|Bid||8.330 x 1400|
|Ask||8.340 x 900|
|Day's Range||8.260 - 8.850|
|52 Week Range||7.720 - 19.390|
|Beta (3Y Monthly)||0.60|
|PE Ratio (TTM)||N/A|
|Earnings Date||Jan 22, 2019 - Jan 28, 2019|
|Forward Dividend & Yield||0.04 (0.50%)|
|1y Target Est||13.97|
Wall Street has a GE problem. Now, revelations of losses and questions about its accounting have shaken investors’ confidence, driving bond prices sharply lower in recent weeks. The impact is rippling through financial markets as investors scramble to reassess the company’s risk, bearish hedge funds bet prices will fall further and banks move to limit their exposure.
The 92 million shares of Baker Hughes for sale by GE was priced at $23.00, below the stock's $23.81 closing price on Tuesday, and came a day earlier than planned. GE, which is struggling to rebuild its industrial businesses, said on Tuesday it would sell a portion of its stake in Baker Hughes to repay debt. GE will be able to raise nearly $4 billion from the sale if underwriters exercise options to buy an additional 9.2 million shares, with Baker Hughes repurchasing another 65 million shares in a private transaction at a maximum aggregate of $1.5 billion.
Oilfield services company Baker Hughes , majority owned by General Electric Co, said a previously announced share offering was priced at a discount of 3.4 percent, sending shares of both companies lower on Wednesday. The 92 million shares of Baker Hughes for sale by GE was priced at $23.00, below the stock's $23.81 closing price on Tuesday, and came a day earlier than planned. GE, which is struggling to rebuild its industrial businesses, said on Tuesday it would sell a portion of its stake in Baker Hughes to repay debt.
A halving of the dividend a month later and Warren Buffett bailing on GE a few months later were further signs of deterioration. Also, that pesky analyst Stephen Tusa of JPMorgan hasn't stopped torturing bulls, with negative note after negative note. All of this has buried GE stock, causing it to fall from $11 before earnings on Oct. 30 to new lows of $7.72 just a few days ago.
General Electric (GE) and Baker Hughes, a GE company, sign a series of agreements to amend their existing commercial and technological relationships. General Electric also seals a deal with PPL Corporation.
In the latest short interest report on November 2, the data indicated that Illinois Tool Works’ (ITW) short interest was at its highest point of 2018. According to the report, ITW’s short interest was 1.56% of its outstanding shares compared to 1.27% on October 15. The increase in its short interest suggests a rise in negative sentiments toward the stock. As a result, its short interest ratio is ~3.05x, indicating that it would require three days to cover all of the short positions in the stock.
A judge signed off on a bankruptcy plan for Toys “R” Us that gives control of the brand to a group of hedge funds and provides a fractional payment to suppliers, after a failed turnaround effort.
“It just feels like a much more risky proposition than it did a year ago,” said Shoup, whose Chicago-based firm manages $186 billion in assets, including $100 billion in fixed income, in a phone interview. High-grade bonds may be able to claw back some of the steep losses seen in October if issuance slows, Asian investors stop selling and stock markets stabilize, Shoup said in a Nov. 9 phone interview. “I wouldn’t be surprised if the second half of 2019 really poses some significant challenges and could result in wider spreads,” Shoup said.