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Tractor Supply warned that climate change and lack of diversity would hurt its business. Now it’s ignoring those risks
CNN New York —
In February, Tractor Supply Co., known for selling animal feed, pet food and lawn and garden equipment to hobby farmers, told investors that climate change was a significant threat to its business.
Any delay or failure to meet its targets of reducing emissions by 50% within six years and reaching net-zero emissions by 2040 could harm the “public perception of our business, employee morale, customer or shareholder support” and its financial performance, the company said. he said in its annual report.
Tractor Supply also warned it could suffer similar business consequences if it failed to deliver on its five-year diversity, equity and inclusion (DEI) plan to increase spending by 35% with diverse suppliers and boost the representation of people of color at management levels and above in the company by 50%.
Hal Lawton, the chief executive of the Brentwood, Tennessee-based company, said the moves “make a lot of business sense for Tractor Supply.”
But Tractor Supply has decided that all those risks are now worth ignoring.
The company announced last month that it will withdraw its carbon reduction targets and eliminate jobs and goals focused on diversity, equity and inclusion. It will also stop sponsoring LGBTQ+ Pride festivals and voting campaigns, as well as sending data to the Human Rights Campaign, one of the largest LGBTQ+ nonprofit advocacy groups in the United States.
By backing away from diversity and climate goals, Tractor Supply has become the latest corporate giant to back downt of progressive initiatives it once championed, joining Bud Light, Target and others. While the company’s changes have appeased some customers, they have damaged its reputation with other customers and employees and could pose the kind of risks the brand recently warned about.
Tractor Supply is “trying to thread the needle,” said Nooshin Warren, a marketing professor at the University of Arizona who studies corporate activism and corporate political culture. “They’re trying to keep both sides happy, which usually never happens.”
Steve Helber/AP
John Boyd, head of the National Black Farmers Association, called on Tractor Supply CEO Hal Lawton to resign.
Tractor Supply, she noted, has become a more diverse company in recent years, and the company’s decision could alienate employees. Racial and ethnic minorities make up 18 percent of its approximately 50,000 employees and 33 percent of its board of directors, and it has received strong ratings from the Human Rights Campaign for LGBTQ+-inclusive policies.
Tractor Supply’s reversal came after Robby Starbuck, who launched an unsuccessful 2022 bid for Tennessee’s 5th Congressional District and now hosts a podcast, waged a weeks-long campaign on X urging customers to boycott Tractor Supply and contact its corporate leadership about the company’s LGBTQ+ hiring and DEI initiatives.
“It’s time to expose Tractor Supply,” he first posted June 6, calling attention to corporate components like “LGBTQIA+ events at work” and “a DEI council.”
Another conservative political candidates, activists and customers began criticizing the company on social media and said they would stop buying from the network.
“We have heard from customers that we have let them down,” Tractor Supply said. “We take that feedback seriously.”
“Going forward,” Tractor Supply said, “we will ensure that our activities and giving are directly tied to our business.” The company said that while it is ending DEI goals and carbon emissions targets, it will still ensure a “respectful environment” and focus on land and water conservation efforts.
But Tractor Supply’s reversal has already caused outrage.
The National Black Farmers Association, a nonprofit advocacy group representing 130,000 Black farmers and their families, called for Lawton to resign and said the company has “little respect for (Black) farmers.”
“They’re sending the wrong signal to America at the wrong time in history,” John Boyd, the organization’s president, told CNN. “America is not just white men. It’s made up of a lot of different people. They have a lot of people they’re offending.”
Boyd, a fourth-generation farmer who is a Tractor Supply shareholder and customer and frequently buys feed, mineral blocks and fencing from the chain, said many Black farmers depend on Tractor Supply for their supplies. He feels the company has “caved into hard right-wing nonsense” and plans to stop buying from the chain.
A gay tractor supply store manager in upstate New York has resigned and told the city newspaper that the company “betrayed” employees and customers.
Tractor Supply declined to comment on these statements.
Tractor Supply has a broad customer base.
The company has more than 2,400 stores in 49 states and targets recreational farmers, ranchers, pet and animal owners who live primarily in cities outside major metropolitan areas and in rural communities.
Rural areas tend to be more politically conservative than urban areas. In 2020, Republican candidate Donald Trump won 65% of rural voters, according to Bank. But suburban areas are more divided politically — in 2020, Democratic candidate Joe Biden won 54% of suburban voters.
Tractor Supply’s customer base has historically been primarily older men, who lean Republican, but Tractor Supply has increasingly tried to appeal to millennials and women, who tend to favor Democrats. Since the pandemic, the company has gained ground among younger consumers who moved from cities.
“Customer demographic trends continue to be younger and more female than they were before the pandemic,” Lawton said last year.
Tractor Supply’s reversal could hurt it with these customers, who could be crucial as the company’s historic base ages and exits the market.
“Tractor Supply Co. is turning its back on its own neighbors with this shortsighted decision,” Eric Bloem, vice president of corporate advocacy and programs at the Human Rights Campaign, told CNN in a statement Saturday. “LGBTQ+ people live in every zip code in this country, including rural communities. We are shoppers, farmers, veterans, and agriculture students.”
Squirrelwood Equine Sanctuary, a New York animal sanctuary that says it spends more than $65,000 annually at Tractor Supply, said it plans to stop buying from the chain.
“We never asked for a pride flag out front. We expect respect and inclusion. You have lost our business and any semblance of respect we might have had,” the nonprofit said. he said in X.
Particularly after the killing of George Floyd by a Minneapolis police officer in May 2020, companies have implemented policies aimed at diversifying their workforces and welcoming customers of all backgrounds.
But Tractor Supply’s reversal is part of a larger corporate retreat on DEI programs and environmental goals.
Many of these efforts are now under attack from right-wing activists, entrepreneurs like Bill Ackman and Elon Musk, among others.
The backlash also comes amid a wave of legislation in Republican-led states to restrict LGBTQ rights and cut DEI programs at colleges and universities, along with lawsuits to block 401(k) plan managers from considering climate change and other environmental, social and governance (ESG) factors when selecting investments.
Right-wing groups have threatened boycotts against brands like Bud Light, Disney and Nike to reverse their inclusion efforts. They’ve even gone after Chick-fil-A for its diversity programs and Cracker Barrel for selling vegetable sausagesbrands traditionally seen as conservative.
Jeff Chiu/AP
Right-wing activists have attacked Bud Light following its partnership with a transgender influencer.
Last year, Bud Light’s partnership with transgender influencer Dylan Mulvaney sparked an anti-trans backlash and a months-long boycott of the beer brand, during which the company failed to take a firm stance in support of Mulvaney and the transgender community. boycott and subsequent lukewarm responseParent company Anheuser-Busch InBev lost up to $1.4 billion in sales, as well as its credibility with a major LGBTQ+ nonprofit.
Last month, retailer Target said it would limit how many stores would bring its Pride-themed collection to adults after a boycott by right-wing activists last summer led to a sharp drop in sales.
Many companies are “pulling back,” said Nooshin Warren of the University of Arizona. “It seems like pulling back is now the trend.”
CNN’s Eva Rothenberg contributed to this article.
The spotlight next week will shift somewhat to the Federal Reserve’s second-quarter earnings season and monetary policy. Market watchers will be treated to results from several major names, including Dow 30 components Goldman Sachs (GS), UnitedHealth (UNH), Johnson & Johnson (JNJ) and American Express (AXP), along with streaming giant Netflix (NFLX).
The Fed will still attract some attention as investors will be eager to hear from a packed lineup of central bank speakers just before the policy meeting lockout period.
In terms of the economic calendar, after fifteen days of labor market and inflation indicators, activity data will gain momentum in the form of the latest retail sales and industrial production reports.
Earnings Highlight: Monday, July 15 – Goldman Sachs (GS) and BlackRock (Black). See the full earnings calendar.
Earnings Highlight: Tuesday, July 16 – UnitedHealth (UNH), Bank of America (BAC), Progressive (PGR), Morgan Stanley (IN), PNC Financial (PNC) and JB Hunt Transport (JBHT). See the full earnings calendar.
Earnings Highlight: Wednesday, July 17 – Johnson & Johnson (JNJ), US Bancorp (USB), Morgan Children (KMI), United Airlines (UAL) and Ally Financial (ALLY). See the full earnings calendar.
Earnings Highlight: Thursday, July 18 – Netflix (NFLX), Abbott Laboratories (ABT), Black stone (BX), Domino’s pizza (ZDP) and Taiwan Semiconductor Manufacturing (TSM). See the full earnings calendar.
Earnings Highlight: Friday, July 19 – American Express (AXP), Halliburton (THANKS) and Travelers (VRT (return to recoverable value)) See the full earnings calendar.
IPO Observation: Hospital and healthcare clinic operator Ardent Health Partners (TARDT), insurance service provider Twfg (TWFG) and the biotechnology company Lirum Therapeutics (LRTX) are expected to price their IPOs and begin trading next week. The analyst quiet period ends at Rectitude (RECT) to free up analysts to publish ratings.
Police cars outside the residence of Thomas Matthew Crooks, the suspected shooter at a Trump rally on Saturday, investigate the area in Pennsylvania. Following the incident, one rally attendee was killed, two rally attendees are in critical condition and Donald Trump suffered a non-fatal gunshot wound. The shooter is dead after being shot dead by the United States Secret Service. (Photo by Kyle Mazza/Anadolu via Getty Images)
Investors will initially favor traditional safe-haven assets and may lean toward trades more closely tied to former President Donald Trump’s chances of winning the White House after he survived an assassination attempt, according to market watchers.
“There will undoubtedly be some protectionist or safe-haven flows into Asia early this morning,” said Nick Twidale, chief market analyst at ATFX Global Markets. “I suspect gold could test all-time highs, we’ll see the yen being bought and the dollar, and flows into Treasuries as well.”
Early market commentary suggested Trump’s shooting at a rally in Pennsylvania on Saturday could also prompt traders to increase his likelihood of success in the November election. His support for looser fiscal policy and higher tariffs is generally seen as likely to benefit the dollar and weaken Treasuries.
An indicator of market sentiment heading into the weekend: Bitcoin surged above $60,000, likely reflecting Trump’s pro-crypto stance.
Other assets positively linked to the so-called Trump trade include stocks of energy companies, private prisons, credit card companies and health insurers.
Traders will also be closely watching market measures of expected volatility on Monday, such as those in the tariff-sensitive Chinese yuan and Mexican peso, which have begun to price in the U.S. vote.
Trump said he was shot in the right ear after a shooting at his rally. His campaign said in a statement that he was “fine” after the incident, which prompted him to rush off the stage.
“Currencies will be the first major market on Monday in Asia to react to the weekend’s shots. There’s potential for extra volatility, and getting a clear reading could be especially difficult because liquidity will be hurt by Japan’s national holiday,” said Garfield Reynolds, Asia team leader for Bloomberg Markets Live.
Strategists had already expected a volatile run-up to the election, particularly as Democrats are still agonizing over President Joe Biden’s candidacy after his poor performance in last month’s debate raised questions about his age. Investors were also grappling with the possibility that the election could end in a drawn-out dispute or political violence.
But there is little precedent for events like those in Pennsylvania. When President Ronald Reagan was shot four decades ago, the stock market plunged before closing early. The next day, March 31, 1981, the S&P 500 rose more than 1% and benchmark 10-year Treasury yields fell 9 basis points to 13.13%, according to data compiled by Bloomberg.
Bond investors should pay particular attention as the attack is likely to boost Trump’s election chances and ultimately lead to concerns about the fiscal outlook, according to Marko Papic, chief strategist at California-based BCA Research Inc.
“The bond market must at some point become aware of President Trump’s greater chances of winning the White House than any of his rivals,” Papic wrote. “And I continue to believe that as his chances increase, so too must the likelihood of a bond market revolt.”
Kyle Rodda, senior financial markets analyst at Capital.com, said he was seeing client flows into Bitcoin and gold following the shooting.
“This news marks a turning point in American policy norms,” he said. “For markets, it means safe-haven trades, but more tilted toward non-traditional safe-havens.”
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Jio Financial share price: Should you buy this Reliance group stock on Monday ahead of Q1 FY2024 results?
Q1 2024 Results: Jio Financial Share Price will be in focus on Monday as the Reliance Group company has a fixed board meeting on July 15, 2024 to consider and approve the company’s unaudited standalone and consolidated financial results. Trust Group company informed about the Q1 2024 Results date on Wednesday last week via an exchange filing. According to stock market experts, Jio Financial Services Limited is poised to deliver impressive Q1 results for FY25 on solid operating income. They have forecast a healthy QoQ PAT for the company in Q1 FY25.
Jio Financial Services News
Speaking on the Jio Financial Services Q1 2024 results, Manish Chowdhury, Head of Research, StoxBox, said, “We believe Jio Financial Services is poised to deliver impressive results in Q1FY25 aided by its operating income, which is likely to show robust growth driven by strong investment income, which in turn should lead to healthy PAT growth on a sequential basis. Jio Financial Services continues to make strategic moves such as launching digital products and expanding its ecosystem, with a clear focus on future growth. The company has announced plans to introduce products for lending against stocks and mutual funds, leveraging Jio’s large user base, which could be a significant growth driver in the coming quarters.”
“Furthermore, with the NBFC receiving RBI approval to become a primary investment company, Jio Financial Services is well-positioned to unlock value from its investments. Overall, we expect the company to report robust numbers in the upcoming quarter,” the StoxBox expert added.
Jio Financial Stock Target Price
Speaking about the technical outlook of Jio Financial share price, Ganesh Dongre, Senior Manager, Technical Research at Anand Rathi, said, “Jio Financial Services share price is poised to make a fresh high at the ₹260 apiece level. If the stock breaks above this mark, the Reliance Group stock could make a fresh high by touching the ₹290-₹295 zone. Hence, those with Jio Finance stock in their portfolio are advised to stick to the script by keeping a stop loss at ₹205. If the stock breaks above ₹260 decisively, then one can upgrade the stop loss at ₹240 for the near-term target of ₹295.”
On the advice to new buyers regarding Jio Financial stock, Ganesh Dongre said, “New buyers are advised to wait for the breakout. Once the stock breaks above ₹260, one can buy this Reliance Group stock at the short term target of ₹295, keeping a stop loss of ₹240 apiece.”
Disclaimer: The views and recommendations made above are those of individual analysts or brokerage firms, and not of Mint. Investors are advised to consult with certified experts before making any investment decisions.
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