Donald Trump Asks SEC For Half-Year Earnings Report For Public Companies

20 August, 2018, 04:32 | Author: Martin Tyler
  • Donald Trump

The U.S. enacted quarterly reporting in. The SEC requires public companies to report profit, revenue and other figures publicly every three months.

But executives and other investors said Trump's argument made sense because it would cut costs of compiling and filing results and remove short-term distractions for those running companies. The Commissioners' offices did not immediately respond to a request for comment.

The headquarters of the U.S. Securities and Exchange Commission (SEC) are seen in Washington, U.S., on July 6, 2009.

Yesterday, Clayton said in a statement that many investors and market participants share the president's perspective "on the importance of long-term investing" and that the SEC's corporate finance division is continuing to study company reporting requirements.

The UK, for example, does not require companies to report earnings every quarter, though more than 90% of listed firms still do, according to MarketWatch.

Tesla CEO Elon Musk, for instance, wrote in a letter to employees last week that being a publicly traded company "subjects us to the quarterly earnings cycle that puts enormous pressure on Tesla to make decisions that may be right for a given quarter, but not necessarily right for the long-term". The statements are generally less detailed than the reports companies file with the SEC.

Judge denies media request to publish names of Manafort jurors
Ellis responded that the prosecutors had to prove their case not "beyond possible doubt", but beyond "doubt based on reason". The federal prosecutors handling the fraud case against Paul Manafort spent two weeks laying out their case before the jury.

"We are looking at that very, very seriously".

It's a move that would benefit businesses and workers, the president said.

Scrapping the quarterly requirement "is a solution in search of a problem", said Charles Elson, a professor and director of the University of Delaware's Weinberg Center for Corporate Governance.

"There are often quarterly metric fluctuations that tend to even out over six months, so one would think that some of the extreme, arguably knee-jerk reactions invests have would be reduced", explained B. Riley FBR analyst Jeff Van Sinderen.

Trump recently hosted company leaders at his private golf club in Bedminster, New Jersey, including the heads of Apple Inc (AAPL.O), Fiat Chrysler Automobiles NV (FCHA.MI), Boeing Co (BA.N), FedEx Corp (FDX.N), and Honeywell International Inc (HON.N). Chief Executive Officer Indra Nooyi - would do away with quarterly reports and move to a semi-annual system.

The move would improve "flexibility and save money", Mr. Trump said.

Trump warns he'll revoke clearance of Justice Department official
It marked the latest example of the president contradicting a story his aides had put forward to explain his motivations. Legal experts said the dispute may add to the evidence being reviewed by special counsel Robert Mueller .

The change, if enacted, would have the US following other countries in reducing the frequency of reporting requirements.

However, they said, their view on the harm caused by corporate "short-termism" shouldn't be interpreted as opposition to quarterly and annual reporting.

And he said, the SEC already had implemented some regulatory changes and continued to consider others that "encourage long-term capital formation while preserving and, in many instances, enhancing key investor protections".

Companies that want to distance themselves from short-term scrutiny should instead stop publicly projecting the next quarter's earnings, Pozen added.

In theory, this information helps investors make informed decisions about the future success of a company.

Ronald Acuna Jr. returns, snaps HR streak
The Braves said X-rays on the elbow were negative and results of further tests would be announced on Thursday. The training staff signed off on Acuna returning after a CT scan on his elbow was normal.

Recommended:



Popular

Google employees not happy about new plans for China
Reports about Dragonfly , a censored search app, compelled over 1000 Google employees to petition against its launch in China. The relationship between Google and China over the years has been a rocky one.

Genoa search operation ends as bridge death toll rises to 43
They included people from Albania, Colombia, Chile, France, Jamaica, Romania, and Peru, according to the prefecture. Autostrade is controlled by infrastructure group Atlantia, in turn controlled by Italy's Benetton family.

When and where to watch Trent Bridge match on TV, online
However Rahane-Kohli ensured that from lunch to tea, India didn't lose a wicket and added 107 runs in that particular session. Rishabh Pant became only the third wicketkeeper in Test history to hold five catches in his first innings behind the stumps.

Australian teen sparks FBI action after hacking Apple
At Apple's request, authorities did not go into detail regarding the methods the teen used to break into the secure servers. The Age reports that prosecutors told the court that the Australian Federal Police (AFP) raided the teen's home past year .

In tribute to Vajpayee, PM Modi walks the extra mile
Modi said Vajpayee's stewardship had put India on a fast track to growth. Vajpayee suffered a stroke in 2009 and retreated from public view.

Stevie Wonder Remembers His Final Words To A Dying Aretha Franklin
Her most notable appearance was 50 years ago in August 1968, when she was set to perform at Red Rocks. Aretha started her singing career as a young girl, where she sang before her father's congregation.

Sergio Ramos continues Klopp feud with biggest dig yet
They played real football and I think 3 or 4 new players weren't in the squad or didn't start. He said in the pre-Super Cup press conference: "I have given my opinion on the matter".

#GamingBytes: How to install Fortnite on your Android phone?
That's where Fortnite's Limited Time Modes come into play and the latest update brings something new and something even better. Notably, Fortnite is now available for Xbox One, PlayStation 4, Nintendo Switch, PC, iOS, and select Android handsets.

Elton John Posts Heartfelt Tribute to Aretha Franklin
She sang and played magnificently, and we all wept. "As we grieve, we ask that you respect our privacy during this hard time". The National Association for the Advancement of Colored People (NAACP) said her music would inspire people for generations.

Petr Cech will start for Arsenal against Chelsea, says Unai Emery
Arsenal enter a Premier League season with a new manager for the first time in over two decades, with Unai Emery now at the helm in north London .