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. FINANCIAL SECTOR: Earlier this week, Reuters reported that the Trump administration’s review of the Dodd-Frank financial overhaul law will not be finalized by early June, as originally targeted, and officials will now report findings bit by bit, with priority given to banking regulations. President Trump has promised to do a “big number” on the reform law, which raised banks’ capital requirements, limited their ability to make speculative bets and established new consumer protections in the wake of the 2008 financial crisis. Back in February, the president had ordered Treasury Secretary Steven Mnuchin to review Dodd-Frank and report back within 120 days. Publicly traded big U.S. banks include Bank of America (BAC), Citi (C), Goldman Sachs (GS), JPMorgan (JPM), Morgan Stanley (MS), U.S. Bancorp (USB) and Wells Fargo (WFC).
2. WILLIAMS COMPANIES: On Wednesday, Williams Companies (WMB) CEO Alan Armstrong said that the company and its labor unions are pressing the Trump Administration for a U.S. Army Corp of Engineers permit to certify the Constitution natural gas pipeline after the state of New York rejected a permit for the $925M project, according to Bloomberg. The pipeline would connect supplies from the Marcellus shale basin to markets in the Northeast. The pipeline’s delays “have not been a regulatory issue,” Armstrong told Bloomberg, “the issue has been purely political.”
3. CYBER SECURITY: On Thursday, President Trump inked an executive order that aims to bolster federal government cyber security and safeguard the nation’s infrastructure from cyber attacks, Reuters reported, citing a senior administration official. Publicly traded companies in the IT security space include Barracuda (CUDA), Check Point (CHKP), F5 Networks (FFIV), FireEye (FEYE), Fortinet (FTNT), Imperva (IMPV), Palo Alto Networks (PANW), Proofpoint (PFPT), Qualys (QLYS) and Symantec (SYMC).
