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. TAX REFORM: Tax reform will drive growth that benefits everyone, and companies and Congress need to “set partisan interests aside to find a way to pass tax reform,” JPMorgan’s (JPM) CEO Jamie Dimon wrote on NBC News’ Think earlier this week. The executive argued that tax reform is important because “strong businesses create jobs and higher wages,” and “the real beneficiary of corporate tax reform” will be the American workers.
2. MEDIA SECTOR: Shares of News Corp. (NWSA), Comcast (CMCSA), CBS (CBS), New York Times (NYT) and Viacom (VIAB) were under pressure on Wednesday following a tweet by President Donald Trump saying: “With all of the Fake News coming out of NBC and the Networks, at what point is it appropriate to challenge their License? Bad for country!” The tweet followed an earlier one, which said, “Fake @NBCNews made up a story that I wanted a ‘tenfold’ increase in our U.S. nuclear arsenal. Pure fiction, made up to demean. NBC = CNN!” Later in the day, and in response to a reporter’s question at the White House, Trump said it is “disgusting” that the press can write “whatever they want to write.” He again rebutted NBC News’ report that he sought a tenfold increase in the nation’s nuclear arsenal. Trump added that media “makes up sources” and that “there are no sources.”
3. FACEBOOK: Facebook (FB) COO Sheryl Sandberg is expected to meet with the U.S. House of Representatives Intelligence Committee leaders, according to a report by Reuters on Wednesday, citing people familiar with the matter. The committee is currently investigating Russian interference in the 2016 presidential election and was presented with over 3,000 political ads believed to be purchased by Russia on Facebook right around the election. Also on Wednesday, CNBC said the House Intelligence Committee intends to release Russia-linked advertisements that ran on Facebook during the 2016 U.S. presidential election. However, the committee will not likely make the ads public before a November 1 hearing that will include officials from Facebook, Twitter (TWTR), and Google (GOOG), the report addeda. At an Axios event on Thursday, Sandberg also said that Facebook owes the American people “not just an apology, but determination” for their role in enabling Russian interference during the election. The executive acknowledged that “things happened on our platform in this election that shouldn’t have happened,” according to Axios. Another report, this time by Reuters, stated that Facebook has started to overhaul its political advertisement process and may implement some changes before U.S. elections next year.
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