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. CEO MEETING: On Tuesday, President Donald Trump met with about 20 chief executives, including the heads of General Motors (GM), IBM (IBM), Wal-Mart (WMT), Tesla (TSLA), BlackRock (BLK) and Blackstone (BX) to discuss his administration's priorities on the budget, transportation, environment, education and commerce. During this "strategic and policy CEO discussion," Trump stated: "You can take a look at Dodd-Frank. For the bankers in the room, they'll be very happy because we're really doing a major streamlining and, perhaps, elimination, and replacing it with something else." Publicly traded large U.S banks include Bank of America (BAC), Citigroup (C), Goldman Sachs (GS), JPMorgan (JPM), Morgan Stanley (MS) and Wells Fargo (WFC).
2. HEALTH CARE REFORM STILL A PRIORITY: In a Fox Business interview earlier this week, Donald Trump said, "We're going to have tax reform at some point very soon. [...] We have to do health care first to pick up additional money so we get great tax reform. So we're going to have a phenomenal tax reform, but I have to do health care first, I want to do it first to really do it right. Health care has been going along..." Publicly traded health insurers and hospital operators include Aetna (AET), Anthem (ANTM), Centene (CNC), Cigna (CI), Health Net (HNT), Humana (HUM), Molina Healthcare (MOH), UnitedHealth (UNH), WellCare (WCG), Community Health (CYH), HCA Holdings (HCA), LifePoint (LPNT), Tenet (THC) and Universal Health (UHS).
3. INDUSTRIAL METALS: Shares of most companies related to the industrial metals group, including U.S. Steel (X), Nucor (NUE), and AK Steel (AKS), were under pressure on Wednesday following a Financial Times report on weak China demand and as the "Trump Trade" fades. After the new President's recent budget proposal hinted at cuts to the Department of Transportation's spending and Amtrak subsidy plans, American Public Transportation Association's Art Guzzetti said: "We'd been so encouraged by all the talk of investing in infrastructure, but the budget has been discouraging," according to a recent New York Times article.
4. NAVIENT: After Secretary of Education Besty DeVos withdrew a series of policy memos issued by the Obama administration to strengthen consumer protections for student loan borrowers, Senator Elizabeth Warren voiced her opinion on Twitter: "Make no mistake: Betsy DeVos & @usedgov just gave a big wet kiss to Navient [NAVI], which pushed students into bad loans. Yet another gut punch to struggling student loan borrowers. And another reason we need the @CFPB to protect students when @usedgov fails. In the choice between students & student loan companies, Betsy DeVos made clear she stands with companies that cheat & squeeze borrowers."
5. ORACLE: According to a report by Bloomberg earlier this week, President Trump's administration showed "interest" in Oracle (ORCL) co-CEO Safra Catz and spoke with her about the positions of Trade Representative and Director of National Intelligence. This took place the month prior to the president's December meeting with tech heavyweights.
"Week in Review" is The Fly's weekly recap of its recurring series of "Trump Effect" exclusive stories.
Comments
Log in or sign up to join the conversation.