Supreme Court Overturns Chevron Ruling: Biden Administration Warns Of 'Convulsive Shock'
Portfolio Pulse from Michael Juliano
The U.S. Supreme Court has overturned the Chevron doctrine, a 40-year-old decision that allowed the executive branch to interpret ambiguous congressional statutes. This ruling could destabilize the legal system, according to the Biden administration. Stocks of companies in the gun, tobacco, and timber industries had mixed reactions to the news.
June 28, 2024 | 5:25 pm
News sentiment analysis
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NEGATIVE IMPACT
International Paper Company experienced a 0.08% decline in its stock price following the Supreme Court's decision to overturn the Chevron doctrine.
The overturning of the Chevron doctrine could lead to increased regulatory uncertainties for International Paper, contributing to the stock's slight decline.
CONFIDENCE 80
IMPORTANCE 50
RELEVANCE 60
NEGATIVE IMPACT
Phillip Morris International Inc. experienced a 0.33% decline in its stock price following the Supreme Court's decision to overturn the Chevron doctrine.
The overturning of the Chevron doctrine could lead to increased regulatory uncertainties for Phillip Morris, contributing to the stock's decline.
CONFIDENCE 85
IMPORTANCE 60
RELEVANCE 70
NEGATIVE IMPACT
Smith & Wesson Brands, Inc. saw a 2.2% decline in its stock price following the Supreme Court's decision to overturn the Chevron doctrine.
The overturning of the Chevron doctrine could lead to increased legal uncertainties for companies like Smith & Wesson, which may have contributed to the stock's decline.
CONFIDENCE 90
IMPORTANCE 70
RELEVANCE 80
POSITIVE IMPACT
British American Tobacco p.l.c. saw a 0.24% increase in its stock price following the Supreme Court's decision to overturn the Chevron doctrine.
British American Tobacco's slight stock increase suggests that investors may view the ruling as a potential positive, possibly due to reduced regulatory uncertainties.
CONFIDENCE 80
IMPORTANCE 50
RELEVANCE 60
POSITIVE IMPACT
Olin Corporation's stock edged up 0.24% following the Supreme Court's decision to overturn the Chevron doctrine.
Olin Corporation's slight stock increase suggests that investors may see the ruling as a potential positive for the company, possibly due to reduced regulatory uncertainties.
CONFIDENCE 80
IMPORTANCE 50
RELEVANCE 60