There was a U-turn to a U-turn (A circle if you will. Or 360 if you're hip.) with the New York Stock Exchange reversing its reversal. OK, OK, let me clarify. The NYSE is moving ahead with its plans to delist three Chinese telecommunications stocks from the exchange.
So let's recap.
In a brief statement late Monday, the NYSE had said that "in light of further consultation with relevant regulatory authorities" the three stocks would remain listed despite an Executive Order from President Donald Trump in November that banned investments by U.S. citizens into 35 companies with alleged ties to the Chinese military.
And then Treasury Secretary Steven Mnuchin made a call to NYSE President Stacey Cunningham, per reports, which sparked the headlines claiming that the NYSE was mulling the second U-turn.
And on Wednesday, CNBC reported that the NYSE had officially decided to delist the companies, leading to the end of a saga that leaves this reporter--and perhaps investors--more baffled than anything.
Cramer hypothesized that pressure from the White House may have been the catalyst for the reversal of the decision reversal. "The President is still capable of creating havoc," Cramer said.
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