Tom Kozlik, the Head of Public Policy & Municipal Strategy for HilltopSecurities in Dallas, says investors are largely chalking the data up to the base effect. "One of the critical things to keep in mind is just how strong revenues were in California in 2020," he adds. "Almost anything is going to fall short of that high a hurdle, and I think that the market understands that, and that's why they are shrugging off negative headlines."

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