|Bid||13.67 x 21500|
|Ask||13.45 x 43500|
|Day's Range||13.18 - 14.13|
|52 Week Range||5.48 - 14.13|
|Beta (5Y Monthly)||1.10|
|PE Ratio (TTM)||23.56|
|Forward Dividend & Yield||0.04 (0.30%)|
|Ex-Dividend Date||Mar 05, 2021|
|1y Target Est||N/A|
GE's turnaround is gaining traction as key businesses improve and as the industrial giant generated stronger cash flow.
Benzinga's PreMarket Prep airs every morning from 8-9 a.m. ET. During that fast-paced, highly informative hour, traders and investors tune in to get the major news of the day, the catalysts behind those moves and the corresponding price action for the upcoming session. On any given day, the show will cover at least 20 stocks determined by co-hosts Joel Elconin and Dennis Dick along with producer Spencer Israel. Over the last few weeks, there has been a clear rotation in stocks from growth to value. Although General Electric Company (NYSE; GE) is not what it once was with regards to value, it is certainly not a growth stock. Its price action in Thursday's volatile session makes it Benzinga's PreMarket Prep Stock of the Day. GE's Horrible Relative Performance: Any way you slice it, GE has been an underperformer in the greatest bull market of all time. Perhaps the best comparison can be made from the March 2009 low in GE stock and the S&P 500 index. Who can forget the index’s low at 666.79 and GE’s low at $5.51? With the cash index at 3,760 today and GE at $13.40, the numbers speak for themselves. The index has returned 463%, while GE has returned 160%, with much of that appreciation coming in the last five months. Getting Off The Mat: Through downsizing, reducing dividends and expenses and disposing of valuable assets, GE has slimmed down the balance sheet. By reducing debt and paying fewer people, more of GE's earnings have trickled down to the bottom line. After going nowhere from its March 2020 close ($7.94) to its October 2020 close ($7.42), GE caught a bid in November that has carried over into 2021. The recent stampede out of growth into value has been a boon to the issue as well. Did Morgan Stanley Top Tick GE? Before the open Thursday, Morgan Stanley maintained an Overweight rating on the issue and raised the price target from $13 to a Street high of $17. That instigated a much higher open for the issue ($13.88 vs. Wednesday’s close of $13.44). GE Price Action: After clearing out the institutional sellers at $14, GE could only get to $14.13 before sharply reversing course. That high came in between its just above its June 2018 high ($13.88) and July 2018 high ($13.74), but well shy of its May 2018 high ($14.99). Trapped longs on the breakout and a weak market nudged the issue from firmly in the green to in the red in afternoon trading. GE shares recovered to close Thursday's session 0.97% higher at $13.57. GE Moving Forward: Who knows? With this issue, which quite some distance from its nearly three-year high and a weak tape for now, a short-term top could very well be in place. For investors looking to sell on weakness instead of strength, the trio of lows at the $13 area is an area to focus on with continued weakness in the issue. See more from BenzingaClick here for options trades from BenzingaPreMarket Prep Stock Of The Day: SalesforcePreMarket Prep Stock Of The Day: Nio© 2021 Benzinga.com. Benzinga does not provide investment advice. All rights reserved.
Shares of General Electric Co. hiked up 1.5% in midday trading Thursday, after Morgan Stanley analyst Josh Pokrzywinski reiterated his overweight rating on the industrial conglomerate while boosting his stock price target by 31% to $17. That would make Pokrzywinski the second-most-bullish analyst, of the 21 analysts surveyed by FactSet, to supplant UBS's Markus Mittermaier who had moved into that place on Wednesday. Pokrzywinski's raised target comes ahead of "2021 GE Investor Outlook" event scheduled for March 10. Pokrzywinski said the event will be a "catalyst" for GE's stock, as it "sets up a multi-year path to above-consensus [free cash flow], with "solid growth" in the core businesses down the road. GE's stock, which is on track for the highest close since May 25, 2018, has climbed 25.4% over the past three months, while the SPDR Industrial Select Sector ETF has gained 3.3% and the S&P 500 has tacked on 2.7%.