|Bid||7.11 x 4000|
|Ask||7.14 x 900|
|Day's Range||6.99 - 7.25|
|52 Week Range||6.66 - 19.39|
|Beta (3Y Monthly)||0.54|
|PE Ratio (TTM)||N/A|
|Forward Dividend & Yield||0.04 (0.60%)|
|1y Target Est||N/A|
When I visited the GE Global Research Center in Niskayuna, New York in April 2017, I thought I saw a company that was working hard to avoid disruption, but perhaps the leafy campus, the labs and experimental projects hid much larger problems inside the company. Yesterday GE announced that it was spinning out its Industrial IoT business and selling most of its stake in ServiceMax, the company it bought in 2016 for $915 million. For one thing, Jeff Immelt, the CEO who was leading that modernization charge, stepped down 6 months after my visit and was replaced by John Flannery, who was himself replaced just a year into his tenure by C. Lawrence Culp, Jr. It didn't seem to matter who was in charge, nobody could stop the bleeding stock price, which has fallen this year from a high of $18.76 in January to $7.20 this morning before the markets opened (and had already lost another .15 a share as we went to publication).
NEW YORK (AP) — Homeowners appear to have learned the lesson of the Great Recession about not taking on too much debt. There is some concern that Corporate America didn't get the message.
New CEO Larry Culp just took another important one. GE announced on Friday that it would invite bids for the job of the company’s independent audit firm, a move that may ultimately see its nearly 110-year relationship with KPMG severed. Only 65 percent of votes at last year’s annual meeting were cast in support of continuing to enlist KPMG’s services, down from about 95 percent the previous year.
Instead, weak overseas data helped set the negative tone early Friday, with U.S. markets again coming under pressure in pre-market trading after numbers from China and Europe overnight looked less than ideal. A decent U.S. retail sales data number didn’t initially appear to be enough to offset the sluggishness abroad. China’s retail sales data growth came in below expectations and was the weakest in five years, while industrial output there grew the slowest in three years, possibly a sign of the trade war coming home to roost.
Good day. Sentinel Capital Partners is buying Pet Supplies Plus LLC from Irving Place Capital in a deal that values the retailer at roughly $400 million. Also, Victoria’s Secret parent L Brands Inc. is selling lingerie business La Senza to private-equity firm Regent.
The audit committee of GE’s board of directors will solicit bids for a new independent auditor, though KPMG will keep the job through at least 2019.
The S&P 500’s close of 2650.54 was 0.02% below Wednesday’s closing price. Thursday’s marketwide action may have ended a bit differently, for the better, had it not been for Advanced Micro Devices (NASDAQ:AMD).
Cynical investors are used to verbal sleight of hand from corporate executives. After Kroger (KR) CEO Rodney McMullen talked up the food retailer’s digital sales efforts, an analyst couldn’t help but be reminded of similar talk years ago from Sears (SHLDQ) CEO Eddie Lampert. Shares of General Electric (GE) surged 7% on Dec. 13 — its biggest one-day gain in three years — after a JPMorgan analyst said the stock had fallen far enough.
Jeff Bornstein, the shark-fishing, nicotine-gum-chomping, weightlifting CFO, was crying. A Maine native, Bornstein had come to GE after college, eventually serving as finance chief of the lending arm, GE Capital, where he helped stave off the worst damage of the financial crisis.
General Electric (GE) to rejuvenate its Digital business with the launch of an Industrial Internet of Things company and sale of majority ServiceMax stake to Silver Lake.