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$GE General Electric sees with its first insider sales in over a year, totaling $18,000,000.
By: TrendSpider | May 13, 2023
• $GE General Electric sees with its first insider sales in over a year, totaling $18,000,000.
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General Electric (GE) Shares Sold by Nwam LLC
By: MarketBeat | May 4, 2023
• Nwam LLC lowered its position in General Electric (NYSE:GE) by 5.6% in the fourth quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The firm owned 53,986 shares of the conglomerate's stock after selling 3,229 shares during the period. Nwam LLC's holdings in General Electric were worth $4,524,000 as of its most recent filing with the Securities & Exchange Commission...
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What will be left?
Aircraft engines and washing machines?
They’ve got a new plan. Since they spun healthcare off earlier this year it’s gone straight up. Spinning off power end of year. Will be 3 separate companies, having nothing to do with each other.
I'm surprised.
I gave up on GE years ago.
$GE Solid breakout continuation this month, now testing the 2016 high anchored VWAP for the first time in over a year.
By: TrendSpider | April 22, 2023
• $GE Solid breakout continuation this month, now testing the 2016 high anchored VWAP for the first time in over a year.
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Earnings Preview: General Electric (GE)
By: 24/7 Wall St. | April 21, 2023
General Electric
Over the past 12 months, shares of General Electric Co. (NYSE: GE) have added more than 9%. On Thursday, the stock broke through the $100 per share barrier for the first time in five years. The stock price has nearly doubled in the past six months and has risen more than 50% so far in 2023. The successful spin-off of its health care business will be followed early next year by the spin-off of its energy business, leaving the booming aerospace division as the new GE.
Analysts remain bullish on the stock. There are 16 Buy or Strong Buy ratings, along with four Hold ratings, among the 20 brokerages covering the stock. At a recent price of around $100.00 a share, the potential upside to a median price target of $104.00 is 4%. At the high target of $120.00, the upside potential is 20%.
First-quarter revenue is forecast at $13.46 billion, which would be down 38.2% sequentially and 21.0% lower year over year. Adjusted EPS are forecast at $0.14, down 89% sequentially and by 41.7% year over year. For the full 2023 fiscal year, analysts expect GE to report EPS of $1.98, down 24.3%, on sales of $62.81 billion, down 18%. First-quarter numbers for the prior quarter and the prior year include health care operations that were spun off in January.
GE stock trades at 50.4 times expected 2023 EPS, 25.1 times estimated 2024 earnings of $3.97 and 19.2 times estimated 2025 earnings of $5.20 per share. The stock’s 52-week trading range is $59.93 to $100.47, and GE pays an annual dividend of $0.32 (yield of 0.32%). Total shareholder return for the past 12 months was 40.7%.
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Call Traders Score Huge Profit on General Electric (GE) Stock
By: Schaeffer's Investment Research | April 21, 2023
• A bullish position on General Electric (GE) netted traders a 209% profit
• This profit took place in around three trading days
Last week, subscribers to our Expiration Week Countdown service scored a 209% profit on our recommended General Electric Company (NYSE:GE) April 21, 95-strike call recommendation. Below, we'll unpack the reasoning for the bullish stance on the former Dow stock.
At the time of this recommendation on Sunday, April 16, GE was breaking higher from a retracement back to an uptrend line and support area around the $93-$94 area. The shares' 80-unit moving average on the hourly chart was stepping up as support. Despite the favorable technical setup, TD Ameritrade client's were net sellers over the previous two months, so an unwinding of these bearish bets could help the shares higher.
General Electric stock's relative strength index (RSI) on the charts also confirmed a move out of a short-term consolidation zone.
In the span of a week, GE added 4.6%, culminating in a new record high of $100.80 on Thursday. One day prior, we closed 100% of the position, allowing subscribers to more than triple their money in the span of three trading days.
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GE offered H Tracy hall $10 for his invention
$GE General Electric with the mother-of-all falling wedge breakouts in March, this one could just be getting started!
By: TrendSpider | April 3, 2023
• $GE General Electric with the mother-of-all falling wedge breakouts in March, this one could just be getting started!
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Douglas Lane & Associates LLC Boosts Stock Position in General Electric (GE)
By: MarketBeat | March 23, 2023
• Douglas Lane & Associates LLC raised its position in shares of General Electric (NYSE:GE) by 11.3% in the 4th quarter, according to the company in its most recent disclosure with the SEC. The fund owned 1,006,310 shares of the conglomerate's stock after buying an additional 102,568 shares during the quarter. General Electric comprises about 1.4% of Douglas Lane & Associates LLC's investment portfolio, making the stock its 21st largest holding. Douglas Lane & Associates LLC owned approximately 0.09% of General Electric worth $84,319,000 at the end of the most recent reporting period...
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$GE Opening OTM sweepers in 05/19 $100 CALLS
By: Money Flow Mel | March 23, 2023
• $GE Opening OTM sweepers in 05/19 $100 CALLS.
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General Electric Co. (GE) Nailed their investor day. Maintained guidance and making money now
By: Options Mike | March 12, 2023
• $GE nailed their investor day. Maintained guidance and making money now.
Tough chase up here, at least let the 8D catch up.
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I hope he DID short it and I hope he loses a bundle.
GE stock jumps toward near 2-year high after affirming 2023 outlook at investor gathering
By: Morningstar | March 9, 2023
Shares of General Electric Co. (GE) rallied 2.6% toward a near two-year high in premarket trading Thursday, after the aerospace, power and renewable energy company affirmed its full-year guidance at its investor conference. The company said it expects 2023 adjusted earnings per share of $1.60 to $2.00, organic revenue growth in the high-single-digit percentage range and free cash flow of $3.4 billion to $4.2 billion, which is what the company said it expected when it reported fourth-quarter results on Jan. 24. GE HealthCare Technologies Inc. (GEHC) completed its separation from GE on Jan. 3, while GE Aerospace and GE Vernova are expected to become independent in early 2024. "The future is bright at GE," said Chief Executive Larry Culp. "We are operating from a stronger foundation and as a fundamentally simpler business that is creating significant value today and going forward." The stock was on track to open at the highest price seen during regular-session hours since June 3, 2021. It has soared 36.9% over the past three months and run up 22.2% over the past 12 months, while the S&P 500 has gained 1.5% the past three months and lost 6.7% the past year.
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General Electric Co. (GE) Very nice chart still, needs to clear 84 and can break out
By: Options Mike | February 26, 2023
• $GE Very nice chart still, needs to clear 84 and can break out.
Nice r/s.
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Canada Pension Plan Investment Board Buys 195,503 Shares of General Electric (NYSE:GE)
By: MarketBeat | February 22, 2023
• Canada Pension Plan Investment Board boosted its stake in shares of General Electric (NYSE:GE) by 53.6% during the 3rd quarter, according to its most recent 13F filing with the SEC. The firm owned 560,543 shares of the conglomerate's stock after buying an additional 195,503 shares during the period. Canada Pension Plan Investment Board owned approximately 0.05% of General Electric worth $34,703,000 at the end of the most recent quarter...
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Billionaire investor Jim Chanos says short on GE shares - CNBC
By: Investing.com | February 22, 2023
(Reuters) - Jim Chanos is short on General Electric (NYSE:GE) Co, the billionaire investor said in a CNBC interview on Wednesday.
Chanos added the company's fair value was "way below" its current stock price, which pared gains after the comment and was last trading up 0.6% at $82.63.
GE in January forecast a lower-than-expected full-year adjusted profit as it struggles with ongoing supply chain disruptions and persistent problems at its money-losing renewable energy business.
The short-seller also said he was short on cryptocurrency exchange Coinbase (NASDAQ:COIN) Global Inc, adding it did not seem to have sustainable income sources.
GE and Coinbase did not immediately respond to Reuters' requests for comment.
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Gentle and Generous...........as they come
Generas Electric and Generas Motors are targets for shorteners again
Game Creek Capital LP Takes $387,000 Position in General Electric (GE)
By: MarketBeat | January 25, 2023
• Game Creek Capital LP bought a new stake in shares of General Electric (NYSE:GE) in the third quarter, according to its most recent filing with the Securities and Exchange Commission. The institutional investor bought 6,250 shares of the conglomerate's stock, valued at approximately $387,000...
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GE rises after strong update for aerospace business
By: Geoffrey Smith | January 24, 2023
Investing.com -- General Electric (NYSE:GE) stock rose in premarket trading on Tuesday after the industrial giant beat forecasts in the final quarter of 2022 and predicted another strong year ahead for its aerospace business in particular.
GE, which is still working through a multi-year program to cut debt and simplify its sprawling operations, said adjusted earnings per share in the three months through December rose by more than 50% from a year ago to $1.24. That was ahead of expectations for $1.15 and represented nearly half of the company's earnings for the whole year. Revenue also came in ahead of expectations at $21.79 billion, up 7% on the year, while free cash flow rose 16% to $4.29B.
For the coming year, GE said it expects adjusted EPS - excluding GE HealthCare which is now a standalone company - to total between $1.60 and $2.00, while organic revenue is expected to grow by just under 10% and free cash flow is seen in a range around $3.80B.
GE's aerospace division is set to enjoy the significant tailwind of the recovery in international travel this year, as China joins most of the rest of the world in lifting public health restrictions on air passengers after its shift away from the Zero-COVID strategy at the end of 2022. It added that it also expects military aerospace orders to deliver "significant profit growth" for the division this year, against the backdrop of increased defense spending across the West due to the war in Ukraine.
GE expects aerospace revenue to grow by a little under 20% this year, with an operating profit of around $5.5B.
By contrast, its power divisions, which incorporate both renewables and gas and steam turbines, are still struggling for profitability, with the anticipated boost from the Biden administration's Inflation Reduction Act and all its support for domestic green energy initiatives still some way out in the future. GE Vernova, which houses the power business, is expected to lose between $200M and $600M at an operating level this year, with revenue growth likely to come in below 5%.
By 07:30 ET (12:30 GMT), GE stock was up 0.6% in premarket, outperforming the broader S&P 500 and Dow futures, as the outlook for the aerospace division outweighed the weak guidance for Vernova.
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GE $1.6 Million Put • Strike: 74 • Expiration: 1/27/23
By: Cheddar Flow | January 23, 2023
• $GE $1.5M OTM Put
Strike: 74
Expiration: 1/27/23
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Earnings Preview: General Electric Co. (NYSE: GE)
By: 24/7 Wall St. | January 20, 2023
• Here is a look at five companies set to report quarterly results early Tuesday morning.
General Electric
Over the past 12 months, shares of General Electric Co. (NYSE: GE) have slipped by more than 23%. The shares dipped to their 52-week low in early July and have bounced more than 66% higher since. On January 3, GE spun off its Healthcare business into a new company, GE HealthCare Technologies Inc. (NASDAQ: GEHC), and GE shares have added 15.9%, and GE HealthCare shares have added 14.2% since the split. Following a spinoff of its energy businesses next year, GE will become solely an aerospace company.
Analysts remain bullish on the stock. There are 16 Buy or Strong Buy ratings, along with five Hold ratings, among the 21 brokerages covering it. At a share price of around $76.90, the potential upside to a median price target of $85.00 is about 11.8%. At the high target of $110.00, the upside potential is about 43%.
Fourth-quarter revenue is forecast at $22.11 billion, up 15.9% sequentially and by 8.9% year over year. Adjusted EPS are forecast at $1.16, up more than 230% sequentially and by 26.1% year over year. For the full 2022 fiscal year, analysts expect GE to report EPS of $2.55, up 20.4%, on sales of $76.8 billion, up 3.5%.
GE stock trades at 30.1 times expected 2022 EPS, 31.3 times estimated 2023 earnings of $2.56 and 18.6 times estimated 2024 earnings of $4.13 per share. The stock’s 52-week range is $59.93 to $101.91, and GE pays an annual dividend of $0.32 (yield of 0.4%). Total shareholder return for the past 12 months was negative 1.7%.
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Pos co by a ceo that will kill people o. These engines soon
General Electric Stock, The Sum of All Parts Strategy is Paying Off
By: MarketBeat | January 16, 2023
• Industrial power solutions company General Electric Company (NYSE: GE) stock has climbed over 20% in 2023 as positive sentiment for its restructuring gains steam. General Electric has been divesting its businesses for the past several years. Some well-known past spin-offs include oilfield services provider Baker Hughes Company (NYSE: BKR) and lending business GE Capital.
Its GE HealthCare Technologies Inc. (NASDAQ: GEHC) spin-off was immediately added to the S&P 500 index (NYSEARCA: SPY), replacing Vornado Realty Trust (NYSE: VNO), which moved to the S&P MidCap 400 index. There appears to be more upside as a weekly cup and handle breakout formation may be set up.
Sum-of-the Parts Strategy
General Electric announced its plans to split into three standalone companies in November 2021. Since they are not necessarily complementary businesses, CEO Larry Culp believes they will each retain higher multiples as separate entities and bring more value to shareholders.
GE shareholders would get extra shares of the spin-offs based on a ratio to their ownership of GE shares. CEO Culp has a strong background in this strategy as the former CEO of industrial giant Danaher Co. (NYSE: DHR), as they bought and sold many companies during his tenure there...
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General Electric Co. (GE) Healthcare spin off coming Jan 4th. Chart still looks constructive
By: Options Mike | January 8, 2023
• $GE Healthcare spin off coming Jan 4th. Chart still looks constructive. Move back to 88 Possible.
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Today it looks deconstructive...
General Electric Co. (GE) Chart still looks constructive. Move back to 88 Possible
By: Options Mike | January 2, 2023
• $GE Healthcare spin off coming Jan 4th. Chart still looks constructive. Move back to 88 Possible.
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GE Healthcare will join S&P 500 as soon as it begins trading
By: Morningstar | December 28, 2022
GE spinoff will replace Vornado Realty Trust in the index when it begins trading Jan. 4
GE Healthcare Technologies Inc. will be an S&P 500 stock as soon as it officially exists.
General Electric Co. (GE) expects to spin off its healthcare arm into a separately traded company on Jan. 4, and S&P Dow Jones Indices announced Wednesday afternoon that the new company will be included in the S&P 500 as of that day. The new stock will replace Vornado Realty Trust (VNO), which will move down to the S&P Midcap 400, S&P Dow Jones Indices announced.
GE shares were unchanged in after-hours trading following the announcement Wednesday, while Vornado shares slipped about 0.4%.
GE announced plans to split the company into three separate entities in November 2021, with the creation of GE Healthcare the first step toward that goal. The split is expected to happen after the close of trading on Jan. 3, with GE investors receiving one share of GE Healthcare for every three shares of GE they own.
After spinning off the healthcare unit, GE executives expect to create another new company that combines the GE Renewable Energy, GE Power and GE Digital units in 2024. The remaining entity will be focused on aviation.
GE Healthcare had revenue of $13.4 billion in the first nine months of the year, down from $17.59 billion in the same period of 2021, but profit increased to $1.31 billion from $1.16 billion in the comparable year-ago period, according to figures GE released earlier this month. The new stock is expected to trade under the ticker symbol GEHC.
GE has fallen 14% in the past 12 months, as investors await the split. That is a better performance than a 20% decline in that time for the S&P 500, but worse than an 8.7% drop by the Dow Jones Industrial Average , which removed GE as a component in 2018 after 111 consecutive years as a member of the blue-chip index.
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General Electric $GE was just awarded a $203 Million contract with the US Air Force
By: StockMKTNewz | December 27, 2022
• General Electric $GE was just awarded a $203 Million contract with the US Air Force for technology maturation and risk reduction services, and a $99.5M cost-plus-fixed-fee contract for research and development.
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Oppenheimer Comments on General Electric's FY2024 Earnings (GE)
By: MarketBeat | December 16, 2022
• General Electric (NYSE:GE - Get Rating) - Research analysts at Oppenheimer issued their FY2024 EPS estimates for shares of General Electric in a report issued on Wednesday, December 14th. Oppenheimer analyst C. Glynn expects that the conglomerate will post earnings per share of $6.10 for the year. Oppenheimer currently has a "Outperform" rating and a $104.00 target price on the stock. The consensus estimate for General Electric's current full-year earnings is $2.54 per share...
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General Electric (GE) Price Target Raised to $96.00 at Barclays
By: MarketBeat | December 16, 2022
• General Electric (NYSE:GE) had its price objective increased by Barclays from $92.00 to $96.00 in a research report issued to clients and investors on Friday, The Fly reports. Barclays's price objective suggests a potential upside of 21.81% from the company's current price...
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French prosecutors raid General Electric site on tax fraud probe -AFP
By: Investing.com | December 15, 2022
(Reuters) -Prosecutors searched U.S. conglomerate General Electric (NYSE:GE) Co's industrial site in eastern France on Thursday as part of an inquiry into claims it avoided millions of euros in taxes by transferring profits abroad, AFP reported.
The tax inquiry was started after Fabien Roussel, the head of France's Communist Party, told authorities in July 2019 of his "suspicions of tax optimisation and fraud" by the company, the report said.
GE and France's National Financial Prosecutors' Office did not immediately respond to Reuters requests for comment.
Tensions between unions and GE management have run high as the company cut hundreds of French jobs on slumping demand for gas turbines and other power-generation equipment, the report added.
In 2019, General Electric had announced a plan to cut around 1,000 jobs in France, principally at its site in Belfort, to cut costs.
The works' council and unions at the site filed a complaint in May last year, alleging that GE had transferred 555 million euros ($589.58 million) of profit from the Belfort site to Switzerland or the United States, according to the report.
The unions also accused the company of trying to show the site was losing money in order to justify the job cuts, AFP said.
($1 = 0.9414 euros)
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General Electric (GE) Price Target Increased to $98.00 by Analysts at Royal Bank of Canada
By: My MarketBeat | December 9, 2022
• General Electric (NYSE:GE - Get Rating) had its target price increased by equities research analysts at Royal Bank of Canada from $93.00 to $98.00 in a note issued to investors on Friday, The Fly reports. Royal Bank of Canada's target price points to a potential upside of 17.18% from the company's previous close...
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GE Healthcare sees mid-single-digit revenue growth over medium term
By: Investing.com | December 8, 2022
(Reuters) -General Electric Co's healthcare division is aiming to have a medium-term organic revenue growth in the mid-single-digits, the unit's Chief Executive Officer Peter Arduini said at an investor day conference on Thursday.
GE Healthcare, which will be spun off into a separate listed company early next year, expects an aging population, chronic diseases and a rise in the middle class in many emerging markets to drive growth targets for the company.
China, which accounts for about 15% of total GE Healthcare sales, would also help drive growth as there is a pent-up demand in the market, Arduini said.
Besides organic growth, the company will also look at "tuck-in" acquisitions to boost its business, on similar lines as its $1.45-billion buyout of ultrasound device maker BK Medical last year, Chief Financial Officer Helmut Zodl said.
GE Healthcare also expects medium-term adjusted core earnings margin to be close to 20%.
Zodl highlighted challenges such as macroeconomic factors, supply chain challenges, restructuring action undertaken in 2022 along with planned investment in research and development which may weigh on its core earnings margin.
The new company's medium-term goal for core earnings margin "should be well received in light of concerns around the R&D step-up that might be needed", wrote Barclays (LON:BARC) analyst Julian Mitchell in a note.
The healthcare company had revenue of around $18 billion last year, with about half of it from recurring sources, GE Healthcare said in a presentation.
General Electric (NYSE:GE) in November last year announced it would split into three publicly traded units focused on healthcare, aviation and energy as it aimed to simplify business and pare down debt.
GE Healthcare will operate imaging and ultrasound devices, patient care solutions and pharmaceutical diagnostics businesses.
The healthcare unit is expected to complete its spin off on Jan. 3, with public trading being set from the next day.
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Exclusive-General Electric, L3Harris among suitors vying for Aerojet -sources
By: Mike Stone and David Carnevali | November 30, 2022
(Reuters) - Industrial conglomerate General Electric (NYSE:GE) Co and defense contractor L3Harris Technologies (NYSE:LHX) Inc are among those competing to acquire rocket maker Aerojet Rocketdyne Holdings (NYSE:AJRD) Inc, according to people familiar with the matter.
Aircraft producer Textron Inc (NYSE:TXT) and private equity firm Veritas Capital are also vying to acquire El Segundo, California-based Aerojet, which has a market value of about $4 billion, the sources said.
Aerojet has been running a process to sell itself after its $4.4 billion sale to Lockheed Martin Corp (NYSE:LMT) was thwarted by antitrust regulators in February, Reuters has previously reported. If the negotiations conclude successfully, a deal could be inked by the end of December, the sources added, cautioning that no agreement was certain.
Aerojet does not see in the line-up of bidders the antitrust issues that led to the demise of its deal with Lockheed, because none of the suitors are direct competitors or share much of the same supply chain, one of the sources said.
The sources requested anonymity because the matter is confidential.
"We regularly assess multiple options as we pursue game-changing solutions for our customers," an L3 Harris spokesperson said, declining to comment specifically on the company's pursuit of Aerojet. Spokespeople for Aerojet, General Electric, Textron and Veritas Capital did not respond to requests for comment.
Aerojet develops and manufactures liquid and solid rocket propulsion and hypersonic engines for space, defense, civil and commercial applications. Its customers include the Pentagon, Boeing (NYSE:BA), Lockheed Martin and Raytheon Technologies (NYSE:RTX) Corp.
The company prevailed in a battle for control of its board against former Executive Chairman Warren Lichtenstein last summer but remains under pressure to boost its performance. Activist hedge fund Elliott Investment Management disclosed it had accumulated a 3.7% stake in Aerojet in August.
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General Electric (GE) Short Interest Update
By: Market Beat | November 15, 2022
• General Electric (NYSE:GE - Get Rating) was the target of a significant increase in short interest in the month of October. As of October 31st, there was short interest totalling 11,480,000 shares, an increase of 11.2% from the October 15th total of 10,320,000 shares. Based on an average daily volume of 6,170,000 shares, the short-interest ratio is presently 1.9 days. Currently, 1.1% of the company's shares are short sold...
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General Electric Co. (GE) No change W pattern executing just slowly... Gap fill next target here
By: Options Mike | November 13, 2022
• $GE No change W pattern executing just slowly... Gap fill next target here.
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General Electric Co. (GE) Nice W pattern here has just triggered, Gap fill in play now
By: Options Mike | November 6, 2022
• $GE Nice W pattern here has just triggered, Gap fill in play now.
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General Electric (GE) Short Interest Down 9.0% in October
By: MarketBeat | October 30, 2022
• General Electric (NYSE:GE - Get Rating) was the target of a significant decrease in short interest during the month of October. As of October 15th, there was short interest totalling 10,320,000 shares, a decrease of 9.0% from the September 30th total of 11,340,000 shares. Approximately 1.0% of the company's shares are short sold. Based on an average daily volume of 6,350,000 shares, the days-to-cover ratio is currently 1.6 days...
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General Electric $GE was just awarded a 5 year $1.09 Billion contract with the US Navy
By: Markets & Mayhem | October 31, 2022
• General Electric $GE was just awarded a 5 year $1.09 Billion contract with the US Navy
"for repair, replacement, and program support of 784 F414 engine components in support of F/A-18 aircraft"
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Morgan Stanley Increases General Electric (GE) Price Target to $88.00
By: MarketBeat | October 26, 2022
• General Electric (NYSE:GE - Get Rating) had its price target upped by investment analysts at Morgan Stanley from $85.00 to $88.00 in a note issued to investors on Thursday, Benzinga reports. The firm currently has an "overweight" rating on the conglomerate's stock. Morgan Stanley's price objective indicates a potential upside of 16.62% from the company's previous close...
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Options Bears Circle General Electric (GE) After Lowered Forecast
By: Schaeffer's Investment Research | October 25, 2022
• The company saw a 19% drop in third-quarter profits
• Year-to-date, GE carries a 24% deficit
General Electric Company (NYSE:GE) is slipping today, down 2.1% to trade at $71.93 at last check, despite the company's better-than-expected third-quarter earnings and revenue. Weighing on the equity instead is a 19% dip in quarterly profits amid inflationary and supply pressures, as well as a slashed full-year revenue outlook as its renewable energy business faces higher warranty and related reserves.
Options traders are chiming in on the results, with 13,000 puts and 8,046 calls across the tape so far, which is triple the volume that's typically seen at this point. Most popular is the 10/28 71-strike put, followed by the 70-strike put in that weekly series, with positions being opened at both.
That penchant for puts has been the norm lately. At the International Securities Exchange (ISE), Cboe Options Exchange (CBOE), and NASDAQ OMX PHLX (PHLX), GE's 10-day put/call volume ratio of 1.82 sits higher than 94% of readings from the last year -- already higher than the last time we checked in with the security. This means puts have been getting picked up at a much faster-than-usual clip.
On the charts, General Electric stock is running into a familiar ceiling at the $76 level, which rejected the shares in mid-September. The equity is also testing the 60-day moving average after conquering that level of resistance on Friday. Year-to-date, GE carries a 24% deficit.
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GE CEO: "...Our planned spin-offs remain on track with GE HealthCare ready to go in the first week of January"
By: The Transcript | October 25, 2022
• $GE CEO: "...Our planned spin-offs remain on track with GE HealthCare ready to go in the first week of January"
"GE is maintaining its prior outlook for organic revenue, trending toward the low end of the high-single-digit growth range"
-4% PM
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GE cuts full-year earnings forecast on troubles at renewable energy business
By: Investing.com | October 25, 2022
(Reuters) -General Electric Co on Tuesday trimmed its full-year profit forecast after reporting a decline in third-quarter earnings, primarily due to higher warranty and related reserves at its renewable energy business.
But the company's free cash flow in the quarter through September came in at $1.19 billion, much higher than its previous estimate. Its quarterly revenue also topped Wall Street's estimates.
GE's shares were up about 5% in pre-market trade.
The Boston-based industrial conglomerate said it now expects adjusted profit in 2022 in the range of $2.40 to $2.80 per share, compared with $2.80 to $3.50 estimated earlier.
The company reported an adjusted profit of 35 cents a share, lower than a profit of 53 cents a share last year.
Excluding a $500 million warranty and related reserves at its renewable energy business, quarterly profit would have been 75 cents a share.
The company, which is in the process of breaking up into three companies, is facing challenges at its onshore wind business. The unit, which is the largest of GE's renewable businesses, has been battling higher raw material costs due to inflation and supply-chain pressures.
In the United States, which has been GE's most profitable onshore wind market, policy uncertainty following the expiry of renewable electricity production tax credits last year has hurt customer demand, contributing to a 15% year-on-year drop in renewable energy revenue in the September quarter.
GE said it expects renewable energy losses of about $2 billion this year. It is laying off workers at its onshore wind unit as part of a plan to restructure and resize the business.
The restructuring at its renewable energy business is expected to deliver $500 million in annualized savings, the company said.
GE reiterated that demand at its aviation unit is expected to remain strong, resulting in more than 20% revenue growth. The company said its aviation business has made progress in addressing supply chain problems, leading to double-digits increase in jet engine deliveries since the second quarter.
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UNDER CONSTRUCTION
General Electric Company (GE) develops, manufactures, and markets various products for the generation, transmission, distribution, control,
and utilization of electricity worldwide. Its products primarily include various appliances, lighting and industrial automation products,
medical diagnostic imaging systems, bioscience assays and separation technology products, electrical distribution and control equipment, locomotives,
power generation and delivery products, nuclear power support services and fuel assemblies, commercial and military aircraft jet engines, and
security equipment and systems, as well as engineered materials, such as plastics and silicones.
The company also offers turbomachinery products and services for the production, transportation, storage, refining, and distribution of oil and natural gas;
and provides specialty chemicals, pumps, valves, filters and fluid handling equipment for improving the performance of water, wastewater, and process systems.
In addition, GE sells and services various home appliances, as well as rents, leases, sells, and manages commercial and transportation equipment.
Further, it offers various product services; electrical apparatus installation, engineering, and repair and rebuilding services; and aircraft maintenance,
component repair and overhaul services, including sales of replacement parts.
Additionally, the company produces and delivers network television services, operates television stations, produces and distributes motion pictures,
and operates cable/satellite networks, theme parks, and program activities in multimedia and the Internet. GE also offers a range of financial and other services,
including consumer financing, commercial and industrial financing, real estate financing, asset management and leasing, mortgage services,
consumer savings and insurance services, and reinsurance.
The company was founded in 1892 and is based in Fairfield, Connecticut.
http://www.ge.com/
Hisory of GE
http://www.schenectadyhistory.org/ge/index.html
https://finviz.com/quote.ashx?t=GE
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