Trump has since reversed his stance on those policies, and even visited the company’s South Carolina plant in February to “celebrate jobs.” Boeing is now in takeover talks with Brazilian aircraft maker Embraer SA /zigman2/quotes/201576050/delayed BR:EMBR3 -7.46% , the largest maker of regional jets, a move that would boost its competitive edge on rival Airbus, which recently announced a similar deal to buy a majority stake in a jetliner program run by Canada’s Bombardier /zigman2/quotes/208994866/delayed CA:BBD.B -13.99% , as The Wall Street Journal has reported.
At Boeing, Trump Promises More Jobs, U.S. Manufacturing
President Trump praised airplane manufacturer Boeing on Friday, and expressed plans to build up the U.S. military. Photo: AP
Ten best performers on the Dow Jones Industrial Average in 2017
|Ticker||Co. name||% gain|
|WMT||Wal-Mart Stores Inc.||42.9|
|HD||Home Depot Inc.||41.4|
|UNH||UnitedHealth Group Inc. /zigman2/quotes/210453738/composite UNH||37.8|
|MSFT||Microsoft Corp. /zigman2/quotes/207732364/composite MSFT||37.7|
|AXP||American Express Co. /zigman2/quotes/203805826/composite AXP||34.1|
|Source: MarketWatch, FactSet|
On the other end of the spectrum is another old-economy company, General Electric Co. /zigman2/quotes/208495069/composite GE -1.24% , which ended an annus horribilis down nearly 45%, after tumbling 17% in October alone to mark its worst one-month selloff since the depths of the Great Recession. Investors appeared unimpressed by new CEO John Flannery’s turnaround plan unveiled in November, sending the stock down another 9%.
GE’s stock was already on a downtrend on Aug. 1, when the company announced the sudden departure of then–Chief Executive Jeffry Immelt after a 16-year run at the top. Immelt had worked to reshape the company in the wake of the 2008 financial crisis by jettisoning its financial arm to refocus on core industrial business lines.
Immelt fought aggressively to make the company more digital, hiring hundreds of software engineers and moving the company’s headquarters to Massachusetts from Connecticut to be closer to talent emerging from that state’s highly regarded universities. But the company’s stock failed to respond to his strategic moves and was the worst Dow performer during his tenure.
Flannery has placed stock performance at the center of his transformation plan, which includes a shrinking of the company’s portfolio of businesses, a focus on cash generation and returns and cost cuts.
Ten worst performers on the Dow Jones Industrial Average in 2017
|Ticker||Co. name||% change|
|GE||General Electric Co.||-44.8|
|IBM||International Business Machines Corp. /zigman2/quotes/203856914/composite IBM||-7.6|
|XOM||Exxon Mobil Corp. /zigman2/quotes/204455864/composite XOM||-7.3|
|MRK||Merck & Co. Inc. /zigman2/quotes/209956077/composite MRK||-4.4|
|VZ||Verizon Communications Inc. /zigman2/quotes/204980236/composite VZ||-0.8|
|DIS||Walt Disney Co. /zigman2/quotes/203410047/composite DIS||3.2|
|CVX||Chevron Corp. /zigman2/quotes/205871374/composite CVX||6.4|
|GS||Goldman Sachs Group Inc. /zigman2/quotes/209237603/composite GS||6.4|
|PG||Procter & Gamble Co. /zigman2/quotes/202894679/composite PG||9.3|
|TRV||The Coca-Cola Co. /zigman2/quotes/209159848/composite KO||10.7|
|Source: MarketWatch, FactSet|