State Dining Room 10:57 A.M. EST THE PRESIDENT: Well, thank you very much. It's a great honor to have everybody. And some of the great people in the world of business, many of you I know -- many of you I know from reading all of our wonderful magazines and business magazines, in particular. So it's an honor to have you with us today. Bringing manufacturing back to America, creating high-wage jobs was one of our campaign promises and themes, and it resonated with everybody. It was really something what happened. States that hadn’t been won in many, many years were -- they came over to our fold. A lot of it had to do with the jobs, and other reasons -- but jobs. And I'm delivering on everything that we've said. In fact, people are saying they've never seen so much happen in 30 days of a presidency. We've delivered on a lot. And I think Mark can explain, and Mark can probably say some of the things we're doing for the auto industry. We're going to be doing for many of the industries. As you know, the United States lost one-third of our manufacturing jobs since NAFTA. That's an unbelievable number and statistic. And 70,000 factories closed since China joined the WTO -- 70,000 factories. So when I used to give that statistic, I used to talk about and I always thought it was a typo. I said, it has to be a typo. I tell Wilbur -- Wilbur, that can't be right -- 70,000. Think of it, 70,000 factories. So you say, what are we doing? My administration's policies and regulatory reform, tax reform, trade policies will return significant manufacturing jobs to our country. Everything is going to be based on bringing our jobs back, the good jobs, the real jobs. They've left, and they're coming back. They have to come back. You've already seen companies such as Intel, Ford. Mark has been great. GM, Walmart, Amgen, Amazon, Fiat -- they came the other day; they're going to make a tremendous investment in the country. Carrier and many others announced significant new investments in the United States. For example, Ford is doing 700 million in Michigan, creating 700 new jobs -- is a vote of confidence. It was actually stated a vote of confidence. We have many other companies doing the same thing. Carrier, as you know -- and I got involved very late, almost like by two years late -- but many of the jobs that were leaving for Mexico, they're bringing back at least 800 jobs they're bringing back. And they actually never got to leave. I have no idea what they did with the plant in Mexico, but we'll have to ask them, because it was largely built. General Motors is investing $1 billion in U.S. plants, adding or keeping 7,000 jobs. And it's going to be investing a lot more than that over the next fairly short period. Lockheed Martin has -- they've just announced 1,800 new jobs, and U.S. plants are doing a great job, and we started negotiating with them a little bit on the F-35. They cut their price a little bit. Thank you very much. She's tough. (Laughter.) But it worked out well I think for everybody. And I think I have to say this: Marillyn, you've gotten a lot of credit, because what you did was the right thing. So we appreciate it. She cut her price over $700 million, right? By over $700 million. You think Hillary would have asked for $700 million? (Laughter.) Oh, boy, I hope you -- I assume you wanted her to win. But you know what? You're going to do great and you're going to make more planes. It's going to work out the same, or better. Walmart announced plans to create 10,000 jobs, and all of those jobs are going to be in the United States. Sprint and SoftBank is putting in $50 billion because of our election in the United States, over the next four years, to create 50,000 jobs. They've been terrific, by the way. And we have many others. Many of you are in the room, and you know exactly what I'm talking about. We have many, many other companies. And we're very happy. Today we have 24 CEOs from the largest manufacturing companies in the country and even in the world. They represent people just in this room, nearly $1 trillion of sales and 2 million employees, large majorities of which are in the United States. They share our commitment to bringing manufacturing back and to create jobs in this country, which has been the biggest part of my campaign. I would say the border, a big part. Military strength, big part. And jobs, big part. I don’t want to say which is most important. I guess we always have to say defense is maybe the most important. But many of you take care of our defense, you make great products. Nobody makes the products that we do for our military. Nobody. And, in fact, a couple of countries who were not allowed to buy from us, I gave them -- hello, Jeff -- I gave them authorization -- you can only buy from us. I want them to buy from us. They were getting planes from other countries because our -- and they’re allies. But they’re going to be buying from us from now on. And I just want to thank all of my people. My staff has been amazing. Gary, as you know -- you all know Gary from Goldman, Gary Cohn. And we’re really happy -- just paid $200 million in tax in order to take this job, by the way. (Laughter.) Which is very much unlike Gary. But he’s great. And he’ll be criticized by the media because he’s getting paid $197,000. They’ll say he really wanted that money -- which he gave up. I think he gave up -- did you give that up, Gary? I think so. MR. COHN: Yes. PARTICIPANT: It was one of those things. THE PRESIDENT: It was one of those things. That’s right. (Laughter.) I want to thank -- Wilbur has been so fantastic. I’ve known Wilbur for so long, and he’s a great guy, great negotiator, but a very fair negotiator. And he’s going to be doing things that -- the deals we have with other countries are unbelievably bad. We don’t have any good deals. In fact, I’m trying to find a country where we actually have a surplus of trade as opposed to -- everything is a deficit. With Mexico, we have $70 billion in deficits, trade deficits, and it’s unsustainable. We’re not going to let it happen. Can’t let it happen. We’re going to have a good relationship with Mexico, I hope. And if we don’t, we don’t. But we can’t let that happen -- $70 billion in trade deficits. And that doesn’t include the drugs that pour across the border, like water. So we can’t let that happen. With China, we have close to a $500-billion trade deficit. So we have to do something. I spoke to the President, I spoke to many people. We’re going to work on that very, very hard, and we’re going to do things that are the proper things to do. But I actually said to my people: Find a country where we actually do well. So far, we haven’t found that country. It’s just losses with everybody, and we’re going to turn that around. I want to thank Jared Kushner, who has been so involved in this, and all of my guys. We have a great team. We have a team of all-stars. And we’ve been credit -- we’ve really been given credit for that. Right now, Rex, who, as you know, he’s in Mexico -- I said, that’s going to be a tough trip, because we have to be treated fairly by Mexico. That’s going to be a tough trip. But he’s over there with General Kelly, who’s been unbelievable at the border. You see what’s happening at the border. All of a sudden for the first time we’re getting gang members out, we’re getting drug lords out. We’re getting really bad dudes out of this country and at a rate that nobody has ever seen before. And they’re the bad ones. And it’s a military operation because what has been allowed to come into our country -- when you see gang violence that you’ve read about like never before and all of the things -- much of that is people that are here illegally. And they’re rough and they’re tough, but they’re not tough like our people. So we’re getting them out. I thought what we could do is maybe we’ll start with Ken on my left, and we’ll go around the room and introduce yourselves to the press. Lots of media. One thing, we have lots of media. How are you? Treats me -- that’s one that treats me very nicely, one of the few. Hi. And we’ll just start around -- go around the room and then we’ll talk privately without the press, and we’re going to figure out how to bring many, many millions of jobs more back to the United States, okay? Ken, go ahead. MR. FRAZIER: Thank you, Mr. President, it’s good to be here. Ken Frazier from Merck & Co., Inc. MR. FIELDS: Thank you, Mr. President. Mark Fields, CEO of Ford Motor Company. MS. MORRISON: Thank you, Mr. President. Denise Morrison from Campbell Soup Company. THE PRESIDENT: Good soup. MS. MORRISON: Thank you. MR. HAYES: Thank you, Mr. President. Greg Hayes from United Technologies, the parent company of Carrier. THE PRESIDENT: Did you bring any more of those jobs back from Carrier? (Laughter.) But one thing he did -- you know, I told -- I said, you were given so much credit for that, and I heard, two days ago, that you’re selling far more Carrier air conditioners than you thought, just as a patriotic move. People are buying Carrier because of what you did -- bringing the jobs back to Indiana. MR. HAYES: That’s exactly right. It’s a great success. THE PRESIDENT: Right? So, I said that. I thought that was going to happen. Good. Thank you. MR. STYSLINGER: Thank you, Mr. President. Lee Styslinger with Altec, Inc. MR. GORSKY: Thank you, Mr. President. Alex Gorsky with Johnson & Johnson. MR. FARR: Thank you, Mr. President. David Farr with Emerson. St. Louis. MR. OBERHELMAN: Doug Oberhelman, executive chairman of Caterpillar. We have plenty of D10s available for you. THE PRESIDENT: I love those D10s. (Laughter.) I even like the D12. Are they still doing the D12? MR. OBERHELMAN: We’re doing a D11, and we have some of those around as well. THE PRESIDENT: Because the D12, I’m waiting for, you know. That’s going to be bigger than anything ever in history, right? But there’s nothing like what you do. The Caterpillars are the best. MR. OBERHELMAN: Thank you. THE PRESIDENT: And when we raise the dollar, and we let other people manipulate their currencies, it’s the one thing that stops you, Doug -- right? MR. OBERHELMAN: Well, we’ll take them on. Bring them on. THE PRESIDENT: Right, technology. No, but we have to give you a level playing field. MR. OBERHELMAN: We need a level playing field. THE PRESIDENT: We have to let other countries give you a level playing field. So, what a great company. I love Caterpillar. I’ve been driving them for a long time. MR. OBERHELMAN: Well, come out and see us, and we’ll put you in one. (Laughter.) THE PRESIDENT: Okay, good. I might do that soon. Go ahead. MR. KAMSICKAS: Jim Kamsickas, Dana Incorporated. Thank you. MR. LONGHI: Mario Longhi, with U.S. Steel, Mr. President. Thank you for the opportunity. THE PRESIDENT: And you’re going to be doing pipelines now. You know that, right? We put you heavy into the pipeline business because we approved, as you know, the Keystone Pipeline and Dakota. But they have to buy -- meaning, steel, so I’ll say U.S. Steel -- but steel made in this country and pipelines made in this country. MR. LONGHI: 100 percent, Mr. President. We’ll be there. THE PRESIDENT: So the pipe is coming from the U.S. MR. LONGHI: By the way, when you come drive trucks, come up to Minnesota and our mines. You’re going to see us running up there. THE PRESIDENT: Good. I’ll do it. I’ll be out there. MR. FETTIG: Mr. President, thank you. Jeff Fettig, Whirlpool Corporation. THE PRESIDENT: Yep, good. MS. HEWSON: Thank you, Mr. President. Marillyn Hewson, Lockheed Martin Corporation. I just want to thank you for this opportunity that we’ve spent this morning in the working groups, and the opportunity to talk to you today about generating jobs. We’re very excited about the fact that this is one of the first actions that you want to take on. So thank you very much. THE PRESIDENT: Good. Well, thank you, and thank you for what we did. Lot 10, we call it. Lot 10 -- 90 planes. It was 90 planes out of 3,000, but it was not doing so well, and now it’s doing great. Right? MS. HEWSON: That’s right, Mr. President. THE PRESIDENT: Okay, good. MS. HEWSON: And we welcome you to Fort Worth to see those aircraft on the production line. THE PRESIDENT: Good. Very good. Thank you, Marillyn. MR. IMMELT: Mr. President, good to see you again. Jeff Immelt with GE. THE PRESIDENT: Good. Hi, Jeff. MR. IMMELT: Great to be here. Look forward to really working you on creating more manufacturing jobs. THE PRESIDENT: Jeff actually watched me make a hole-in-one, can you believe that? Should you tell that story? MR. IMMELT: We were trying to talk President Trump into doing "The Apprentice." That was my assignment when we owned NBC. President Trump goes up to a par 3 on his course, he looks to the three of us and says, “You realize of course I’m the richest golfer in the world.” That’s a comment, then gets a hole-in-one. (Laughter.) THE PRESIDENT: Crazy. MR. IMMELT: I have to say, you know, I’ve seen the magic before. (Laughter.) THE PRESIDENT: It’s so crazy that -- no, I actually said I was the best golfer of all the rich people -- (laughter) -- to be exact. And then I got a hole-in-one. MR. IMMELT: That’s what you said. THE PRESIDENT: So, it was sort of cool. Thank you. Thank you very much. MR. BROWN: Thank you, Mr. President. Bill Brown from Harris Corporation. And thank you for coming to our headquarter location in Melbourne, Florida twice. Thank you. THE PRESIDENT: Absolutely. Thank you. MR. WEEKS: Wendell Weeks, Corning Incorporated. Thank you. MR. FERRIOLA: Thank you, Mr. President. John Ferriola, Nucor Corporation. THE PRESIDENT: Great. MR. ALTHOFF: Thank you, Mr. President. Don Althoff with Veresen, Inc. MR. SUTTON: Good morning, Mr. President. Mark Sutton, chairman and CEO of International Paper. THE PRESIDENT: Great. Bob Craft is a big fan of yours. You know, that right? MR. LEIMBACH: Thank you, Mr. President. Keith Leimbach, CEO of LiveOps, representing the services industry in a manufacturing form. THE PRESIDENT: Yes, I know. MR. LEIMBACH: Let’s remember to bring those services jobs back as well. THE PRESIDENT: Good. We will. MR. LIVERIS: Good morning, Mr. President. I’m Andrew Liveris, Dow Chemical. Thank you for the opportunity, and bringing the language of business back to the White House, and I’m here to make chemistry sexy again. (Laughter.) THE PRESIDENT: And I want to thank you for your help. You’ve been great. Thank you, Andrew, very much. Nobody knows Ivanka. (Laughter.) MR. THULIN: Good morning, Mr. President. Inge Thulin, 3M. THE PRESIDENT: Thank you. Reed, thank you also. Thank you. Say it again, please. MR. THULIN: Inge Thulin, 3M. Good morning. THE PRESIDENT: Yes. Great company. MR. DELL: Good morning, Mr. President. Great to be back. It’s Michael Dell, with Dell Technologies. THE PRESIDENT: Hi, Michael. Nice to see you. MS. NOVAKOVIK: Good morning, Mr. President. Phebe Novakovic, General Dynamics. THE PRESIDENT: Great. MR. LUCIANO: Good morning, Mr. President. Juan Luciano, Archer Daniels Midland. THE PRESIDENT: Great. Great companies. Jared. So, Jared, maybe I’ll let you take over for a little while, and we’ll then -- we’re going to then go through the room very, very carefully. We’re going to find out how we bring more jobs back. And thank you to the press and the media. We really appreciate it, and we’ll see you later. Thank you very much. END 11:12 A.M. EST
AMAZON GOT A RECORD SCORE OF 86.27 ON THE HARRIS CORPORATE REPUTATION RANKINGS, and they’re celebrat…
AMAZON GOT A RECORD SCORE OF 86.27 ON THE HARRIS CORPORATE REPUTATION RANKINGS, and they’re celebrating by taking $8.62 off your Prime orders over $50 today. Just use the promo code at the link.
The Zacks Analyst Blog Highlights: Harris, Triumph Group, Lockheed Martin, Raytheon and Textron
Стив Хаффман, 33-летний соучредитель и гендиректор сайта Reddit, который оценивается в 600 миллионов долларов, до ноября 2015 года страдал от близорукости, пока не решился на лазерную коррекцию зрения. Процедуру он перенес не ради удобства или внешности, а, скорее, по причине, которую он обычно не афиширует: он надеется, что это улучшит его шансы на выживание после […]
In terms of growth, the Aerospace and Defense sector secured the second position with 88.9% beating earnings estimates and 44.4% surpassing the revenue mark.
The business model of research-based pharmaceutical companies is under significant pressure. Their return on R&D investment has dropped to its lowest levels in decades, and their public reputation in the United States and abroad is worse than ever. One antidote to these problems is to transform “access to medicine” from a relentless activist slogan to a fully-fledged business strategy. By that I mean that pharma companies should develop innovative treatments for pervasive unmet medical needs; avoid corruption, collusion, and other unethical marketing practices; and make sure that their products reach as many patients around the world as possible. This strategy will tap potential growth in emerging markets, limit the risks of misconduct, and improve public trust in the industry. It’s a fact that the current business model of pharma companies is not working efficiently. For each $1 billion spent on R&D, the number of new medicines approved has halved roughly every nine years since 1950. The estimated return on these (fewer) products has itself declined substantially since 2010, from 10.1% to 3.7%. This decline can be partly explained by the transition from one-size-fits-all blockbuster drugs to niche therapies (which have smaller patient groups). However, it also reflects stronger pressures to lower medicine costs in traditional pharmaceutical markets. In just the last few months, President Trump made a commitment to bring down drug prices, high-ranking government ministers in the Netherlands published a strong call to develop alternative pharmaceutical business models, and the OECD released a report that recognized the need to rebalance the negotiating powers of payers and pharma companies. This represents a disquieting trend for companies whose profit growth heavily depends on price increases. According to a Credit Suisse analysis of 20 leading global pharma companies, 80% of their growth in net profits in 2014 stemmed from price increases in the United States. Undoubtedly, these findings (and related controversies over drug prices) further undermined trust in the industry. According to the 2016 Harris Corporate Reputation Poll, only one-third of U.S. citizens have a positive opinion of big pharma. An August 2016 Gallup Poll found that no industry is held in lower esteem by U.S. citizens than pharmaceuticals (the sector’s worst showing in 16 years). This worrisome mix of little growth potential and low reputation is the main explanation for why investors are increasingly interested in how pharma companies manage access-to-medicine opportunities and risks, which range from developing new treatments for neglected populations and pricing existing products at affordable levels to avoiding corruption and price collusion. For instance, 60 institutional investors, collectively managing more than $5.5 trillion in assets, have committed to taking into account the findings of the Access to Medicine Index while conducting their investment analyses and running their engagement meetings. (The Access to Medicine Index, which my organization produces, assesses 20 of the world’s largest pharma companies according to their efforts to reach the 2 billion people who still lack access to medicine in low- and middle-income countries.) Improving access to medicine is also promoted by BlackRock and Ceres, a nonprofit advocate of sustainability, in its guide for institutional investors seeking to engage companies on sustainability issues, and by Morgan Stanley in a report outlining a framework for incorporating sustainability performance data into the investment-analysis process. And it is the first topic of the provisional standard for the pharmaceutical sector produced by the Sustainability Accounting Standards Board. The standard states that “a strategic approach to access to medicines can yield opportunities for growth, innovation, and unique partnerships, which can enhance shareholder value.” Expanding access to medicines will help pharma companies enhance shareholder value in several ways: Unlock growth potential in emerging markets. These markets are already responsible for about one-quarter of the revenues of several research-based pharma companies, and are expected to contribute 50% to 75% of the growth in global spending on pharmaceuticals in the next four years. In order to fully benefit from the growth of these countries, pharma companies should help reduce barriers to access to medicine and participate directly in the development of sustainable markets. Mitigate the risk of unethical conduct. Companies need strict policies and strong compliance systems to avoid unethical practices (from corruption to anticompetitive measures). This prevents fines and settlements, damage to their reputations, and more burdensome regulation. Ethical conduct is particularly important in emerging markets where companies rely heavily on governments’ goodwill for market access and health care investments. Enhance corporate reputations. A bad reputation is obviously not good for business. Restoring public trust in pharma companies would enhance their capacity to attract the best talent, encourage patients to participate in clinical trials, and obtain premium prices for truly innovative products. Also important, it could help them retain the strong patent protection that their products now enjoy. The success of new business models depends on both the willingness and the ability of pharmaceutical companies to fully integrate access to medicine into their business strategies. Companies should take a patient-centric approach, where barriers to access are first fully understood and then proactively addressed. Moreover, they should partner with other actors, including governments, NGOs, and private foundations, to build capacities into the pharma value chain while avoiding conflicts of interest. The message is clear: Pharma companies should treat underserved demographics as a growth opportunity, not as a lost cause.
Motorola (MSI) reported better-than-expected earnings in the quarter.
После развёртывания на орбите всех 66 спутников НАСА Iridium Next, авиадиспетчеры и пилоты смогут отслеживать полёты всех самолётов, даже летящих над океаном, что позволит повысить безопасность воздушного движения
Harris Corp (HRS) reported better-than-expected earnings in the quarter.
* Harris Corporation reports fiscal 2017 second quarter results
Pitney Bowes Inc. (PBI) reported fourth-quarter 2016 adjusted earnings of 53 cents per share, which missed the Zacks Consensus Estimate of 58 cents by 8.6%. However, on a year-over-year basis, adjusted earnings improved 10.4%.
The Q4 earnings season is in full swing with the quarterly numbers of several companies already on board..
Impressively, 85.7% of the aerospace and defense companies have posted a beat this quarter (as of Jan 26, 2017).
(Washington, DC) — President Trump announced today that as part of his overall job creation agenda he will launch a Manufacturing Jobs Initiative. The President will be meeting with some of the world’s most successful and creative business leaders to share their experiences and gain their insights. President Trump plans to continually seek information and perspectives from a diverse range of business leaders, including those listed below and others, on how best to promote job growth and get Americans back to work again. The first series of meetings were organized by Andrew Liveris, Chairman and Chief Executive Officer of the Dow Chemical Company. The President has expressed his appreciation to Mr. Liveris for his ongoing efforts in this regard. Initial business leaders assisting with the Manufacturing Jobs Initiative include: Andrew Liveris, The Dow Chemical Company Bill Brown, Harris Corporation Michael Dell, Dell Technologies John Ferriola, Nucor Corporation Jeff Fettig, Whirlpool Corporation Mark Fields, Ford Motor Company Ken Frazier, Merck & Co., Inc. Alex Gorsky, Johnson & Johnson Greg Hayes, United Technologies Corp. Marilynn Hewson, Lockheed Martin Corporation Jeff Immelt, General Electric Jim Kamsickas, Dana Inc. Klaus Kleinfeld, Arconic Brian Krzanich, Intel Corporation Rich Kyle, The Timken Company Thea Lee, AFL-CIO Mario Longhi, U.S. Steel Denise Morrison, Campbell Soup Company Dennis Muilenburg, Boeing Elon Musk, Tesla Doug Oberhelman, Caterpillar Scott Paul, Alliance for American Manufacturing Kevin Plank, Under Armour Michael Polk, Newell Brands Mark Sutton, International Paper Inge Thulin, 3M Richard Tumka, AFL-CIO Wendell Weeks, Corning The attendees may or may not change from session to session, but the specific agenda subjects will likely change because of the importance of this issue to the American economy and its workers. No consensus advice or recommendations resulting from group deliberations or interaction is expected or will be solicited.
* Harris corporation to sell its government it services business to veritas capital for $690 million
Harris Corporation (HRS) is slated to release second-quarter fiscal 2017 results on Feb 2.
Koninklijke Philips N.V. (PHG) swung back to earnings in fourth-quarter 2016 as it reported earnings per share of ???0.67 (72 cents), as against the loss of ???0.05 in the year-ago quarter.
Ericsson (ERIC) reported non-IFRS earnings per share (excluding amortizations, write-downs of acquired intangible assets and restructuring charges) of SEK 62 (7 cents) for the fourth quarter of 2016.
Sierra Wireless, Inc. (SWIR) moved big last session, as its shares jumped almost 9% on the day.