Hot Stocks
08:07 EDT Week in review: How Trump's policies moved stocks - Catch up on the top industries and stocks that were impacted, or were predicted to be impacted, by the comments, actions and policies of President Trump and his administration with this weekly recap compiled by The Fly: 1. STEEL, ALUMINUM TARIFFS: Commerce Secretary Wilbur Ross confirmed on Wednesday that a 25% tariff on steel imports and a 10% tariff on aluminum imports from the EU, Canada and Mexico would go into effect at midnight of that day. The Washington Post opined that the move was "certain to trigger" retaliation by the European Union against a range of American products, including Kentucky bourbon and Harley-Davidson (HOG) motorcycles. Afterward, The Guardian said the EU is initiating a case at the World Trade Organization, stating that EU trade commissioner Cecilia Malmstrom is seen imposing "retaliatory tariffs on classic American products, such as Levi's jeans, bourbon whiskey, cranberries and peanut butter." Meanwhile, Canada's Minister of Foreign Affairs Christina Freeland announced new surtaxes on U.S. steel and aluminum in response to the U.S. move. Publicly traded stocks in the metals space include US Steel (X), AK Steel (AKS), Nucor (NUE), Steel Dynamics (STLD), Alcoa (AA), Century Aluminum (CENX), and Cleveland-Cliffs (CLF). 2. TRUMP TWEET AHEAD OF JOBS REPORT: About an hour before the release of the monthly jobs report on Friday, President Trump tweeted: "Looking forward to seeing the employment numbers at 8:30 this morning." White House Press secretary Sarah Huckabee Sanders later confirmed to CNBC that President Trump was briefed on the May jobs number Thursday night, but she said the president's tweet was appropriate because "He didn't put the numbers out." The number of job additions and the headline unemployment rate were both better than consensus forecasts. 3. DRUG COMPANIES: On Wednesday, President Trump said major drug companies will announce massive voluntary price decreases in two weeks in response to his policies, according to a tweet by Reuters. Publicly traded companies in the large pharma space include AstraZeneca (AZN), Bristol-Myers (BMY), Eli Lilly (LLY), GlaxoSmithKline (GSK), Johnson & Johnson (JNJ), Merck (MRK), Novartis (NVS), Pfizer (PFE), Roche (RHHBY) and Sanofi (SNY). 4. DISNEY: On Tuesday, ABC Entertainment canceled the "Roseanne" show following a racist tweet sent by Roseanne Barr regarding Valerie Jarrett, a top former aide to President Obama. On Wednesday, President Trump tweeted that Disney (DIS) CEO Bob Iger "called Valerie Jarrett to let her know that 'ABC does not tolerate comments like those' made by Roseanne Barr. Gee, he never called President Donald J. Trump to apologize for the HORRIBLE statements made and said about me on ABC. Maybe I just didn't get the call?" The next day, Trump kept at it, tweeting: "Iger, where is my call of apology? You and ABC have offended millions of people, and they demand a response. How is Brian Ross doing? He tanked the market with an ABC lie, yet no apology. Double Standard!" 5. GENERAL ELECTRIC: General Electric (GE) is planning to end sales of oil and gas equipment later this year in Iran following the U.S. withdrawal from the nuclear deal, according to The Wall Street Journal, citing people familiar with the matter. GE's foreign subsidiaries were preparing up to $150M in bids for pipelines, compressors and subsea equipment in Iran and had been in talks with an Iranian manufacturer to make energy equipment, the people said, but the company has all but abandoned those plans. 6. GERMAN CARMAKERS: President Donald Trump is preparing to block German luxury carmakers from the U.S. market, Reuters reported, citing German magazine WirtschaftsWoche. According to several unnamed U.S. and European diplomats, Trump told French President Emmanuel Macron last month he would maintain his trade policy with the aim of stopping Mercedes-Benz models from driving down Fifth Avenue in New York. German carmakers control 90% of the U.S. premium market and are the biggest EU exporters of cars to the U.S., the report noted. Daimler (DDAIF) owns Mercedez-Benz, while BMW (BMWYY) owns Rolls-Royce (RYCEY) and Volkswagen (VLKAY) controls Bentley, Bugatti, Porsche (POAHY) and Audi (AUDVF). "Week in Review" is The Fly's weekly recap of its recurring series of "Trump Effect" exclusive stories.
|
