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. MANUFACTURING COUNCIL: President Donald Trump’s American Manufacturing Council was in the spotlight this week as several CEO announced their departures, leading to its dissolvement. The first to announced he was leaving the Forum was Merck’s (MRK) Chairman and CEO Kenneth Frazier. “As CEO of Merck and as a matter of personal conscience, I feel a responsibility to take a stand against intolerance and extremism,” Fraizer wrote in a tweet.
This follows last weekend’s tragic events in Charlottesville, Virginia that left one dead and several people injured, and what was seen by many as hesitation from the President to condemn the white supremacists behind the rally. Trump responded to Merck CEO’s announcement by tweeting that now he had resigned from the council, there will be more time to “LOWER RIPOFF DRUG PRICES!” Joining Frazier, Intel (INTC) CEO Brian Krzanich and Under Armour (UA; UAA) CEO Kevin Plank also stepped down on Monday from the American Manufacturing Council. Two days later was Campbell (CPB), Johnson & Johnson (JNJ) and United Technologies (UTX) turn to announced their departure. The same day, the President tweeted “Rather than putting pressure on the business people of the Manufacturing Council & Strategy &Policy Forum, I am ending both. Thank you!” The second group, the Strategic and Policy Forum, was led by Blackstone (BX) CEO Stephen Schwarzman, and included names such as JPMorgan (JPM) CEO Jamie Dimon, PepsiCo (PEP) CEO Indra Nooyi, General Motors (GM) CEO Mary Barra, and Wal-Mart (WMT) CEO Doug McMillon. Back in June, Tesla (TSLA) CEO Elon Musk and Disney (DIS) CEO Bob Iger left Trump’s Strategic and Policy Forum after the president said he would withdraw from the Paris climate accord. Musk also left Trump’s manufacturing council.
