Trump’s attack on Merck’s CEO for quitting his manufacturing council because the president refuses to condemn racists has backfired as Merck stock is having its best day since July 27.
Carl Quintanilla of CNBC reported:
It seems like yesterday that CEOs were rushing to suck up to Trump, because they feared that a negative tweet from Trump could kill their stock price, but for the first time we are seeing a company get rewarded for defying Trump.
Wall Street doesn’t have a social conscience, but they are worried about backlash from investors and consumers. Trump has become so toxic that being attacked by him is rewarded. The President is on the wrong side of this issue, and anyone who stands with Trump deserves the scorn and consumer backlash that will harm their bottom line.
Trump thought he could sink Merck, but the President is still overestimating the power of his tweets. His attack has backfired and provided a lesson for Wall Street that they have nothing to fear from the Nazi enabling president.
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