Trump Trade: President announces $15B libel suit against NY Times

Catch up on the top industries and stocks that were impacted, or were predicted to be impacted, by the comments, actions and policies of President Donald Trump with this daily recap compiled by The Fly:

LIBEL LAWSUIT: Trump said on social media, “Today, I have the Great Honor of bringing a $15 Billion Dollar Defamation and Libel Lawsuit against The New York Times, one of the worst and most degenerate newspapers in the History of our Country, becoming a virtual “mouthpiece” for the Radical Left Democrat Party. I view it as the single largest illegal Campaign contribution, EVER. Their Endorsement of Kamala Harris was actually put dead center on the front page of The New York Times, something heretofore UNHEARD OF! The “Times” has engaged in a decades long method of lying about your Favorite President (ME!), my family, business, the America First Movement, MAGA, and our Nation as a whole. I am PROUD to hold this once respected “rag” responsible, as we are doing with the Fake News Networks such as our successful litigation against George Slopadopoulos/ABC/Disney, and 60 Minutes/CBS/Paramount, who knew that they were falsely “smearing” me through a highly sophisticated system of document and visual alteration, which was, in effect, a malicious form of defamation, and thus, settled for record amounts. They practiced this longterm INTENT and pattern of abuse, which is both unacceptable and illegal. The New York Times has been allowed to freely lie, smear, and defame me for far too long, and that stops, NOW! The suit is being brought in the Great State of Florida. Thank you for your attention to this matter.”

REPORTING: President Donald Trump stated in a Truth Social post, “Subject to SEC Approval, Companies and Corporations should no longer be forced to ‘Report’ on a quarterly basis (Quarterly Reporting!), but rather to Report on a ‘Six (6) Month Basis.’ This will save money, and allow managers to focus on properly running their companies. Did you ever hear the statement that, ‘China has a 50 to 100 year view on management of a company, whereas we run our companies on a quarterly basis???’ Not good!!!”

TIKTOK DEAL: A framework for a deal on TikTok had been reached in trade talks with China in Madrid, in a move that would pave the way for a switch to U.S. ownership, U.S. Treasury Secretary Scott Bessent said on Monday, Reuters’ David Lawder and Pietro Lombardi report. Further details will be determined in a meeting between U.S. President Donald Trump and Chinese Premier Xi Jinping when they speak on Friday, Bessent said. Publicly traded companies in the social media space include Meta Platforms (META), Pinterest (PINS), Reddit (RDDT) and Snap (SNAP).

Oracle (ORCL) is among a consortium of firms that would enable TikTok to continue operations in the U.S. if a framework deal is finalized, Jennifer Jacobs of Richard Escobedo of CBS News report. While it is unclear what the exact structure of the final deal will be, sources with knowledge of the negotiations say it will include multiple companies. “The commercial terms have been agreed upon,” Treasury Secretary Scott Bessent said Monday in Madrid after meetings with Chinese officials on a range of issues, including TikTok.

URANIUM RESERVES: Shares of Uranium producers traded higher on Monday as Bloomberg’s Jonathan Tirone reported that the Trump administration’s top energy official is recommending that the U.S. increases its strategic uranium reserve to buffer against Russian supplies. The report notes that the recommendation should bolster confidence in the long-term prospects of nuclear power generation. Among top uranium producers, Uranium Energy (UEC) was up 11%, Cameco (CCJ) was up 11%, NexTGen Energy (NXE) was up 11%, and Denison Mines (DNN) was up 8%. Share of Oklo (OKLO) also hit record highs above $95 per share, rising 16% on the day.