Shares of Boeing Co BA are recovering after a Monday morning selloff following a tweet from President-elect Donald Trump criticizing the price Boeing is charging to produce the new Air Force One fleet.
“Boeing is building a brand new 747 Air Force One for future presidents, but costs are out of control, more than $4 billion. Cancel order!” Trump tweeted Tuesday.
Boeing shares opened Wednesday trading at $151.67.
The Boeing tweet is certainly not the first time Trump and opponent Hillary Clinton have moved the market with tweets in the past year.
On November 29, Trump tweeted, “Big day on Thursday for Indiana and the great workers of that wonderful state. We will keep our companies and jobs in the U.S. Thanks Carrier.”
Shares of Carrier's parent company United Technologies Corporation UTX fell 1.0 percent following the news.
On December 7, 2015, Trump bashed Amazon.com, Inc. AMZN.
“If @amazon ever had to pay fair taxes, its stock would crash and it would crumble like a paper bag. The @washingtonpost scam is saving it!”
Amazon shares climbed 1.1 percent following the tweet.
On August 24, Clinton called out Mylan NV MYL for its EpiPen pricing, “EpiPens can be the difference between life and death. There’s no justification for these price hikes.”
The market certainly took note, and Mylan’s shares immediately dropped 5.4 percent.
“Price gouging like this in the specialty drug market is outrageous. Tomorrow I’ll lay out a plan to take it on,” Clinton tweeted on September 21, 2015 in reference to a New York Times report mentioning Valeant Pharmaceuticals Intl Inc VRX.
The following day, Valeant shares plummeted 5.4 percent and the iShares NASDAQ Biotechnology Index (ETF) IBB dropped 4.5 percent as well.
Perhaps the reason the market reacts much more meaningfully to Clinton’s tweets is because Trump is consistently criticizing people, organizations and companies on Twitter. According to the New York Times, Trump has insulted 289 people, places and things on Twitter.
Image Credit: By VectorOpenStock (Own work) [CC BY-SA 4.0], via Wikimedia Commons
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