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:

FACEBOOK REMOVES TRUMP ADS

Facebook (FB) said that it has taken down advertisements run by President Trump's re-election campaign for violating its policies on hate, CNN's Donie O'Sullivan reported earlier this week. The ads, which attacked what the campaign referred to as "Dangerous MOBS of far-left groups," featured an upside-down triangle that the Anti-Defamation League said "is practically identical to that used by the Nazi regime to classify political prisoners in concentration camps," O'Sullivan noted. "We removed these posts and ads for violating our policy against organized hate. Our policy prohibits using a banned hate group's symbol to identify political prisoners without the context that condemns or discusses the symbol," Andy Stone, a Facebook spokesperson, told CNN Business.

TWITTER PUTS WARNING ON TRUMP TWEET

 On Thursday night, President Trump shared a video on Twitter (TWTR) that appears to display a CNN screen heading that reads "terrified toddler runs from racist baby" along with a video of two children. After the president posted the tweet, Twitter added a "manipulated media" warning that states that "multiple journalists confirmed that the video, which was shared by President Trump, is edited and features a fake CNN cheyron. The original CNN story, which is from 2019, reported on a friendship between two toddlers."

INTERNET COMPANIES’ PROTECTIONS 

On June 17, the Department of Justice released a set of reform proposals to update what it called "the outdated immunity for online platforms" under Section 230 of the Communications Decency Act of 1996. "The first category of recommendations is aimed at incentivizing platforms to address the growing amount of illicit content online, while preserving the core of Section 230's immunity for defamation claims...A second category of proposed reforms is intended to clarify the text and revive the original purpose of the statute in order to promote free and open discourse online and encourage greater transparency between platforms and users...The third category of recommendations would increase the ability of the government to protect citizens from unlawful conduct, by making it clear that Section 230 does not apply to civil enforcement actions brought by the federal government. A fourth category of reform is to make clear that federal antitrust claims are not, and were never intended to be, covered by Section 230 immunity," the DOJ stated. The DOJ proposal follows President Trump's recent executive order seeking to weaken broad immunity enjoyed by Facebook, Twitter and Google (GOOGL).

Following the Justice Department proposing its legislative plan on Section 230, Morgan Stanley analyst Brian Nowak noted that there appears to be some support from both political parties for this type of reform, but added that legislative progress is likely to be slow. While he sees it as likely to be a multi-year process needed to change Section 230, headlines related to the efforts could weigh on multiples near-term, Nowak tells investors. If changes are approved, social media and video sharing platforms such as Facebook, Twitter, Snap (SNAP), and YouTube could see a "material" increase in compliance and monitoring related expenses, which the large players like Facebook and Google would be better positioned to handle than smaller ones like Twitter and Snap, Nowak added.

INFRASTRUCTURE PROPOSALS:

House Democrats unveiled a $1.5T infrastructure plan Thursday that calls for a huge increase in funding to repair roads and bridges while expanding broadband access in rural areas, The Hill’s Rebecca Beitsch reported. Democrats described the bill as the biggest legislative effort to fight climate change, with Speaker Nancy Pelosi saying the package would “make real the promise of building infrastructure in a green and resilient way.”

Shares of Fluor Corp (FLR), Vulcan Materials (VMC), Eagle Materials (EXP), Martin Marietta Materials (MLM), Caterpillar (CAT), Aecom (ACM), Granite Construction (GVA), Quanta Services (PWR), Jacobs (J) and U.S. Concrete (USCR) had also been on the rise on Tuesday following a Bloomberg report by Jenny Leonard and Josh Wingrove saying that the Trump administration is preparing a nearly $1T infrastructure proposal. According to people familiar with the matter, a preliminary version would reserve most of the money for traditional infrastructure work, like roads and bridges, but would also set aside funds for 5G wireless infrastructure and rural broadband. An existing U.S. infrastructure funding law is up for renewal by September 30, and the administration sees that as a possible vehicle to push through a broader package, sources added.

AIRCRAFT CERTIFICATION RULES REFORM

U.S. lawmakers have unveiled a bipartisan bill that would rework aircraft certification after the two fatal Boeing 737 MAX accidents, Reuters' Eric Johnson reported, citing a release by U.S. Senators Roger Wicker and Maria Cantwell. The proposal, which top Republicans and Democrats reached an agreement on, would reform aircraft certification rules if enacted and includes only technical changes from a draft last week. Publicly-traded plane manufacturers include Boeing (BA) and Airbus (EADSY).

ATLANTIC COAST PIPELINE

The U.S. Supreme Court ruled that the federal government has the authority to approve a proposed $7.5B natural gas pipeline to cross under the Appalachian Trail in Virginia, Reuters reported, citing the decision. The ruling was a win for Dominion Energy (D) and the Trump Administration, both of which appealed a lower court decision that stopped the construction of the Atlantic Coast Pipeline. Duke Energy (DUK) is also an investor in the project.

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