Why this Wall Street trader bailed on GE
After buying General Electric (NYSE: GE) one year ago the CEO of investment firm Ritholz Wealth Management has thrown in the towel.
Brown, one of the Halftime Report traders, says "the market is breaking out, hundreds of stocks are showing real movement. I don't have time for this."
GE announced last week that CEO Jeff Immelt was leaving the company, to be succeeded by the head of the company's healthcare unit, John Flannery. After Flannery was named CEO, the stock rallied but has since dropped. It is only up slightly more than one percent since Immelt's resignation.
During Immelt's term as CEO the stock went from $41 a share to the $29 dollar range.
Brown says he doesn't "hate the company." He thinks the new CEO is likely to bring in a winning plan. The problem for him is it won't be a plan for this year, it'll be a plan that will really start to come to fruition five years from now.
Brown believes there are better places to invest for more immediate returns, even in the industrials space. Brown thinks investors are better off in the XLI (NYSE Arca: XLI). He also thinks MMM (NYSE: MMM) has a good chance to outperform.
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