On this episode of Stock Movers:
- US defense stocks rally premarket after President Trump said he wants to increase the country’s military budget by about 50% to $1.5 trillion in 2027. The President also issued an executive order aimed at limiting executive compensation and stopping buybacks and dividends for companies unless they invest in speeding weapons development. Bernstein says questions abound regarding each of the president’s actions, but that it’s clear both military spending and scrutiny over its recipients will grow.
- President Trump wrote that he is immediately taking steps to “ban large institutional investors from buying more single-family homes” in an effort to foster housing affordability. Housing related stocks were especially hard hit. Blackstone, the private equity firm that is a major investor in residential real estate, lost 5.6%. Home rental company American Homes 4 Rent fell 4.3%, while Invitation Homes Inc. sank 6%.
- Constellation Brands (STZ) shares are up after the maker of Modelo Especial and Corona reported comparable EPS and net sales for the third quarter that beat consensus and reaffirmed its full-year forecast.
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