Construction Stocks Tank as Trump’s Infrastructure Plans Fizzle

The predicted boom in construction stocks under President Donald Trump is turning into a bust. Trump promised to deliver a $1 trillion infrastructure early in his first year but is now talking about trying to get one through Congress by year-end, with concern it may be pushed into 2018. Waning optimism is taking a toll on builders such as Fluor Corp. and Chicago Bridge & Iron Co., which already have been hit by cost overruns on major projects. “Clearly we had a pop in all these names with the election,” said Brent Thielman, a construction industry analyst with D.A. Davidson & Co. “As investors are digesting that this is going to take more time — if it happens at all — we’re sort of back to the reality of the market.”

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Source: Bloomberg

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