Week In Review: How Trump's Policies Moved Stocks -Saturday, Dec. 26

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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 Donald Trump and his administration with this weekly recap compiled by The Fly:

DEFENSE BILL

President Trump vetoed a defense bill that authorizes a topline of $740B in spending and outlines Pentagon policy, CNBC's Amanda Macias reported. The National Defense Authorization Act, or NDAA, typically passes with strong bipartisan support and veto-proof majorities. Now, Congress must vote again to override Trump, the author noted. Publicly traded defense contractors include BAE Systems (BAESY), Boeing (BA), General Dynamics (GD), Lockheed Martin (LMT), Raytheon Technologies (RTX) and Northrop Grumman (NOC).

DRUG PRICING RULE

U.S. District Judge Catherine Blake in Maryland ruled against a last-minute Trump administration rule that sought to curb drug prices from taking effect on January 1, Reuters' Brendan Pierson reported earlier this week. The rule, which would have tied Medicare reimbursements for certain treatments to prices paid by certain other countries, was challenged by pharmaceutical industry trade groups, Pierson noted. The judge determined that the administration had rushed the rule without providing the public with a chance to comment, Pierson said. Publicly traded drugmakers 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).

ITC EXTENSION

On Thursday, Roth Capital analyst Philip Shen raised the firm's price target on Enphase Energy (EPNH) to $220 from $160, while keeping a Buy rating on the shares. The analyst cited the passage of the ITC extension by Congress with a veto-proof majority. While the Trump administration has introduced some uncertainty, he believes the two-year extension will ultimately get done, thereby supporting a higher level of demand over the medium-term.

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