Out of the 150+ companies that discussed Trump in earnings or conference calls since November 6th, more than half expressed positive sentiment on the change in administration and another 25% expressed indifference.
Most executives feel positive about the incoming administration creating a pro-growth and M&A-friendly business environment.
- Moody’s $MCO noted “companies are sitting on a lot of cash, and it sees a more constructive issuance environment in 2025.” Nov 14: JPM conference
- Bridge Investment Group $BRDG, a CRE group, also sees “significant pent-up demand for transaction volumes among the participants.” Nov 07: Q3’24
Drill, baby, drill
- William Companies $WMB believes more Republican control can resolve permitting issues, which would benefit the power industry and the energy infrastructure business. A favorable tax outcome will also be “a very huge positive to [its] guidance in the immediate term”. Nov 07: Q3’24
- Energy Transfer $ET said the Trump administration will bring “a breath of fresh air.” Nov 06: Q3'24
- Mastec $MTZ, Icahn Enterprise $IEP, National Fuel Gas $NFG, and more also believe Trump will support the oil and gas industry and reduce bureaucracy.
Here comes the sun
- SolarEdge Tech $SEDG named Trump’s last presidency “the best time for Solar in the US.” Nov 06: Q3’24
- Amersco $AMRC, a clean tech integrator and asset developer, mentioned Trump 11 times. It is not a surprise since it “did 3x more contracts under the last Trump administrationvs vs. under Biden.” Nov 07: Q3’24
- Beyond solar, $EVGO and TPI Composites $TPIC mentioned that red states have strong state-level support for renewable manufacturing investment. The red states have been significantly faster in deploying NEVI (National Electric Vehicle Infrastructure Program) awards than others.
Space Force
- L3Harris $LHX said, “This could be a huge positive for the industry. Trump set up the Space Force, and we used that opportunity to become a prime [defense contractor]”. Nov 12, Baird conference
- AST Spacemobile $ASTS believes this administration will maintain the multibillion-dollar budget for the SDA (Space Development Agency) created by Trump. “It will be an environment of growth for the space sector and our government opportunities will become more relevant”. Nov 14: Q3’24
Public safety
- Motorola $MSI said "Trump prioritizes public safety and [is] looking to mitigate crime in large cities”. It sees opportunities to add more security headcount and technologies. Nov 07: Q3'24
- Two prison stocks also skyrocketed on Trump’s more aggressive immigration policy.
- GEO Group $GEO sees “an unprecedented opportunity to assist the federal government.” Nov 07: Q3'24
- CoreCivic $CXW expects an increase in the Marshals Service population. Nov 07: Q3'24
To the moon
At the Bitcoin 2024 conference in July, Trump supported Bitcoin, indicating that he believes it should be a strategic reserve in the US, similar to gold.
- Mara Holdings $MARA pointed out that 200 incoming members of the House and 18 Senators are pro-crypto. It believes Trump would provide a regulatory regime enabling banks to custody and collateralize crypto assets. Nov 12: Q3’24
- TeraWulf $WULF said they are “energy infrastructure folks and welcome regulation when it's sensible." Nov 12: Q3'24
Bad news for gold
- Contango Ore $CTGO said, “The Trump trade of short gold, long crypto is going crazy. I think we need Elon Musk to mention to Trump that he can be the gold king as well as the crypto king and the king of debt.” Nov 15: Q3'24
- McEwan Mining $MUX believes this is only a timing issue and will resolve itself, but it’s been a painful process. On the bright side, as a Colorado company, MUX could benefit from Trump encouraging the development of national resources. Nov 06: Q3’24
High on cannabis rescheduling
- Innovative Industrial Properties $IIPR, a cannabis REIT, said, "Trump's September remarks on federal cannabis reform are encouraging with a focus on safe banking for state-authorized companies and supporting states' rights for passing and operating regulated cannabis programs.” Nov 07: Q3’24
- Scotts Miracle-Gro $SMG, Cronos Group $CRON, and Chicago Atlantic Real Estate Finance $REFI also agreed and noted Trump legalized hemp in 2018.
- However, Advanced Flower Capital $AFCG, a cannabis lender, was cautious since “broader cannabis legislation may not be the Republican administration's top priority.” Nov 13: Q3’24
