Shares of General Electric Co. (GE) shot up 5.2% in morning trade Tuesday, enough to pace advancers among its industrial peers and the S&P 500 , as they enter official correction territory following last week's 9 1/2-year closing low. The stock has now run up 12% since it closed last Wednesday at $6.71, the lowest levels since March 2009; many chart watchers define a correction of a downtrend as rise of 10% to up to 20% off a recent significant low. The stock started its bounce last week after J.P. Morgan analyst Stephen Tusa upgraded GE to neutral (http://www.marketwatch.com/story/ge-shares-surge-9-premarket-on-news-of-new-iot-business-jpmorgan-upgrade-2018-12-13), after being bearish on the stock for years, saying the risk-versus-reward profile was now balanced, and after the industrial conglomerate said it was launching a $1.2 billion industrial internet-of-things software company. The stock was the biggest gainer among components of both the SPDR Industrial Select Sector ETF (XLI) and the S&P 500. The stock was still down 40.6% over the past three months, while the industrial ETF has lost 19.6% and the S&P 500 has declined 12.0%.
-Tomi Kilgore; 415-439-6400; AskNewswires@dowjones.com
(END) Dow Jones Newswires
December 18, 2018 11:32 ET (16:32 GMT)
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