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Thursday, October 20, 2022 3:30:04 PM
Can General Electric (GE) Stock Remain in Recovery Mode?
By: Schaeffer's Investment Research | October 20, 2022
• The utilities company will repoprt third-quarter results early next week
• The equity has lost roughly 25% this year
General Electric Company (NYSE:GE) is on deck to report third-quarter earnings next week before the open on Tuesday, Oct. 25. The security is trading marginally lower this afternoon, last seen down 0.7% at $70.07. GE has seen some recovery on the charts, adding 13.2% this month already as it tries to chip away at its 25.8% year-to-date deficit. However, the company's upcoming report could dictate whether or not that recovery continues.
The security has seen a mixed post-earnings response over the past two years, dropping lower the day after five of its past eight quarterly reports. Regardless of direction, the stock averaged a next day move of 3.1% during these sessions, which is slightly lower than the 5% move the options pits are pricing in this time around.
These options pits have been unusually put-heavy recently. This is per GE's 10-day put/call volume ratio of 1.76 at the International Securities Exchange (ISE), Cboe Options Exchange (CBOE), and NASDAQ OMX PHLX (PHLX), which stands higher than 91% of readings from the past year.
Analysts, meanwhile, are still clinging to a bit more bullishness. Of the 16 in coverage, nine say "buy" or better, while six say "hold." Meanwhile, the 12-month consensus price target of $84.82 is a 20.6% premium to current levels.
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DiscoverGold
By: Schaeffer's Investment Research | October 20, 2022
• The utilities company will repoprt third-quarter results early next week
• The equity has lost roughly 25% this year
General Electric Company (NYSE:GE) is on deck to report third-quarter earnings next week before the open on Tuesday, Oct. 25. The security is trading marginally lower this afternoon, last seen down 0.7% at $70.07. GE has seen some recovery on the charts, adding 13.2% this month already as it tries to chip away at its 25.8% year-to-date deficit. However, the company's upcoming report could dictate whether or not that recovery continues.
The security has seen a mixed post-earnings response over the past two years, dropping lower the day after five of its past eight quarterly reports. Regardless of direction, the stock averaged a next day move of 3.1% during these sessions, which is slightly lower than the 5% move the options pits are pricing in this time around.
These options pits have been unusually put-heavy recently. This is per GE's 10-day put/call volume ratio of 1.76 at the International Securities Exchange (ISE), Cboe Options Exchange (CBOE), and NASDAQ OMX PHLX (PHLX), which stands higher than 91% of readings from the past year.
Analysts, meanwhile, are still clinging to a bit more bullishness. Of the 16 in coverage, nine say "buy" or better, while six say "hold." Meanwhile, the 12-month consensus price target of $84.82 is a 20.6% premium to current levels.
Read Full Story »»»
DiscoverGold
Information posted to this board is not meant to suggest any specific action, but to point out the technical signs that can help our readers make their own specific decisions. Caveat emptor!
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