GE Aerospace (GE)

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GE shares on track for highest close in six years
By: Investing | November 17, 2023

NEW YORK - General Electric (NYSE:GE) shares are on the cusp of closing at their highest level since November 10, 2017, when they stood at $122.96. The stock has witnessed a significant uptick, surging by 12% since it exceeded earnings forecasts on October 24, marking its most substantial growth in over fifty years.

The upward trajectory for GE is partly attributed to the successful Dubai Air Show, which not only boosted GE's prospects but also favored Boeing (NYSE:NYSE:BA), its long-time collaborator in the aerospace sector. In contrast, competitors such as Raytheon Technologies (NYSE:RTX) are grappling with challenges in their turbofan jet divisions, and Siemens Energy is facing operational difficulties.

In response to the post-pandemic economic environment, GE has strategically restructured its operations into three separate entities and relocated from Cincinnati's The Banks to Evendale. This move was accompanied by a significant reduction in workforce, now just over half of its pre-pandemic size.

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