Stock for Sale by Cabinet Members
Published On Nov 23, 2024, 8:00 AM
President-elect Donald Trump has appointed Scott Bessent as Treasury Secretary and Howard Lutnick as Commerce Secretary. Both top executives, Bessent from Key Square Group and Lutnick from Cantor Fitzgerald, will need to divest from their companies due to their new government roles. Lutnick's decision to leave Cantor Fitzgerald amid strategic ambitions for BGC Group could impact stock performance. BGC shares have declined by 8% this week, while Newmark's shares are up 1%.
Stock Forecasts
NMRK
Positive
Newmark's stock has increased as Lutnick prepares for his departure, possibly indicating market confidence in its direction despite Lutnick's exit.
Related News
The Wall Street CEO raising his hand to run Trump’s economy
Nov 12, 2024, 8:24 AM
(Bloomberg) -- The text to Elon Musk: a picture of giant scissors. Musk’s text back: a picture of a sword.Most Read from BloombergThe Leaf Blowers Will Not Go QuietlyArizona Elections Signal Robust Immigration Enforcement Under TrumpScoring an Architectural Breakthrough in Denver’s RiNo DistrictKey Ballot Initiatives and Local Races Highlight Views on Abortion, ImmigrationThe person on the other end: Howard Lutnick — Wall Street billionaire, MAGA believer and head-hunter-in-chief to Donald Trump