Pintec Technology Holdings Ltd
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Financials : Consumer Finance |
Based in ChinaCompany profile

Pintec Technology Holdings Ltd is a provider of custom computer programming services. The Company is located in China.

Day's Change
0.07 (0.58%)
B/A Size
Day's High
Day's Low
(Heavy Day)

Today's volume of 33,288 shares is on pace to be much greater than PT's 10-day average volume of 11,198 shares.


UPDATE: GE shares pare early gains made after long-term bear turned slightly less bearish

7:04 am ET December 14, 2018 (MarketWatch)

By Ciara Linnane, MarketWatch

GE also unveiled plan for industrial Internet of Things company with $1.2 billion in annual revenue

General Electric Co. shares got a double boost Thursday, when a long-time bear upgraded the stock and the company announced the launch of an industrial Internet of Things unit that will be run independently.

JPMorgan analyst Stephen Tusa upgraded the stock (GE) to neutral from underweight and removed it from his Analyst Focus list as a short idea. Tusa can hardly be described as becoming bullish on the stock, so much as less bearish. "We now see a more event-driven, balanced risk reward at current levels," he wrote in a note.

Tusa has had the underweight rating on GE stock for at least the last 2 1/2 years, during which time it has gone through a major restructuring, following an accounting scandal at its legacy insurance business. The company has twice replaced its chief executive, the stock has been removed from the Dow Jones Industrial Average and the company was forced to slash its dividend.

GE shares soared 12% on the move before paring those gains. The stock was on track for its biggest gain since June, and was leading S&P 500 gainers.

Tusa made two key points in his note. On the one hand, he said a more negative outcome on the $100 billion in net liabilities the company needs to reduce is at least partially discounted, "and it's possible that the company can execute its way through an elongated workout that limits near-term downside."

Read now:GE stock flirts with fresh lows after analyst hacks price target (

In case you missed it:Ousted CEO John Flannery pays the price for taking out GE's trash (

On the other hand, GE probably needs to raise equity by a material amount, "and, in this instance, while we think there would be near-term downside, we also think there could be support at a lower level, and likely a benefit of the doubt for new management with a higher multiple on lower earnings and free cash flow," said Tusa. He is sticking with his price target of $6, now almost 19% below the stock's current trading level. He is modeling for upside risk of $8 and downside risk of $5. The $6 price target ( the most bearish (GE%27s%20stock%20tumbles%20again,%20toward%2012th%20loss%20in%2013%20sessions)of analysts tracked by FactSet.

GE said its Industrial IoT company will start life with annual revenue of $1.2 billion. The new entity will bring together GE Digital's IIoT products, and the GE Power Digital and Grid Software Solutions businesses, the company said in a statement. It will offer software to the power, renewables, aviation, oil and gas, food and beverage, chemicals, consumer packaged goods and mining industries.

See also:How old-school manufacturers can reinvent themselves and beat back the software giants (

Related: GE's stock surges to best day in months after Baker Hughes stake sale (

The company cited Gartner data suggesting that smart, connected products, including advanced analytics and artificial intelligence, will generate improvements in productivity and spur demand for IT through 2022.

GE is also planning to sell a majority stake in ServiceMax, a provider of field service management software, to private-equity firm Silver Lake in a deal expected to close in the first quarter of 2019.

GE shares are down 57.6% in 2018, while the S&P 500 has fallen 0.3%.

Read now: 'If you can't beat the market, how did Warren Buffett do it?' and 7 other questions to ask during a volatile stock market (

-Ciara Linnane; 415-439-6400;

(END) Dow Jones Newswires

December 14, 2018 07:04 ET (12:04 GMT)

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