Congress Is Hurting Its Best Friends
Stocks are continuing to drop while Congress struggles with the government shutdown and action on the debt limit. The Dow Industrial Average closed today, October 8th, at 14,777 down 551 (-3.6 %) from its close on Thursday 9/26 at 15,328.
In looking at specific companies we selected ten that are very active politically and whose PACs have given the most to federal candidates and committees so far in 2013. A review of these ten companies shows that all ten have lost share value.
1. Honeywell Int’l. (HON) 9/26 close 84.05, 10/8 close 81.82
2. Northrop Grumman (NOC) 9/26 close 96.37, 10/8 close 94.09
3. AT&T (T) 9/26 close 34.23, 10/8 close 33.11
4. Lockheed Martin (LMT) 9/26 close 129.85, 10/8 close 122.46
5. Raytheon (RTN) 9/26 close 79.80, 10/8 close 74.05
6. General Electric (GE) 9/26 close 24.25, 10/8 close 23.67
7. Home Depot (HD) 9/26 close 76.07, 10/8 close 74.27
8. Boeing (BA) 9/26 close 119.38, 10/8 close 115.44
9. CSX (CSX) 9/26 close 25.98, 10/8 close 25.25
10. Pfizer (PFE) 9/26 close 28.52, 10/8 close 28.24
