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Jacobs Engineering Stock Reacted to Trump’s Victory

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Nov. 20 2020, Updated 4:46 p.m. ET

Jacobs Engineering stock 

After Donald Trump won the US presidential election, Jacobs Engineering (JEC) rose 9% on November 9. Other companies such as Fluor Corporation (FLR), Caterpillar (CAT), Aecom (ACM), and Martin Marietta Materials (MLM)—that have construction-related exposure—also gained quite a bit on the same day. The company also benefited from the positive news about it winning certain contacts related to the Australian government’s “smart cities plan” at around the same time. On Jacobs Engineering actually reaping benefits from Trump’s election, it’s important to see whether words on Trump’s website about infrastructure spending and tax cuts translated into action on the ground. For now, the benefits from Trump’s election for Jacobs Engineering are purely speculation.

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Management’s commentary

On being questioned whether the company witnessed any exuberance from customers after the election, Steve Demetriou, the CEO and president of Jacobs Engineering offered the following commentary. He said, “Are we optimistic? Yes. Do we hope all the stuff we read about happens? Of course. And we’ve seen what the Australian elections have done. And we hope that same thing happens in the U.S. And in fact Theresa May’s administration in the UK is reaffirming several of the important nuclear and other projects in that region that are important to us. And so we feel good about what’s going on globally around the political side of positioning our business.”

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