Despite what Donald Trump has said, people are still eating Oreo cookies, buying Carrier air conditioners and shopping at Macy's (M) .
While the presumptive Republican nominee has been vocal about companies that have fallen out of favor with him while stumping on the campaign trail, none have gone under. Surveying the earnings reports of the firms he's suggested his supporters boycott, it appears his words have had little impact.
The presumptive Republican presidential nominee has not minced his words when it comes to blasting his political opponents this election season (see: Lyin' Ted, Little Marco, Crooked Hillary, Goofy Elizabeth Warren and, most recently, Crazy Bernie). He has shown no qualms about lambasting number of corporate enemies, either.
The list of companies Trump has attacked and encouraged boycotting is long and varied, and the reasons for his disdain fluctuate as well. With some entities, the beef is personal -- he told supporters to stop shopping at Macy's in retaliation for the department store dropping his clothing line and insisted viewers tune out of 21st Century Fox's (FOXA) Fox News over a dustup with host Megyn Kelly. In other instances, his grievance has been more general, such as his declaration he'll never again eat Oreos in the wake of the cookie maker's move of a plant to Mexico.
But just because Trump doesn't like a company or its products doesn't mean people aren't buying. His corporate enemies have produced mixed results this earnings season, but there is no evidence any of it is related to him.
"My sense is that companies have not seen a material impact to their operations, financial performance or stock performance as a result of these kind of comments and assertions," said Scott Kessler, analyst at S&P Global Market Intelligence.
Mondelez (MDLZ) , the company behind the Oreos brand, beat analysts' estimates with its first quarter results, reporting earnings of 48 cents per share in late April. Moreover, the cookie contributed to the company's positive numbers. Mondelez's power brands division, which includes Oreo, grew 3.8% in the first quarter, and its healthier Oreo alternative, Oreo Thins, gave it a boost as well.
Trump's Oreo ire has also given fodder to Stephen Colbert.
United Technologies (UTX) , the parent company of another Trump foe, beat Wall Street expectations with its earnings as well and also with a boost from the root of the real estate magnate's grievance.
Trump has hammered United Technologies unit Carrier consistently on the campaign trail over its decision to move two of its Indiana plants to Mexico, taking 2,100 jobs with it. He has said he would put a 35% tax on items the company ships from across the border and has pledged to never buy a Carrier air conditioner again (even though the jobs in question are related to furnaces).
Despite his barrage of attacks, Carrier and United Technologies are doing just fine, reporting first-quarter earnings of $1.47 per share, well above the anticipated $1.39, on $13.36 billion in revenue. Moreover, the firm's cost-cutting measures -- including moves to more budget-friendly locations -- helped improve the bottom line.
Ford (F) , which Trump has criticized over its Mexico plans as well, hasn't seen a ding in its earnings, either.
The billionaire has regularly bashed the automaker on the stump over its Mexican factories (in October, he mistakenly took credit for the company's decision not to go ahead and build new plants there, even though no such decision had been made).
CEO Mark Fields responded to Trump's criticisms last year, saying that it is "really unfortunate when facts get muddled in the fog of politics" and reaching out directly to the candidate with information on Ford's investments in America. Trump appears not to be convinced by the outreach, in April calling Ford's $1.6 billion investment in a new Mexican assembly plant an "absolute disgrace."
But for Ford, Trump's opinion appears not to matter: The car company reported better-than-expected earnings of 68 cents per share for the first quarter.
To be sure, not all of Trump's corporate enemies are hitting home runs lately. But the shortcomings can't really be traced back to him.
The presumptive GOP nominee jumped on the dump Starbucks (SBUX) bandwagon in November after the coffee giant revealed plain red holiday cups. "I have one of the most successful Starbucks, in Trump tower," he said at a Springfield, Ill. campaign rally, reported on by CNN. "Maybe we should boycott Starbucks? I don't know. Seriously, I don't care. That's the end of the lease, but who cares?"
Coffee fanatics didn't abandon Starbucks during the holiday season -- it delivered record revenues for the first fiscal quarter of 2016, ending in December. Its strong holiday performance was a major driver of growth in the U.S. and the Americas.
Starbucks' second-quarter earnings of 39 cents per share on $4.99 billion in revenue, reported in in April, were relatively in line with Wall Street expectations. But even if its numbers didn't exactly cause fireworks, it has nothing to do with Trump. If it had, we would have seen it during the holidays.
"It really hasn't affected Starbucks," said New York-based foodservice industry consultant Malcolm Knapp. "It hasn't hurt them at all, in fact, I'm sure Dunkin Donuts would be glad to trade comps with them."
One of the most-watched stocks on the market today, and a company that has recently been struggling, has also been caught in the Trump crossfire: Apple (AAPL) . But its issues aren't at all related to The Donald.
The businessman called for a boycott of Apple products in February in reaction to the tech company's refusal to help the FBI break into the iPhone of one of the San Bernardino terrorists. "Apple ought to give the security for that phone, OK. What I think you ought to do is boycott Apple until such a time as they give that security number. How do you like that? I just thought of it. Boycott Apple," he told supporters.
And lately, Apple has much bigger fish to fry than Trump anyway (i.e., China).
The Cupertino, Calif.-based company soundly missed Wall Street expectations with its fiscal second-quarter earnings results, released in April. It reported earnings of $1.90 per share on $50.56 billion in revenue, well below the anticipated $2 a share on $51.97 billion.
The company also revealed that it is experiencing its first-ever weakening in demand for its smartphones -- but that's likely not due to Trump. Even he didn't follow his own orders, tweeting from an iPhone right after calling for the boycott.
"Are people really not going to buy an iPhone because Donald Trump doesn't want them to?" said chief investment officer at financial services company First American Trust. "That remains to be seen."
Thus far, it would appear that the answer is "no."
As for Macy's, which is among Trump's earliest and most personal foes this election season, it has been having a rough go as well. The retailer reported its first-quarter earnings Wednesday, revealing a 7.4% drop in sales for the period -- its fifth straight quarter of decline.
The company's problems aren't related to Trump -- in its earnings release, CEO Terry Lundgren points to low consumer spending levels and headwinds from international shoppers -- but that hasn't stopped him from enjoying them. Back in January, he took to Twitter to poke at the company's woes.
.@Macys was one of the worst performing stocks on the S&P last year, plunging 46%. Very disloyal company. Another win for Trump! Boycott.— Donald J. Trump (@realDonaldTrump) January 7, 2016
This time around, mum's the word from Trump, who is trying to act more presidential.
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