porter noted that under the CARES Act, any remaining funds may be moved to the Treasury only “on or after Jan. 1, 2026….”
“Secretary Mnuchin, is it currently the year 2026? Yes or no?” the congresswoman asked via video conference at the hearing….
Porter then repeated her question, to which Mnuchin replied, “Of course it’s not 2026.”
“How ridiculous to ask me that question to waste our time,” he added.

‘Tiger cub’ hedge fund Coatue surges to 52% gain [FT]
Coatue’s large position in Elon Musk’s Tesla has been a big driver given the carmaker’s stock is up nearly 600 per cent this year.... Another boon was the implosion of Wirecard, where Coatue had a big short position. The German company fell into insolvency this year after disclosing that €1.9bn in corporate cash was missing. At the start of the year the group’s shares were trading at about €110, but now change hands at barely 50 cents....
Coatue will also have done well from investments in payments group PayPal — up nearly 100 per cent this year — and in the video conferencing business Zoom as well as solar-panel maker Sunrun, which also appear in its recent regulatory disclosures ....

EU envoys urge Britain to compromise to secure Brexit trade deal [Reuters]
“We are not hours away from a deal, what we still need to agree is quite substantial,” said the EU diplomat.
“We’ve reached a point where we are so close to the limits of our mandate that we need a movement on the side of the UK if we want to strike a deal.”
Britain has repeatedly said it is up to the EU to compromise.

2,596 Trades in One Term: Inside Senator Perdue’s Stock Portfolio [NYT]
An examination of Mr. Perdue’s stock trading during his six years in office reveals that he has been the Senate’s most prolific stock trader by far, sometimes reporting 20 or more transactions in a single day…. Mr. Perdue’s transactions accounted for nearly a third of all senators’ trades reported in the past six years. His 2,596 trades, mostly in stocks but also in bonds and funds, roughly equal the combined trading volume of the next five most active traders in the Senate….
The data also shows the breadth of trades Mr. Perdue made in companies that stood to benefit from policy and spending matters that came not just before the Senate as a whole, but before the committees and subcommittees on which he served.

'Big Short' investor Michael Burry reveals he's short Tesla, tells Elon Musk to issue more stock at its 'ridiculous price' [BI]
"So, @elonmusk, yes, I'm short $TSLA, but some free advice for a good guy ... Seriously, issue 25-50% of your shares at the current ridiculous price. That's not dilution," Burry tweeted.
He continued: "You'd be cementing permanence and untold optionality. If there are buyers, sell that #TeslaSouffle."
The hashtag seems to reference a letter Musk sent to Tesla employees on Tuesday, in which he warned that the automaker's stock could "get crushed like a souffle under a sledgehammer" if profit margins don't improve.

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