Some CEOs are blaming the wild presidential election for their rocky performances or uneven demand. Fred Katayama reports.
Some corporate executives are blaming the election for their poor earnings results. Whirlpool CEO Jeff Fettig said weakening consumer confidence due to the elections caused sales to drop. Dunkin' Brands chief executive Nigel Travis said franchise operators are hesitant to open new doughnut shops because of uncertainty over how the election outcome would impact regulations. And Hilton, which cut its outlook for a revenue metric, said business travel was weak and that the election cycle had dramatically slowed the economy. Oxford Economics' Gregory Daco says the uncertainty related to the elections is just one factor hurting earnings and investment. SOUNDBITE: GREGORY DACO, HEAD OF U.S. MACROECONOMICS, OXFORD ECONOMICS, (ENGLISH) SAYING: "We found that the real factor that is constraining business investment in the end is real weak final demand. And that is the key element when it comes to business investment." But other investors and even some executives say the election is a lame excuse. Pump maker Graco's CEO Patrick McHale says he hasn't heard of a single customer withholding an investment because of the election.