Kennametal Inc
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Industrials : Machinery | Small Cap Blend
Company profile

Kennametal Inc. is a supplier of tooling, engineered components and materials consumed in production processes. The Company operates through two segments: Industrial and Infrastructure. The Industrial segment generally serves customers that operate in industrial end markets, such as transportation, general engineering, aerospace and defense. The Infrastructure segment generally serves customers that operate in the earthworks and energy sectors supporting primary industries, such as oil and gas, power generation, underground, surface and hard-rock mining, highway construction and road maintenance. It provides wear-resistant products, application engineering and services backed by material science serving customers across various sectors. The Company's product offerings include a selection of standard and customized technologies for metalworking, such as metal cutting tools, tooling systems and services, as well as materials, such as cemented tungsten carbide products and super alloys.

Closing Price
$28.26
Day's Change
0.59 (2.13%)
Bid
--
Ask
--
B/A Size
--
Day's High
29.24
Day's Low
27.81
Volume
(Light)
Volume:
352,548

10-day average volume:
672,111
352,548

Facebook's Zuckerberg was reportedly talked out of making moves against Trump as far back as 2015

7:39 pm ET June 28, 2020 (MarketWatch)
Print

By Mike Murphy

Instead, Facebook eased its policies, Washington Post reports; meanwhile, advertiser boycott continues to grow

Facebook Inc. Chief Executive Mark Zuckerberg reportedly wanted to remove an incendiary post by then-candidate Donald Trump as far back as 2015, but was convinced instead to change Facebook's rules to allow such posts in the name of political discourse.

The Washington Post reported Sunday (https://www.washingtonpost.com/technology/2020/06/28/facebook-zuckerberg-trump-hate/)that Trump's 2015 video post calling for a ban on Muslim immigrants drew outrage by many senior Facebook leaders, including Zuckerberg, who at first wanted it to be taken down. But Zuckerberg was talked out of removing the post by other senior executives, including Joel Kaplan, Facebook's vice president of global policy and its most prominent Republican executive, and the company instead created an allowance for controversial political discourse that prevented such posts from violating community standards, the Post reported, citing sources and internal documents.

Among the issues debated during discussions over the posts were "PR risks," the Post reported.

The Post also reported that in 2016, Zuckerberg was also talked out of writing a post condemning Trump's call to build a border wall with Mexico, after advisers warned Zuckerberg that it would look like he was taking sides.

Such moves to appease paved the way for Trump and other world leaders, such as Brazil's President Jair Bolsonaro, to post inflammatory content with little consequence. For years, Facebook has stood by its approach despite much criticism. "Facebook shouldn't be the arbiter of truth," Zuckerberg told Fox News (http://www.marketwatch.com/story/facebook-shouldnt-be-the-arbiter-of-truth-zuckerberg-tells-fox-news-2020-05-27)during a May interview.

The Post's report Sunday came as Facebook (FB) is facing a growing employee revolt (http://www.marketwatch.com/story/facebook-workers-revolt-against-zuckerberg-as-trump-posts-continue-to-go-unchallenged-2020-06-01)and advertiser boycott over its hands-off policy toward misinformation and inflammatory speech.

On Friday, Zuckerberg announced policy changes (http://www.marketwatch.com/story/facebook-shares-drop-7-as-unilever-halts-advertising-prompting-changes-at-social-networking-giant-2020-06-26)intended to reduce hateful content and misinformation on the platform, saying Facebook will now block content that is hateful or intended to hinder the voting process, even in posts by politicians.

Still, major advertisers are yanking their Facebook ads, at least temporarily, following pressure from the #StopHateforProfit campaign started by civil rights groups. On Sunday, Starbucks Corp. (SBUX) announced it will "pause" all advertising (http://www.marketwatch.com/story/starbucks-pulling-ads-from-starbucks-and-other-social-media-platforms-2020-06-28)on social-media platforms, following similar recent announcements by companies such as Coca-Cola Co. (KO) , Verizon Communications Inc. (VZ) and Unilever NV (UNA.AE) . PepsiCo Inc.(PEP) has also "quietly" joined the ad boycott, Fox Business reported (https://www.foxbusiness.com/markets/pepsi-facebook-ad-boycott).

Facebook makes nearly all its money on advertising, and its shares sank more than 8% on Friday as the boycott list grew. Facebook shares are up 5.3% year to date, compared to the S&P 500's 6.9% decline this year.

-Mike Murphy; 415-439-6400; AskNewswires@dowjones.com

(END) Dow Jones Newswires

June 28, 2020 19:39 ET (23:39 GMT)

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