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President Trump proposed today via Twitter cutting the quarterly financial reporting requirement to a semi-annual basis, a move that would slice into the revenue streams of financial PR firms.
The quarterly system has been long criticized for fostering Wall Street's emphasis on achieving short-term financial gains at the expense of the future growth.
Berkshire Hathaway's Warren Buffett is among Big Business leader to advocate for easing the financial reporting mandate.
Trump tweeted the implementation of his proposal would "allow great flexibility and save money."
He tweeted that "some of the world's top business leaders" told him that dropping the quarterlies "would make business (jobs) even better in the US."
The Securities and Exchange Commission will study Trump's proposal.
The National Investor Relations Institute has not commented on Trump's tweet.
"While NIRI has not taken a public position on the frequency of quarterly earnings reporting, we support efforts to promote long-termism, and we have urged our members to provide longer-term earnings guidance if their companies choose to provide guidance," NIRI spokesperson Ted Allen told O'Dwyer's.
Stagwell CEO Mark Penn reports Q3 net revenues jumped 6 percent to $614.5M, a record performance for a non-political period. Operating income soared 45.7 percent to $60.9M.
Joele Frank works for Klöckner Pentaplast as the German maker of plastic films declares Chapter 11. A successful reorganization would slash its its corporate debt by $1.5B.
Teneo represents Metsera, the New York City biotech focused on weight-control products, which is subject to a bidding war between heavyweights Novo Nordisk and Pfizer.
Haggie Partners is working the $7B takeover of the specialty insurer Convex by Canada’s Onex private equity fund and American International Group.
WPP reported Q3 revenues less pass-through costs tumbled 5.9 percent to $3.3B, a performance new CEO Cindy Rose called “unacceptable.”
